Reliance Industries Limited (RIL), one of the biggest and most diverse conglomerates in India, conducted its 46th Annual General Meeting (AGM) on August 28, 2023. The AGM was held through video conferencing and other audio-visual means, due to the ongoing Covid-19 pandemic. The shareholders could watch the live webcast of the AGM on the company’s website or on its social media platforms .
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The AGM was an important event for the Indian business community, as RIL chairman Mukesh Ambani spoke to the shareholders and discussed the company’s past performance as well as future plans. Some of the major announcements that were made at the AGM are:
- The appointment of Saudi Aramco Chairman and Governor of the kingdom’s wealth fund Public Investment Fund Yasir Al-Rumayyan as an independent director on the RIL board. Ambani said that Al-Rumayyan’s joining also marks the start of internationalisation of Reliance. “I am sure we will immensely benefit from his rich experience with one of the world’s largest companies, and also one of the largest sovereign wealth funds in the world,” Ambani said .
- The launch of JioPhone Next, a low-cost smartphone developed in partnership with Google, which will run on an optimized version of Android and offer features such as voice assistant, language translation, and smart camera. Ambani said that JioPhone Next will be available from September 10, 2023, and will be the most affordable smartphone in India and globally .
- The update on the progress of JioMart, RIL’s online grocery platform, which aims to connect millions of kirana stores with consumers across India. Ambani said that JioMart has grown rapidly and has crossed 6.5 lakh peak orders in a single day. He also announced that JioMart will soon launch in-app integration with WhatsApp to enable seamless ordering and delivery .
- The update on the proposed IPO of Jio Platforms, RIL’s digital arm that houses Jio Infocomm, JioCinema, JioTV+, JioSaavn, and other digital services. Ambani said that Jio Platforms has received overwhelming response from global investors and has raised over $20 billion from marquee partners such as Google, Facebook, Intel, Qualcomm, Silver Lake, KKR, etc. He also said that Jio Platforms is ready to go public in India and overseas in the next 12-18 months .
- The update on the proposed IPO of Reliance Retail Ventures, RIL’s retail subsidiary that operates over 12,000 stores across India. Ambani said that Reliance Retail has acquired several businesses such as Future Group, Urban Ladder, Netmeds, etc., to strengthen its presence in various segments such as fashion, furniture, pharmacy, etc. He also said that Reliance Retail is poised to become one of the top 10 retailers globally and will launch its IPO in the next 12-18 months .
- The update on the status of RIL’s oil-to-chemicals (O2C) business, which is being restructured into an independent entity. Ambani said that RIL is in advanced talks with Saudi Aramco to sell a 20% stake in the O2C business for $15 billion. He also said that RIL will invest Rs 60,000 crore over the next three years to build four giga factories for solar photovoltaic cells, green hydrogen production, batteries and fuel cells .
- The update on RIL’s green energy initiatives, which include setting up solar manufacturing units, battery factories, fuel cell plants, and hydrogen production units. Ambani said that RIL has committed to invest Rs 75,000 crore over the next three years to achieve net-zero carbon emissions by 2035. He also announced a partnership with BP to set up 5,500 retail outlets for transportation fuels and mobility solutions.
These were some of the highlights of RIL’s Mega Showtime at its 46th AGM. The announcements reflected RIL’s vision and strategy for the future and showcased its leadership in various domains such as digital services, retail, energy and new energy.
