RIL will expand energy exploration off east coast and plans to drill in East Timor, Yemen and Oman as well as add shale gas assets, Mukesh told shareholders.
"We are drawing up specific plans for mega investments in this (power) sector with clean coal-based power generation projects, hydel projects and also in nuclear power as and when
it is opened up," he said.
Mukesh and Anil fought a bitter battle over gas supplies from KG-D6 both in and outside the courts where the younger Ambani claimed fuel as per terms decided in 2005 family agreement that split the Reliance empire between them.
Under that agreement, Mukesh kept the petrochemicals, oil and gas units and Anil got the power, telecommunications, financial services and entertainment units.
RIL opposed Anil group's demand for gas supplies saying government alone had the right to price the fuel and fix its users.
"The Supreme Court upheld, in most parts, the stand of RIL. It has always been our position that we are, and continue to be, governed by the provisions of the Production Sharing Contract (PSC) in all respect of the petroleum operations
carried out by us.
"We have also been fully conscious that the Government of India has more than a significant say in these operations," Mukesh said at RIL's Annual General Meeting (AGM) here.
He termed as "game-changing development" the annulling of earlier non-compete agreement between RIL and ADAG and replacing it with a new one.
After scrapping of the 2006 non-compete agreement, RIL on June 11 acquired an Internet services company for USD one billion.
"This new agreement opens up the full range of power business for RIL, except non-captive gas-based power plants until 2022. This paves the way for Reliance to participate in the whole value chain of power business, spanning generation, transmission and distribution," he said. "We see and unbounded opportunity in this space."
Sources said RIL may be planning 20,000-30,000 MW of power plants over next five years.
While Ambani did not put a figure to the investment for its power foray, sources in know said RIL may be planning USD 10 billion spending, including on bidding for the government's
planned ultra mega power projects in Orissa and Chhattisgarh.
"We are ready to bring into full play our investment mobilisation capabilities, as well as our superior project execution capabilities, into a sector that is crying out for transformational mega initiatives," he said.
RIL, which recently acquired 40 per cent interest in shale gas assets of Atlas Energy of US, said it "aspires to build a significant position in the shale gas business."