Reliance Industries is gearing up for its next big leap, charting an ambitious course to unlock its next $50 billion in value creation from its current $240+ billion market cap, by betting big on green energy and generative AI. Backed by strong legacy cash flows and a bold reinvention plan, the Mukesh Ambani-led conglomerate could be entering its most transformational phase yet, according to a Morgan Stanley report.
“We believe new energy and AI infrastructure will drive this next leg, funded by strong earnings from its existing energy business—which could outperform expectations. The consumer business also has solid valuation support,” the brokerage firm said.
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At the heart of Reliance’s pathway, Morgan Stanley said, is the integration of its new energy business with AI infrastructure, particularly at its Jamnagar complex. The Gen AI infrastructure in Jamnagar is expected to be ready in two years. To be noted here, RIL sees its New Energy business being “more ambitious, far more transformational, and far more global in scope than anything it’s ever done before”.
The synergy between Reliance’s green push and AI ambitions
RIL is transforming this energy hub to monetize its energy production through powering chemicals, data centers, and refineries, aiming to capitalize on the growing global demand for green energy and AI capabilities.
Reliance had, earlier in its Q3FY25 earnings call, announced that it plans to build a 1GW data center capacity powered by NVIDIA’s Blackwell chips. According to estimates by Morgan Stanley, the 1GW facility alone would need approximately 678k B100 chips. If RIL were to use around 200MW for its own purposes, it would need about 135k B100 chips.
Further, the 1GW facility when scaled up, which normally needs 4-5 years from startup, would require approximately 1.3GW of round-the-clock power, which Reliance’s new energy ecosystem is designed to supply.
Reliance’s new energy vertical
While clean energy and AI form the bedrock of future growth, Reliance’s traditional businesses continue to provide the cash and scale to back this transformation.
Morgan Stanley said that Reliance’s New Energy vertical — spanning solar, batteries, green hydrogen, and carbon capture— is estimated to generate up to $60 billion in value,
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