Reliance Chairman Mukesh Ambani’s statement at the Annual General Meeting | 12 Aug 2019

Sounding the bugle of New Reliance for a New India, Reliance Chairman and Managing Director Mukesh Ambani addressed the shareholders in the 42nd Annual General Meeting (Post IPO) of Reliance Industries Limited, held on 12 August 2019. Extracts of the Statement showcasing the highlights of the same are reproduced for our readers

 

Reliance Chairman Mukesh Ambani’s statement at the Annual General Meeting | 12 Aug 2019

Sounding the bugle of New Reliance for a New India, Reliance Chairman and Managing Director Mukesh Ambani addressed the shareholders in the 42nd Annual General Meeting (Post IPO) of Reliance Industries Limited, held on 12 August 2019.  Given below is the complete statement of the Chairman…

Extracts of the Statement showcasing the highlights of the same are reproduced for our readers.

Calling it the Golden Decade for Reliance, Mukesh Ambani announced that Reliance has become India’s largest and most profitable company – both in public and private sectors.  He added that Reliance is the only diversified multi-sector Indian enterprise with three major growth engines in one single corporate entity – Oils to Chemicals division, Jio and Retail.

Salient points in the statement:

  • Though Jio and Retail form a part of Reliance Industries, even if these two were two distinct companies, each would be ranked in the top 10 in terms of value in India, in that sector.
  • Jio – Digital Gateway of India crosses 350 million subscriber mark making it the world’s fasted growing digital services company.
  • Reliance Retail has crossed the Rs .130,000 Crore turnover mark – four times larger than the second largest retail player in India and larger than all other major retailers put together.
  • Oils to Chemical business
    • Largest exporter — ` 2,24,391 crore exports to 107 countries accounting for 9.8% of India’s total merchandise exports
    • Highest payer of customs and excise duty in the private sector — ` 26,379 crore.
    • Highest payer of GST amongst all public and private sector companies — ` 67,320 crore.
    • Highest payer of Income tax in the private sector — ` 12,191 crore
  • Coming year will mark beginning of the most ambitious value creation strategy in the history of Reliance and in the history of India…
    • Partnerships with leading global and Indian companies.
    • Partnerships with millions of local businesses, SMEs and micro-enterprises across India.
    • Partnerships with new tech-enabled businesses, platforms and social enterprises.
  • Reliance endorsed the Prime Minister’s ambitious goal of creating a $5 Trillion Indian economy by 2024.
    • India will become a $10 Trillion economy by 2030
    • Digital driven GDP growth is not only exponential, it is also inclusive
    • Slowdown in some sectors is temporary as the fundamentals of the Indian economy are very strong
    • Opportunites to grow with structural reform
    • India is witness to political stability
    • Government is laying foundation of new institutions, for business promotion and regulation
    • New long term measures to improve living for all citizens – reduce income inequality
  • Oils to Chemicals Business is Reliance’s most valuable business today
    • Reliance has the most complex and integrated Oils to Chemicals business globally
    • O2C business has the ability to derive new materials and high value chemicals that will significantly improve quality of life of Indians
    • Reliance has positioned itself far ahead in the renewable energy value curve
    • Jamnagar Refinery operates with a Complexity Index of over 21.1, which is the highest globally for any refinery

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  • Butyl Rubber project in joint collaboration with SIBUR Russia will be commissioned this year
  • Joint Venture signed between Reliance and British Petroleum (BP) – BP will acquire 49% stake in Reliances’ Petro-Retail business and will pay Reliance Rs 9,000 Crore for this investment
  • Saudi Aramco and Reliance enter into long-term partnership in O2C business – biggest foreign investment in the history of Reliance.
  • JIO – founded with a vision of DIGITAL LIFE to every Indian within two pillars – Digital Connectivity and Digital Platforms and Solutions. Investment Cycle for Jio is now complete
    • Jio Consumer base: 340 Million plus 10 million customers each month  – reach half a billion subscribers very soon
    • Jio is now the largest operator in India and the second largest single country operator in the world
    • R. 3.5 Lakh Crore invested in creating the largest optical fiber footprint
    • Upgrading to 5G soon
    • Jio will enhance services from Mobile Broadband to Internet of Things (Narrowband Internet of Things – NBIoT) | Home Broadband (JIOFIBER) | Enterprise Broadband and SME Broadband
  • JIOFIBER
    • 20 million residences and 15 million businesses in 1600 towns.
    • Fast broadband Speed upto 1GBPS
    • Free Landline Connection
    • Digital Set Top Box
    • Ultra High Definition Entertainment
    • Virtual Reality Content
    • Multi-party Video Conferencing
    • Voice Enable Virtual Assistants
    • Interactive Gaming
    • Home Security
    • Smart Home Solutions
    • Plans starting from Rs 700 per month
  • JIO – Microsoft Partnership
    • Free Cloud and Connectivity Infra for StartUps
    • Connectivity to Small Business starting at Rs 1,500 per month
  • RELIANCE RETAIL
    • More stores than any other retailer globally
    • 2/3rd stores are in Tier II, Tier III and Tier IV towns
    • Reliance Digital | Reliance Grocery | Reliance Fashion
    • Acquisition of Hamleys
  • MEDIA AND ENTERTAINMENT
    • 72 Channels reaching 800 Million Indians
    • Colors
    • Network-18: Moneycontrol; FirstPost; Voot; News18
  • RELIANCE FOUNDATION
    • Rural Transformation Programs – positively impacted livelihood of 8 million people across 19000 villages
    • Water Security
    • Full education for children of Pulwama Martyrs
    • Development of Jammu and Kashmir and Laddakh

For Full Statement of the Chairman of Reliance Industries, CLICK HERE

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