The 46th annual general meeting (AGM) of Reliance Industries Limited (RIL) began as scheduled at 2pm on Monday. The AGM is being conducted through a video conferencing format and is currently in progress. The Chairman and Managing Director of RIL Mukesh Ambani initiated the proceedings.
The AGM is being livestreamed on various social media platforms including YouTube allowing people to watch the event in real-time.
Mukesh Ambani's children, Isha and Akash Ambani, who hold official positions within the conglomerate, are also set to address the AGM. During the meeting, Mukesh Ambani, Isha Ambani and Akash Ambani are expected to reveal RIL's future business plans. The announcements related to Future Retail Jio's initial public offering and 5G tariff options are of particular interest and anticipation
RIL's Jio Financial Services (JFS) will venture into the insurance sector offering simplified and smart insurance products in categories such as Life, General and Health insurance. The offerings will be available through a seamless digital interface. This move is aligned with JFS's goal to democratize financial services for India's vast population.
JFS and global investment firm BlackRock will establish a joint venture (JV) aimed at creating an asset management business. While JFS will contribute digital capabilities and local market knowledge, BlackRock will bring its expertise in global investment and risk management.
The valuation of Reliance Retail has doubled from Rs 4,28,000 crore in 2020 to Rs 8,28,000 crore due to the investment from the Qatar Investment Authority (QIA). QIA has invested $1 billion for a 1% stake in Reliance Retail.
Nita Ambani will step down from the RIL board, while continuing as Chairperson of Reliance Foundation. Mukesh Ambani's children, Isha Ambani, Akash Ambani and Anant Ambani have been appointed as non executive directors on the Board of Directors.
Mukesh Ambani stated that Reliance Jio subscriber base has crossed 450 million. The average data consumption per user stands at 25 GB per month and the total monthly traffic on the Jio Network is 1,100 crore GB.
Ambani congratulated the scientists of the Indian Space Research Organization (ISRO) and the entire country for the successful landing of Chandrayaan 3.
Market analysts are closely observing whether Reliance Industries will announce plans to list its telecom and retail businesses during the AGM. Additionally, expansion plans for Jio Financial Services (JFS) are anticipated to be disclosed. The AGM may also include announcements about investments in Reliance clean energy unit Reliance New Energy.
As of the latest trading, shares of Reliance Industries remained relatively unchanged on the stock exchanges. The stock saw a marginal decrease of 0.04% trading at Rs 2,469 compared to its previous close of Rs 2,469.95.
In a separate development, Reliance Industries revealed a partnership with The Oberoi Hotels and Resorts to jointly manage three properties across India and the UK. This collaboration signifies RIL's diversification into the hospitality sector.