15-year plan to convert Reliance Industries into new energy company

While the company will remain a user of crude oil and natural gas, it is looking to embrace new technologies to convert CO2 into useful products and chemicals, says a report

Billionaire Mukesh Ambani's Reliance Industries Ltd has a 15-year vision to build itself as a new energy company that aims to recycle CO2, create value from plastic waste and has an optimal mix of clean and affordable energy, analysts said.

While the oil-to-chemical conglomerate has in recent times seen focus on consumer business, RIL's core oil-to-chemical (O2C) business is well placed to generate sustained free cash flow, BofA Securities said in a report.

"Until demand normalises, RIL is looking to maximise throughput, focus on cost by leveraging deep petrochemical integration and continue to focus on domestic fuel marketing," it said.