Reliance Industries Ltd (RIL), India’s largest conglomerate by market capitalization, is poised to unlock up to USD 50 billion in additional market value, driven by aggressive investments in new energy ventures and artificial intelligence (AI) infrastructure, according to a recent report by Morgan Stanley.
Currently valued at over USD 240 billion, the oil-to-telecom-and-retail giant led by Mukesh Ambani is entering a transformative phase, with its future growth strategy anchored in clean energy and digital innovation. Analysts estimate that the new energy vertical alone could contribute up to USD 60 billion in value creation as Reliance channels its electricity output to power chemicals, data centres, and refineries.
At the heart of this strategy is the development of a Generative AI data centre in Jamnagar, Gujarat, slated for completion within two years. The facility will feature 1GW of data capacity, powered by 1.3GW of round-the-clock green energy, sourced from Reliance’s expanding renewable ecosystem. The centre will deploy NVIDIA’s Blackwell chips, positioning Reliance at the forefront of India’s AI infrastructure buildout.
Complementing this digital push is a robust clean energy roadmap, including:
- 10GW of solar capacity targeted by end-2026
- Green hydrogen production
- Lithium iron phosphate battery manufacturing
- A 2,000-acre integrated energy complex in Gujarat
Reliance’s leadership has described the New Energy business as “far more ambitious, transformational, and global in scope” than any of its previous ventures. The company aims to leverage its energy assets not only for industrial use but also to power India’s emergence as a global data centre hub.
The strategic pivot comes amid rising global demand for AI computing power and a parallel shift toward decarbonization. By aligning its energy and digital ambitions, Reliance is positioning itself as a key player in both the green transition and the AI revolution.
Morgan Stanley’s projections underscore investor confidence in Reliance’s diversified growth model, which continues to evolve beyond its traditional oil and gas roots into high-growth, future-facing sectors.
