Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, is poised to add $50 billion to its market capitalization through its bold investments in new energy and artificial intelligence (AI) infrastructure, according to a Morgan Stanley report. With a current valuation exceeding $240 billion, the oil-to-telecom-and-retail giant is betting big on its transformative strategy to drive growth.

The cornerstone of this growth is RIL’s retooling of its Jamnagar energy complex to support generative AI (Gen AI) infrastructure, set to be operational in two years. The complex will power 1GW of data center capacity using Nvidia’s Blackwell AI chips, requiring 1.3GW of continuous green energy from RIL’s expanding renewable ecosystem. Morgan Stanley projects this new energy vertical could unlock up to $60 billion in value by integrating green power into chemicals, data centers, and refineries, describing it as “more ambitious, far more transformational, and far more global” than RIL’s previous ventures.

RIL’s green energy initiatives include lithium iron phosphate battery manufacturing and green hydrogen production on a 2,000-acre site in Gujarat, with plans to integrate 10GW of solar capacity by 2026. This positions India as a potential alternative data center hub, with RIL leading the charge. The company’s JioBrain platform, blending 5G with advanced machine learning, further aims to capitalize on AI adoption trends by offering AI/ML as a service.

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Morgan Stanley remains bullish, maintaining an ‘overweight’ rating with a price target of ₹1,617 per share, against RIL’s Friday closing of ₹1,528. The report forecasts a 14% earnings CAGR for FY25-28, driven by strong refining margins, a chemicals upcycle, retail growth, and telecom tariff hikes. With funding from its robust energy verticals, RIL’s pivot to AI and renewables is set to redefine its global footprint and cement its role in India’s tech and energy future.

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