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India's largest conglomerate, Reliance Industries Ltd (RIL), could generate up to $60 billion in value from its new energy business as it integrates green power into its chemicals, data centre, and refinery operations, according to a report by Morgan Stanley.
The brokerage said that RIL’s next leg of market capitalisation growth will be powered by the combination of new energy and artificial intelligence (AI) infrastructure, marking what it called a “more ambitious, far more transformational, and far more global” pivot than any of its previous forays.
A cornerstone of this strategy is the retooling of the Jamnagar energy complex to power 1 Gw of data centre capacity. These data centres, to be equipped with Nvidia’s Blackwell AI chips, will rely on a steady stream of green energy produced by RIL’s growing solar and battery storage assets, the report said.
“Reliance is not just generating electrons but is integrating them directly into AI, chemicals, and industrial operations, creating a closed-loop energy system that drives internal efficiencies and new revenue streams,” it said.
Morgan Stanley values RIL’s new energy vertical at a base case of $20 billion and a bull case of $61 billion. The solar PV and energy storage segments are expected to contribute the most value, alongside green hydrogen and carbon capture technologies.
The firm also sees positive earnings momentum from RIL’s traditional businesses, including strong refining margins, a chemicals upcycle, and robust growth in retail and telecom.
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