When Reliance Industries ventured into the telecom business several years ago, the common notion was that the company’s Chairman and Managing Director Mukesh Ambani was making a play at capturing data, the new oil of the 21st century.
The essence of Ambani’s venture into telecom and digital services was also captured in the logo of Jio, which to a keen observer symbolises oil. The billions of dollars invested by the company to create Reliance Jio from scratch has paid handsome dividend, with value creation of more than $100 billion.
Now, with a close to $12 billion investment in green and renewable energy technology, Mukesh Ambani has laid the foundation for the ‘new oil’ of the next decade for his company, according to brokerage firm Morgan Stanley.
“RIL has re-defined “oil” in its strategy during the past decade with “data” and is looking to repeat the same this decade with a vision to transform India from a nenergy importer to a global exporter of clean energy solutions,” Morgan Stanley said in a note.
What is the ‘new oil’?
Ambani said earlier this year that RIL will be creating four gigafactories in India catering to battery storage, solar power among other green technologies.