Reliance: Ambani's children join RIL board as AGM focuses on future

Billionaire Mukesh Ambani, Chairman of Reliance Industries, delivered an annual address that focused on the conglomerate's future plans and achievements, leaving investors with mixed sentiments. The 46th Annual General Meeting (AGM) on Monday saw shares of Reliance Industries decline by 1.27 per cent, in stark contrast to the 0.2 per cent rise in Nifty 50.

While Ambani refrained from announcing any ground-breaking new ventures or the much-anticipated listing roadmap for Reliance Retail, he did provide a glimpse into the company's ongoing strategy.

One of the noteworthy developments was the inclusion of Ambani's three children, Isha, Akash, and Anant, as executive directors on the board of Reliance Industries Ltd., signifying the continuation of a family legacy. Nita Ambani stepped down from the board, marking this significant generational shift in the leadership structure.

Ambani confirmed his continued role as chairman and managing director for five more years, ensuring stability in the company's leadership.

In his comprehensive overview of Reliance Industries' Q1FY24 performance, Ambani highlighted impressive numbers. The company achieved consolidated revenues of Rs 9,74,864 crore, with an EBITDA for FY23 reaching Rs 1,53,920 crore, contributing to a net profit of Rs 73,670 crore. Ambani underlined Reliance's commitment to growth, noting that the company had invested a remarkable $150 billion over the past decade, a feat unrivalled by any other corporate entity in India.

Ambani also listed the achievements of Jio, which posted an all-time high revenue of Rs 1.19 lakh crore and boasts a user base of over 450 million. Ambani revealed ambitious plans to provide 5G coverage nationwide by December, with one million cells operational by that time.

He further announced Reliance's position as a global leader in developing 6G capabilities. Jio Fiber has crossed 10 million subscribers, and the eagerly awaited Jio AirFiber, promising fibre-like speeds wirelessly, is set to launch during Ganesh Chaturthi.

Daughter Isha Ambani, a director at Reliance Retail, disclosed plans to introduce aerated beverages first in Asia before expanding to Africa. She also shared the impressive statistic of 78 crore footfalls in Reliance Retail stores during the year, maintaining a total store count of 18,040. The company has invested $10 billion in the last two years and saw a ninefold growth in JioMart on WhatsApp since its 2022 launch.

Ambani also unveiled the company's clean energy vision, which includes fast-tracking the Giga complex with a factory scheduled to be operational by 2026. The conversion of sand to solar PV modules at the Jamnagar facility, partnerships with global companies for wind power gear, and the expedited commercialisation of sodium-ion batteries were key highlights.

Jio Financial Services is set to venture into the insurance segment, offering life, general, and health insurance products through partnerships with global players. Ambani highlighted the use of blockchain and Central Bank Digital Currencies (CBDC) to ensure the highest standards of security.

In a final announcement, Ambani revealed that Jio is working on creating a massive 2,000-MW AI computing capacity, reinforcing the company's commitment to innovation and technological advancement. Despite the absence of any crucial announcements, Mukesh Ambani's vision for Reliance Industries, and the company's impressive financial performance, underscored its position as a major player in India's corporate landscape.

Investors, while perhaps hoping for more immediate excitement, were left with a clear sense of the company's long-term strategic direction and the continuation of the Ambani family's legacy in leading the conglomerate.