Reliance invests $125 billion in capex over the past decade. These were Ambani's top priorities

economictimes.indiatimes.com:

Reliance Industries Ltd has made substantial investments exceeding USD 125 billion over the past decade, primarily focusing on the expansion of its hydrocarbon and telecom sectors, according to a recent report. This investment spree, which included approximately USD 30 billion between FY13-18 to enhance the scale and competitiveness of its oil-to-chemical (O2C) business, and close to USD 60 billion between FY13-24E in 4G/5G capabilities for its telecom business, is now transitioning into a phase of less capital-intensive ventures.

With the completion of the pan-India 5G rollout and potential tariff hikes in the telecom sector anticipated, Reliance's telecom business is poised to become a robust free-cash-flow (FCF) generator, complementing its existing cash cow O2C segment. Looking ahead, the conglomerate is shifting its focus towards relatively less capital-intensive ventures such as retail and upstream new energy, which offer higher returns and shorter gestation periods.

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Compared to the longer gestation periods typical of hydrocarbon and telecom investments, retail and new energy ventures have shorter start-up timelines. While a refining or petrochemical facility usually takes at least five years to commence operations, an integrated poly-to-module solar facility can be operational within two years, and a retail store can be ramped up within 6-12 months.