Reliance Industries Limited (RIL), the most valuable corporation in India, will hold its 45th Annual General Meeting (AGM) next Monday, August 29, 2022, at 2:00 PM (IST), through video conference and other audio-visual means.
Expectations are high leading up to RIL’s AGM, which is known for being announcement-heavy. This year, as in the previous three, the focus is on providing more clarity regarding the specific timelines being announced for the Consumer business’s IPOs, its 5G rollout plans, and the conglomerate’s Chairman Mukesh Ambani’s succession plans.
The Indian billionaire resigned from his position as director of Reliance Jio Infocomm Ltd. in June of this year as part of his early succession planning, clearing the way for his son Akash Ambani to take over as chairman of the telecom business.
Reliance Jio, meanwhile, came out on top in India’s 5G spectrum auction earlier this month, spending a record-breaking 1.5 lakh crore. With an offer of 88,078 crore, Reliance Industries’ (RIL) telecom division secured nearly half of all airwaves sold.
Reliance Industries, which has holdings in petrochemicals, oil and gas, telecom, and retail, is chaired and managed by Mukesh Ambani. Although oil refining and petrochemicals account for about 60% of Reliance’s earnings, the conglomerate has been lowering this reliance by diversifying into retail, telecommunications, and technology.
Reliance is being refocused by Ambani on renewable energy. In addition to spending $80 billion on renewable energy over the following 10 to 15 years, the firm is developing a new complex next to its refinery. The company pledged to achieve Net Carbon Zero emissions by 2035, and its New Energy proposal is essential to doing so.
In RIL’s annual report for 2021-22, Chairman and Managing Director Ambani said that “over the next 12 months our investments across the Green Energy value chain will gradually start going live, scaling up over the next couple of years. This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years.”