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Highlights of Reliance AGM - 2021

Reliance AGM 2021
Corporate Actions
by Nikita Bhoota 24/06/2021

Reliance Industries (RIL), the largest company in India by market capitalisation, has announced the 44th annual general meeting (AGM) on Thursday June 24, 2021. India’s most valuable company is likely to make several announcements across its telecom, retail and oil-to-chemicals business during RIL AGM. The oil-to-chemical conglomerate conducted its annual shareholding meeting virtually since last year due to coronavirus pandemic.

Here, are the highlights of the same.
RIL’s consolidated revenue was Rs 5,40,000 crore, consolidated EBITDA was Rs 98,000 crore. Almost 50% of EBITDA was contributed by consumer businesses.

Saudi Aramco Chairman Yasir Al-Rumayyan join RIL board. Aramco deal to be “formalised in an expedited manner during this year”.

New green energy business plan of Rs 75,000 crore over the next three years. “Will invest Rs. 60, 000 crore in building 4 giga-factories at the Jamnagar complex. RIL will establish and enable at least 100 GW of solar energy by 2030. We will build an advanced energy storage battery factory, a fuel cell factory, a solar photovoltaic module factory, and an electrolyzer factory at the Jamnagar complex,” Mukesh Ambani said.

Reliance JioPhone Next to go on sale from September 10, 2021 on the occasion of Ganesh Chaturthi.

Alphabet CEO Sundar Pichai said, “We are taking our partnership further with 5G partnership between Google Cloud and Jio.” “Jio will use Google Cloud to power Jio's 5G technologies,” Mukesh Ambani said.

Speaking on RIL’s retail arm, Ambani said despite challenging and restrictive operating conditions, Reliance Retail continued to deliver industry-leading returns. The company added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking their store count to 12,711. Reliance Retail can grow at least 3x in the next 3-5 years. Can create 10 lakh jobs over next three years.

Ambani said that the company's apparel business sold nearly five lakh units per day and over 18 crore units during the year. He said that Ajio emerged as one of the leading digital commerce platforms for fashion and lifestyle with a portfolio of over 2,000 labels and brands and a listing of over 5 lakh options. "Driven by innovation, Ajio now contributes to over 25 percent of our apparel business," he said.

Mukesh Ambani said that Reliance achieved a net debt-free balance sheet much ahead of its March 2021 deadline.

The stock price of Reliance industries fell 2.61% on NSE.

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