Mukesh Ambani, Chairman of Reliance Industries, addressed the company’s 47th Annual General Meeting, sharing insights on future projects and reflecting on recent developments. Here are the major highlights from the meeting:
- Leadership and Legacy: Ambani emphasized that he and other senior management members view themselves as trustees of the company. He stressed the importance of building a strong foundation for future generations to elevate Reliance even further.
- Expansion Plans: Ambani announced plans to significantly increase Reliance’s size over the next decade, aiming to solidify the company’s global standing. He also highlighted the New Energy sector as a future cornerstone for Reliance, expecting it to match the success of their O2C business in the next 5-7 years.
- Technological Advancements: The AGM showcased Reliance’s commitment to innovation, including the development of India’s first integrated Carbon Fibre plant at Hazira and the establishment of a fully automated electrolyser manufacturing facility. Ambani also introduced the ‘Jio AI-Cloud Welcome offer’ to provide users with up to 100 GB of free cloud storage starting Diwali.
- Retail and Digital Growth: Isha Ambani discussed the progress in the retail sector, including plans to double the retail business in 3-4 years and expand the reach of Swadesh globally. She also highlighted the acquisition of Metro India Cash & Carry and its impact on enhancing omni-channel capabilities.
- Philanthropic Efforts: Nita Ambani highlighted Reliance Foundation’s impact, touching over 77 million lives across India through various initiatives. She also mentioned the foundation’s new projects, including LiftEd, aimed at improving foundational literacy and numeracy.
- Future Goals: Ambani expressed confidence that Reliance would soon rank among the top 30 most valuable companies globally and emphasized the company’s ongoing investment in cutting-edge technologies, including AI and 5G.
The meeting also revealed that Reliance Industries would consider a 1:1 bonus share issue at its board meeting on September 5. This decision aligns with the company’s robust financial performance and expansion efforts.
August 29, 2024 / 1:43 PM
Reliance Industries reported an 11.5% increase in revenue for Q1 FY2024, reaching Rs 2.58 lakh crore. Despite a 4.5% drop in net profit due to higher depreciation, the company’s diverse segments contributed to its overall growth.
August 29, 2024 / 1:35 PM
Reliance Retail’s gross revenue for Q1 FY2024 rose by 8.1% YoY to Rs 75,615 crore, reflecting increased foot traffic and expanded operations. The company’s registered customer base now stands at 316 million.
This year’s AGM underscored Reliance’s dedication to innovation, growth, and its commitment to societal impact.
