Reliance Industries, India's most valuable company, is eyeing overseas acquisitions, aggressive exploration campaign and investments in petrochemicals to drive growth, Chairman Mukesh Ambani said today.

RIL is aiming global scales in its core business of conventional energy - petrochemicals, refining and oil and gas exploration, even as it invests in new ventures like retailing and alternative energy.

"Global growth by acquisitions" is key to growing its energy business, Ambani told company shareholders. "Our efforts would be to grow the conventional energy" business through greater "global scale."

Though Ambani did not elaborate, his comments assume importance as RIL is said to be looking at acquiring petrochemical and oil refining assets in the US and may also be looking at venturing into shale gas business.

"The business transformation initiative would create a RIL that is able to scale up existing businesses; adds new business both organically and inorganically," he said.

RIL shares fell 0.65 per cent to Rs 2133.75 in volatile trade that saw the stock market closing flat.

On the domestic front, the company will pursue aggressive exploration and production of oil and gas as it believes the "business would give the company a much higher growth trajectory in the coming years."

The company also plans to set up a petrochemical complex in Jamnagar in Gujarat that would nearly double its currently capacity to 4 million tons a year.

"Now that the oil and gas petroleum refining projects are commissioned, RIL will work on making this world-class (petrochemical) project a reality," Ambani said.

RIL has already converted Jamnagar into the world's single largest refining complex, with its two adjacent refineries having a capacity to process 1.24 million barrels per day.

"New oil and gas discoveries, new petrochemical project and global growth by acquisitions in the energy and materials value chain would exemplify the first platform," Ambani said.

The company's MA oilfield in the predominantly gas-rich KG D-6 block will hit peak output by year end. The field started oil production in September last year and is currently producing between 10,500 and 11,000 barrels of oil per day from three wells. Three more wells are to be added to more than double the output.

Ambani said RIL was working on developing nine gas fields around the giant Dhirubhai 1 and 3 (D-1 and D-3) gas discoveries which are currently producing around 45 million standard cubic meters per day or 40 per cent of India's total gas output.

"Initial field development planning for accelerated monetisation of nine more gas discoveries in this block is underway," he said.

The discoveries would help extend the peak output of 80 mmscmd, expected in second half of 2010.

RIL had in July last year submitted a plan of investing USD 5.91 billion in developing the nine satellite discoveries. This investment is besides the USD 8.836 billion earmarked for D-1 and D-3. For MA oilfield, the company is investing another USD 2.234 billion.

The company has till date made 18 gas and one oil discoveries in KG D-6 block.

To tackle global financial crisis that fundamentally changed the world of business, RIL prioritised expenditure to operationally critical areas and re-deployed capital to petroleum refining and oil and gas projects for early completion of projects.

Ambani said retail would be the "future growth engine" for RIL. "We are developing an ecosystem which will strengthen our offering, while bringing wealth to our stakeholders, primarily marginal farmers, small transporters and vendors."

"Having achieved critical scale, Reliance Retail is now working on expanding its covering. This expansion would encompass new cities, new markets and new strategic alliances," he said.

On RIL's focus on renewable energy, he said pilot projects in biofuels, solar energy and fuel cells have been planned.

"As part of our road-map for value creation, we are entering into the renewable energy space, as a natural extension of our conventional energy platform. Our efforts will be on piloting projects in alternative energy," he said.