Reliance Industries Chairman and Managing Director Mukesh Ambani on Friday, August 29, speaking at the company’s annual general meeting, said its New Energy business possesses the potential to become as big as its Oil-to-Chemicals (O2C) business in the next 5-7 years.

At the event, Ambani expressed confidence that the leadership team of RIL’s Energy Business would “set global benchmarks in executing all their projects, making New Energy a large growth engine for Reliance.”

At Jamnagar, the Dhirubhai Ambani Giga Energy Complex is being built at record pace, with over 5 million manhours of engineering, 44 million square feet of building area – four times Tesla’s Gigafactory – and 7 lakh tonnes of steel, equal to 100 Eiffel Towers. It also involves 1 lakh kilometres of cable, enough to reach the moon and back.

Meanwhile, the company’s Executive Director, Anant Ambani, called the company’s New Energy business its most “ambitious and transformational mission of this decade”. Products from the giga factories will deliver round-the-clock renewable power and produce green fuels such as ammonia, e-methanol, and sustainable aviation fuel, he added.

Reliance has already produced its first 200 MW of HJT solar modules, which provide 10% higher energy yield, 20% better temperature performance, and 25% lower degradation. This platform will scale up to 20 GWp, making it the world’s largest and most integrated single-site solar facility.

In July, the company reported a healthy 10.8% year-on-year rise in EBITDA for its Oil-to-Chemicals (O2C) business at ₹14,511 crore ($1.7 billion) for the June quarter (Q1 FY26), driven by improved margins on domestic fuel retail and gains in transportation fuel cracks, polypropylene, and polyvinyl chloride deltas. EBITDA margin also saw a sharp improvement from 8.3% in Q1 FY25 to 9.4% in Q1 FY26.

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