Mumbai: In a bid to deal with strong rivalry, inadequate market prospect and fast technological changes, the country’s biggest private sector company Reliance Industries Ltd (RIL) has decided to shift its plan of building up businesses from scratch to acquisition-led growth.

The current acquirements made by the company including Malaysian polyester firm Hualon Corporation and Gulf Africa Petroleum Corporation (Gapco) in Africa are also a part of the acquisition-led plan.

While addressing the company’s 33rd annual general meeting (AGM) in Mumbai, RIL chairman Mukesh Ambani said, “Our recent acquisitions in Malaysia and Africa are forerunners to the unfolding of an acquisition-led strategy.”

Mr. Mukesh said that RIL will concentrate on five primary strategic shifts for development, laying stress on acquirements and partnerships for expansion rather than the organic route to swell its worldwide attendance.

The company stated that presently, the marketable securities with Reliance, such as investments in Reliance Petroleum Ltd (RPL), RIL’s subsidiary is valued at around Rs 1,10,000 crore. This gives Reliance the power to follow organic and inorganic development chances of substantial level and range in the coming time.

Mukesh told that that the organic growth policy solely couldn’t fully drive growth in an era of intensive worldwide competitiveness, fast technological transformations and limited market chances. Thus, RIL was spurting new contracts, ideating an ecosystem of partnerships with international companies, which could be enormously value- increasing.

Citing the example of Chevron in the Jamnagar refinery expansion project, Ambani said such partnerships would be founded on the principles of shared visions of growth, mutually reinforcing competencies and value propositions.

Mukesh Ambani said, “On one hand, Reliance will be building sustainable agro-rural initiatives and, on the other, it will be engaging with several countries in its global play. We are building on the foundation laid by our founder-chairman, Dhirubhai Ambani. Reliance is, therefore, factoring the agriculture and rural sectors in its growth paradigm.”

RIL’s another move will be linked to modernism, in which context Ambani said, “Reliance had traditionally grown on the strength of its licensing technologies, but “this strategy has limitations in its play in the context of technology-driven opportunities and global competitors harbouring Indian aspirations”.

Currently, a Reliance Technology Centre at Navi Mumbai and innovation council at Pune were being established.

Mukesh Ambani also told that the company would invest Rs 15,730 crore in the coming years to gain Indian hydrocarbon potential.