RIL AGM: Mukesh Ambani Confident on Reliance's Future Growth, IPO Timelines for Jio and Retail Remain Uncertain
Key Highlights:
- RIL AGM concludes with major announcements
- Mukesh Ambani expresses strong confidence in Reliance's growth trajectory
- No updates on IPO timelines for Jio and Reliance Retail
The much-anticipated Annual General Meeting (AGM) of Reliance Industries Limited (RIL) concluded on Thursday with Chairman Mukesh Ambani making several significant announcements. Ambani expressed strong optimism about the conglomerate's growth, stating that Reliance is on track to more than double in size by the end of this decade.
"Our future is far brighter than our past. While it took over two decades for Reliance to join the ranks of the Top 500 companies globally, the next two decades saw us become one of the world’s Top-50 most valuable companies. With our focus on Deep-Tech and Advanced Manufacturing, I foresee Reliance soon securing a place in the Top-30 global companies," Ambani said during the AGM.
Despite various key announcements, there was a notable absence of details regarding the highly anticipated IPOs of Jio and Reliance Retail. The AGM did not provide any timelines for these IPOs, which many had been expecting.
The AGM highlighted Reliance's strong growth across various sectors, including the introduction of the Jio AI-Cloud Welcome offer, Jio Phonecall AI, Jio Brain, and Jio Home IoT advanced. Additionally, plans to establish gigawatt-scale AI-ready data centres in Jamnagar were unveiled.
During the meeting, Mukesh Ambani also shared that Reliance has surpassed Rs 10 lakh crore in annual revenue, making it the first Indian company to achieve this milestone. For the financial year 2023-24, the company reported a record consolidated turnover of Rs 10,00,122 crore ($119.9 billion) and a net profit of Rs 79,020 crore ($9.5 billion).
Reliance's contributions to India's economy remain significant. In FY 2023-24, the company contributed Rs 1,86,440 crore ($22.4 billion) to the national exchequer through various taxes and duties. Over the past three years, RIL’s total contribution has exceeded Rs 5.5 lakh crore ($68.7 billion), marking it as the highest contribution by any Indian corporate entity.
Reliance's social impact initiatives have also grown, with a 25% increase in Corporate Social Responsibility (CSR) spending to Rs 1,592 crore ($191 million) in the last financial year. Over the past three years, the company has spent more than Rs 4,000 crore ($502 million) on CSR activities, the largest among Indian corporates.
Additionally, Reliance continues to be a significant job creator in India, adding over 1.7 lakh new jobs in the past year, bringing the total headcount to nearly 6.5 lakh employees.
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In a move to reward shareholders, RIL announced plans to consider a 1:1 bonus share issuance at its board meeting scheduled for September 5, 2024, reflecting the company’s robust financial performance and ongoing expansion.