Manufactured Capital

Enhancing manufacturing
efficiencies for a sustainable
future and a self-reliant India




0,0 +


Integrated and aligned with national and global standards


Material Topics

Raw Material Security

Security and Asset Management

Reliance is driven by its mission to create a greener future for India and the world through the responsible production of sustainable products that create holistic value for its stakeholders. The Company makes strategic investments in deploying advanced technologies and environmentally conscious manufacturing processes that optimise the efficiency of its existing and new operations. Reliance’s innovation leadership, backed by robust Research and Development capabilities, gives the Company an edge to bring quality products and services to customers sustainably while protecting the environment.

Management Approach

Reliance has been steadily enhancing its manufactured capital base by strategically investing in diverse areas. As one of India’s largest conglomerates, Reliance has diversified operations spanning multiple industry segments powered by a strong manufactured capital base. The Company has continued to make all-round progress across its business, leveraging its manufactured capital.

Reliance is focused on growing businesses of the future and committed to investing in enhancing its manufactured capital to support this goal and remain ahead of the competition. The Company invests in assets, acquisitions and partnerships to enter new growth areas and strengthen its existing offerings.

Reliance’s Oil to Chemical (O2C) segment currently operates the largest and most complex single-site refinery in the world at Jamnagar with a 1.4 MMBPD crude refining capacity. The O2C growth engine has a vertically integrated portfolio across the value chain with the lowest cost positions and is counted amongst the global top ten rankings for key products. In line with the Company’s target of achieving Net Carbon Zero by 2035, Reliance is investing in its New Energy business, the Company’s newest growth engine. During FY 2022-23, the Company invested significantly in the New Energy business to create a manufacturing ecosystem which will be fully integrated with a secure and self-sufficient supply chain.

Reliance Retail invests in strengthening its manufactured capital in line with its purpose to serve millions of customers every day by providing them wider choices, outstanding value proposition, superior quality, and unmatched delivery experience. Reliance Retail has been ranked as one of world’s biggest and India’s largest organised retailers. The business offers a diversified product portfolio including groceries, fashion, and electronics, amongst others. It currently operates 18,040 stores spread across 65.6 million sq ft.

Reliance Jio is India’s #1 digital service provider with 439.3 million subscribers. Jio is now augmenting this with the introduction of 5G and cutting edge Fixed Wireless Access (FWA) solutions. Jio has launched its True5G services across 2,300+ cities/ towns as of March 2023 and plans to achieve pan-India coverage as of December 2023.


65.6 MN SQ FT

Reliance operates the largest and most integrated O2C complex

Reliance Retail ranks amongst the top 100 global retailers in the world

Business performance

New Energy

Led by its ‘We Care’ philosophy, Reliance views its New Energy business, the Company’s newest growth engine, as the driving force to accelerate its transition to a Net Carbon Zero future by 2035. With an estimated investment of $5 trillion per year required to decarbonise the global economy, the Company views green and clean energy as a major opportunity for multi-decade growth. Reliance’s investment in the New Energy business is more ambitious, transformational and impactful than any of its previous ventures.

The Company has made significant progress in its journey to realise its vision for the ‘New Energy’ business. The Dhirubhai Ambani Green Energy Giga Complex, with four Giga factories for photovoltaic panels, energy storage, green hydrogen, and fuel cell system, is shaping up rapidly. Additionally, Reliance has announced plans for a new Giga factory for Power Electronics, an integral component to interlink and integrate the entire green energy value chain.

In the realm of solar PV manufacturing, Reliance plans to begin production at its 10GW solar PV and module factory (based on REC technology) in Jamnagar by 2024, with plans to scale up to 20 GW by 2026.*

Reliance is creating an end-to-end battery ecosystem – from the ground up, including producing battery materials, cell manufacturing and Battery Management Systems (BMS). The Company has formed strategic partnerships with industry leaders to develop safe, reliable, high-energy density and fast charging batteries. These include partnerships with Lithium Werks, Faradion and Ambri. The Company plans to start production of battery packs and scale capabilities to house a fully integrated cell-to-pack manufacturing facility with a 5 GWh capacity annually by 2024 and expand it up to 50 GWh by 2027.*

* Refer to Accelerating progress towards a Net Zero Future section for more information.

As one of the largest producers of Grey hydrogen globally, the Company plans to commence the transition from Grey Hydrogen to Green Hydrogen production by 2025. The Company will partner with industry leaders with complementary capabilities to accelerate this transition.*

Reliance Retail

The retail business has grown exponentially since its inception in 2006 to become the largest retailer in India in 2014 and is now counted among the top global retailers in the world.

Reliance Retail continues to innovate and adapt to the changing retail landscape. The Company’s strategy of expanding its physical stores, merchant partners and digital commerce platforms, offers increased accessibility and convenience to its customers. In FY 2022-23, the Company opened over 3,300 stores all over India, bringing the total store count to 18,040. Reliance Retail has also increased its warehousing and fulfilment space by more than 50%.

Reliance Retail has accelerated its New Commerce initiatives by growing its merchant base to over 3 million partners. The Company aims to expand its presence to cover the country, serving over 7,500 towns and 3 lakh villages.

Reliance Retail operates multiple digital commerce platforms which continue to show steady growth year after year. During the year, JioMart partnered with Whatsapp to launch a native app which customers can use to shop through JioMart’s catalogue. This democratises online shopping opportunities for a large number of shoppers who do not currently shop on JioMart. Moreover, with the acquisition of Netmeds, a pan-India digital pharmacy, the Retail business has gained a strong foothold in the online pharmaceutical segment further broadening its customer base.

Reliance Retail’s fashion and lifestyle business has an expansive physical reach. It also operates AJIO, an integrated online platform that provides Indians access to hundreds of national and international fashion brands. The Company’s focus on customer satisfaction has been key to its success and will remain a top priority as the business continues to grow.

* Refer to Accelerating progress towards a Net Zero Future section for more information.





Empowering Sustainable Agriculture

Reliance Retail has placed a focus on growing its organic food category to support sustainable agriculture and healthy eating. The Company has entered into key partnerships with leading players to source its assortments. Reliance has taken additional steps to promote the segment by dedicating significant space to organic staples in stores, and raising awareness about the benefits of organic produce. The Company’s organic staples segment has grown by 2x Y-o-Y. The share of organic commodities in the same period has increased from 0.6% in volume to 1.1% in 2023. The average monthly volume of organic staples has almost tripled to 692 metric tonnes.



Digital Services

Reliance Jio is focused on bringing unparalleled digital experience and technology solutions to all Indians. Jio has 439.3 million subscribers including over 9 million premises connected with wireline services. The subscriber base has grown by 29.2 million in FY 2022-23.

Jio is also the #1 FTTx provider in India. High customer engagement and superior services are reflected in average data usage of almost 280 GB per month and over 5 hours of daily Set Top Box (STB) usage. With the planned launch of FWA services Jio now targets to connect 100 million premises.

Furthering its commitment to enable 5G for all, Jio has extended coverage of its True5G services to over 2,300 cities/ towns across India as of March 2023 with ~60K 5G sites across 700MHz and 3500MHz bands. This service will empower people and businesses across India with infinite growth opportunities in manufacturing, education, healthcare, agriculture, media & entertainment, and gaming. The Company is on track to complete pan-India 5G rollout by December 2023 with an earmarked investment of `2 lakh crore.



Reliance Jio has the
largest 5G spectrum
footprint in the

Jio’s mission with 5G is to speed up India’s transformation into a Digital Society. Jio’s True5G has three unique differentiators:

  • Stand-alone 5G Architecture: Jio’s advanced 5G network would have zero dependency on 4G, with powerful functionalities like low latency, massive machine-to-machine communication, Edge computing, and network slicing.
  • Best 5G Spectrum Footprint: Jio has the largest and the most appropriate mix of wireless spectrum for 5G across 700 MHz, 3500 MHz, and 26 GHz bands, giving Jio True 5G a distinct competitive advantage. Jio is the only operator with the 700 MHz low-band spectrum to ensure deep indoor coverage.
  • Carrier Aggregation (CA): Jio is able to seamlessly combine 5G frequencies into a single robust “data highway” with CA. It will offer an unparalleled combination of coverage, capacity, quality, and affordability.

Jio has built a complete array of 5G radio products including massive MIMO radio unit, indoor small cell, mmWave outdoor small cell, 5G integrated macro gNodeB, 5G indoor combo small cell and combined centralised and distributed unit. Jio has also developed its own indigenous 5G core, which, with its radio products complies with global 3GPP standards. Jio’s True 5G technology stack offers superior performance and ease of installation besides being secure, cost competitive and agile.

Reliance Jio – Providing the Building Blocks of Digital India

Jio has spearheaded India’s transition into a leading Digital Society with digital services spanning the entire ecosystem. Seamless availability of broadband connectivity has allowed expansion of key citizen services and enabled the proliferation of technology companies in India. Once proven at scale Jio’s digital solutions can also be taken to the rest of the world.


The Reliance O2C business leverages an integrated structure to optimise output efficiency. The Company operates one of the world’s most extensive and integrated O2C portfolios, encompassing fuels, polymers, elastomers, aromatics, fibre intermediates and polyesters. During FY 2022-23, the Company recorded 77 MMT total throughput and 66.4 MMT saleable production through its assets.

Reliance operates the world’s largest single-site refinery complex with a crude refining capacity of 1.4 MMBPD. The Company also runs the largest Refinery off-gas cracker (ROGC) complex globally with downstream LLDPE, LDPE and MEG plants in Jamnagar. Further, the Company has cracker integrated sites at Hazira, Dahej, Nagothane and Vadodara.

Reliance has established itself as one of the biggest petrochemical businesses in India, with both downstream and upstream assets.

Exploration and Production (E&P)

India’s energy usage has doubled since 2000 and is expected to grow further to meet the expanding needs of the economy. Currently, Reliance contributes 20% of India’s domestic gas production but aims to increase its contribution to around 30% of the nation’s production and meet 15% of its demand by FY 2023-24.

Reliance is committed to maximising shareholder value while also being environmentally responsible. The Company’s MJ field, set to commence operations in 1Q FY 2023-24, will significantly enhance India’s natural gas production capabilities. The incremental gas production from the MJ field, along with output from the R-Cluster and Sat-Cluster, is expected to deliver approximately 30 MMSCMD in FY 2023-24.

Strengthening Operational Sustainability and Efficacy

Raw Material Security

In line with its long-standing commitment to sustainable operations, Reliance has always focused on maximising the utilisation of raw materials, including recycled materials, across its operations and production processes through the 3R principle of reduce-recycle-reuse.

The Company has deployed advanced digital solutions to monitor operational efficiencies and track performance data in real-time. This rich data source provides the Company with insights that empower it to stay abreast of operational and market trends, predict raw material volumes, and synergise the value chain to deliver on the requirement on time with minimal waste generation.

The Company’s O2C segment has taken several measures to ensure the security of raw materials. Firstly, long-term contracts have been established for timely imports of EDC, guaranteeing zero loss in productivity. Additionally, efforts have been made to maximise arbitrage crude and SRFO, expanding the options for raw material procurement. Throughout the year, 13 new crudes have been processed, widening the scope of crude sourcing. The Company’s collaborations with global PVC suppliers have been increased to enhance domestic sales, while PE capacities have been localised to retain market share. Moreover, the implementation of PCN quality upgrade has improved product placement flexibility and netbacks. The product portfolio has been strengthened through grade repositioning and new grade development to support domestic sales. Further opportunities for product terming have been explored through strategic partnerships to secure market share. Lastly, investments have been made in new materials while maximising product netbacks.

Security and Asset Management

Reliance prioritises safeguarding its assets across all business operations to maintain operational efficiency and reliability. Analytics and technologybased measures help strengthen the security of assets. The Group Security team continuously monitors and manages security risks round the clock across the Company’s operations, supported by robust disaster recovery, crisis management and business continuity plans. The Company is at the forefront of adopting advanced technologies and smart manufacturing processes, using machine learningbased solutions, drones, and a smart manufacturing system called RelianceSCS, which uses real-time information and advanced analytics to predict the future state of operations. Round-the-clock Global Corporate Security (GCS) officers ensure the safety of employees, assets and operations. The Company conducts quarterly Business Risks and Assurance Committee (BRAC) meetings to ensure business continuity focused on risks and their mitigation and controls. Compliance issues are monitored closely by the leadership team.


As Reliance continues to grow its reach and portfolio, boosted by its strong manufactured capital foundation, it reiterates its commitment to enrich and empower millions of Indians and make a tangible positive difference in their lives.

The Company’s O2C capabilities are amongst the world’s leading and most cost-effective operations and will continue to enhance the efficiency and sustainability of its operations.

Reliance Retail aims to expand its products and services portfolio to offer a diverse range of options to a growing customer base, particularly in rural and underserved areas of India. The Company plans to form strategic partnerships with small producers and MSMEs and invest in design, value, service, and experience to expand its product and service offerings. The Company will also streamline its logistics and supply chain to reduce inefficiencies and waste.

As one of India’s largest digital service providers, Jio will expand the reach of its indigenously developed True5G technology, a cutting-edge next-generation wireless solution, to the far reaches of India. Jio’s future-proof digital services will serve as a cornerstone in reinforcing the country’s digital future. The Company’s services will create numerous growth opportunities in various industries, including tourism, manufacturing, SMEs, e-governance, education, healthcare, agriculture, automation, artificial intelligence, gaming, and IT, for people and businesses throughout India.

Reliance will seek new partnership opportunities to enhance its manufacturing capabilities for clean energy and acquire advanced technological know-how to support India’s efforts to become energy secure.

The Company will continue to improve the efficiency of its manufacturing facilities, increase the use of green energy such as hydrogen and solar power, and optimise its operational processes to consistently advance towards its goal of becoming Net Carbon Zero by 2035.