Reliance’s Monetization 4.0
Reliance Industries is embarking on its fourth major monetization cycle, according to a bullish Morgan Stanley report Monday. Unlike previous cycles centered on energy, this iteration aims to extract value from consumer-facing businesses alongside traditional sectors.
The strategy involves substantial investments of $16 billion annually across telecom (5G rollout), retail, new energy, and chemicals. Morgan Stanley projects returns to exceed Reliance’s cost of equity “after a decade.”
This pivot towards consumer and technology sectors represents a significant shift for the historically energy-focused giant. The success of this strategy could reshape Reliance’s business model and, by extension, impact India’s corporate landscape.
Morgan Stanley expects Reliance to make the following investments in the coming years:
