Reliance AGM: India stands as a beacon of growth and stability amid global crisis, says Mukesh Ambani

Reliance AGM: India stands as a beacon of growth and stability amid global crisis, says Mukesh Ambani

Indian Market
by 5paisa Research Team Last Updated: 2022-08-29T17:18:42+05:30

The biggest corporate by market capitalization in India, Reliance Industries hosted its 45th annual general meeting (AGM) on a metaverse-based platform for the first time today August 29. 

Mukesh Ambani in his address to the shareholders spoke about the phenomenal performance of India’s largest conglomerate which witnessed an all-around growth in all segments. 

”Our company became India's first corporate to cross USD 100 billion in annual revenues. Reliance's consolidated revenues grew 47% to Rs 7.93 lakh crore, or USD 104.6 billion. Reliance's annual consolidated EBITDA crossed a crucial milestone of Rs 1.25 lakh crore,” stated the Chairman. 

In the AGM, Mukesh Ambani made a slew of announcements including a partnership with Qualcomm. He shared about the launch of 5G services in key cities by Diwali and a vision to reach every town by December 2023, committing Rs 2 lakh crore for the world’s fastest 5G rollout plan. 

Speaking of Reliance Retail, Isha Ambani informed to have opened over 2,500 stores in the year to take store count to over 15,000, with an area of 42 million square feet and sold 43 crore garments, enough to clothe the population of US and Canada. 

Speaking of net carbon zero by 2035, Mukesh Ambani informed that within one year, the renewable energy consumption at Reliance jumped by 352%. Further, it has replaced 5% of energy consumption with green power and green steam, to become net carbon zero. 

“For solar PV manufacturing, we have acquired REC Solar. Our 10 GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024 and scale up to 20GW capacity by 2026,” said Mukesh Ambani  

At 3. 30 pm, shares of Reliance Industries were quoting at Rs 2598.80 with a loss of Rs 21.95 or 0.8%. 

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