Reliance Industries chairman Mukesh Ambani addressed the 44th annual general meeting (AGM) on June 24. From ultra-affordable smartphone to India’s most valuable company’s new energy business plan, there were a host of announcements across its telecom, retail and oil-to-chemical businesses. Even during pandemic, Reliance Industries continued to perform well, Mukesh Ambani said while addressing the 44th AGM.
“Our consolidated revenue was nearly Rs 540,000 crore, with a sharp increase from our consumer businesses. Our consolidated EBITDA was nearly Rs 98,000 crore, and almost 50% of the EBITDA was contributed by consumer businesses,” Reliance chairman mentioned. “Our net profit for the year was Rs 53,739 crore, higher by 34.8% compared to the previous year. Despite the pandemic, we increased our dividends this year,” he added.
Key Announcements from 44th RIL AGM:
Reliance Industries Ltd said on Thursday it hopes to formalise its partnership with Saudi Aramco by the end of 2021. Along with this, Saudi Aramco chairman and head of Kingdom’s cash-rich wealth fund PIF, H.E. Yasir Al-Rumayyan, will join the board of Reliance Industries as an independent director in a precursor to a USD 15 billion deal.
Reliance MD unveiled the much-awaited JIOPHONE Next during the 44th AGM. “JIOPHONE Next is a fully featured smartphone, supporting the entire suite of applications from both Google and Jio, as well as the Android Play Store through which users will have access to the entire universe of Android Apps. JIOPHONE Next is powered by an extremely optimised version of the Android Operating System, that has been jointly developed by JIO and Google, especially for the Indian market,” Amabni added.
Mukesh Ambani shared a glimpse of Reliance Industries mega Rs 75,000-crore new energy project. The company has already started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, he added. He also mentioned a detailed four part plan. The first part of our plan is to build Four Giga Factories. These will manufacture and fully integrate all the critical components of the New Energy ecosystem. “One, for the production of solar energy — we will build an integrated solar photovoltaic module factory. Two, for the storage of intermittent energy — we will build an advanced energy storage battery factory. Three, for the production of green hydrogen — we will build an electrolyser factory. Four, for converting hydrogen into motive and stationary power – we will build a fuel cell factory,” Ambani added.
“Over the next 3 years we will invest over 60,000 crore rupees in these initiatives. Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem. We will invest an additional Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall initial investment from our own internal resources in the New Energy business will be Rs 75,000 (over $10 billion) crore in 3 years,” he mentioned.
On Reliance Retail’s future plans, Ambani said, “Reliance Retail continues to be amongst the fastest growing retailers in the world. We are committed to grow our business so that we are among the top 10 retailers globally. am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years.”
Reliance retail created over 65,000 new jobs in Covid-19 year. At present it employs over 2 lakh people making the company one of the largest employers in the country. “Over the next three years, we shall further create employment for over ten lakh people and enable the livelihoods for many more,” he further added.
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