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Thursday, July 29, 2021

Reliance AGM 2021 Highlights: Saudi Aramco Chairman Yasir Al-Rumayyan joins RIL board

RIL AGM 2021, Reliance AGM 2021 Announcements Highlights: Reliance Industries (RIL) Chairman Mukesh Ambani in the company's 44th annual general meeting (AGM) announced its foray into the new energy business. Here are the details regarding oil to chemicals (O2C), retail business and more.

By: Express Web Desk | New Delhi |
Updated: June 24, 2021 4:56:40 pm
ril, ril agm 2021, ril agm 2021 live, reliance agm 2021, ril agm meeting, reliance agm, reliance agm 2021, reliance agm live, reliance annual general meeting 2021, reliance annual general meeting, reliance agm meeting 2021, ril agm speech, mukesh ambhani, reliance agm live, live reliance agm newsReliance Industries (RIL) CMD Mukesh Ambani addressing the 44th AGM. (Screengrab, source: YouTube/TheFlameOfTruth)

RIL AGM 2021 Highlights: Reliance Industries (RIL) Chairman Mukesh Ambani on Thursday announced that Saudi Aramco Chairman and Governor of the kingdom’s wealth fund Public Investment Fund Yasir Al-Rumayyan will be joining the RIL board as an independent director.

Speaking at the conglomerate’s 44th annual general meeting (AGM), the second virtual AGM following the coronavirus pandemic, Ambani said that Al-Rumayyan’s joining also marks the beginning of internationalisation of Reliance.

“I am sure we will immensely benefit from his rich experience with one of the world’s largest companies, and also one of the largest sovereign wealth funds in the world,” Ambani said.

It was earlier rumoured that Al-Rumayyan may be inducted on the board of RIL.

Apart from this, Ambani during his AGM speech announced RIL’s plans for the new energy business. He said that RIL has established the Reliance New Energy Council with some of the finest minds, globally. The company has started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar.

“It will be amongst the largest such integrated renewable energy manufacturing facilities in the world,” he said. RIL’s overall initial investment from its own internal resources in the New Energy business will be Rs 75,000 (over $10 billion) crore in 3 years.

Speaking on RIL’s retail arm, Ambani said despite challenging and restrictive operating conditions, Reliance Retail continued to deliver industry-leading returns. The company added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking their store count to 12,711.

He said that Reliance Retail is committed to growing its business so that it is among the top 10 retailers globally. “I am confident that Reliance Retail is on a hyper-growth trajectory to grow at least 3x in the next 3-5 years,” Ambani said.

This apart, Ambani also announced the launch of JioPhone Next in collaboration with Google. Follow LIVE updates on Jio.

Live Blog

RIL Chairman Mukesh Ambani addressed Reliance Industries' 44th AGM and announced the company's plan to enter the new energy business. Here's what all he announced:

16:24 (IST)24 Jun 2021
RIL CMD Mukesh Ambani on Reliance Retail's growth

Mukesh Ambani said that Reliance Retail continues to be amongst the fastest growing retailers in the world.

"We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years," he said.

16:21 (IST)24 Jun 2021
RIL CMD Mukesh Ambani on apparel business

Ambani said that the company's apparel business sold nearly five lakh units per day and over 18 crore units during the year.

He said that Ajio emerged as one of the leading digital commerce platforms for fashion and lifestyle with a portfolio of over 2,000 labels and brands and listing of over 5 lakh options.

"Driven by innovation, Ajio now contributes to over 25 per cent of our apparel business," he said.

16:17 (IST)24 Jun 2021
RIL CMD Mukesh Ambani on Reliance Retail

Mukesh Ambani said that despite challenging and restrictive operating conditions, Reliance Retail continued to deliver industry leading returns.

"We added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this
period, taking our store count to 12,711. We continue to maintain and strengthen our leadership position. Today one in every eight Indians shops with Reliance Retail," he said.

15:29 (IST)24 Jun 2021
RIL CMD on new energy business

RIL plans to produce 100 GW solar energy, Ambani said adding that, "We have begun work for the development of Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar." RIL will invest over Rs 60,000 crore in the new energy business.

15:26 (IST)24 Jun 2021
RIL CMD Mukesh Ambani on the new energy business

Mukesh Ambani said, "The world is entering a new energy era, which is going to be highly disruptive. Our world has only one option: rapid transition to a new era of green, clean and renewable energy." He further said that the only answer to the problems of climate change and reduction in emissions calls for a rise in global solar capacity.

15:18 (IST)24 Jun 2021
RIL to foray in new energy business

RIL CMD Mukesh Ambani said that they launched Jio in 2016 with the aim of bridging the digital divide in the country. "In 2021, we are launching our new energy business with the aim of bridging the green energy divide in India & globally," he said.

15:13 (IST)24 Jun 2021
Mukesh Ambani on Aramco Chairman joining: His joining our Board is the beginning of internationalisation of RIL

Mukesh Ambani: His joining our Board is also the beginning of internationalisation of Reliance. I am sure we will immensely benefit from his rich experience with one of the world's largest companies, and also one of the largest sovereign wealth funds in the world.

15:05 (IST)24 Jun 2021
Mukesh Ambani announces Aramco Chairman Yasir Al-Rumayyan to join RIL board

RIL CMD Mukesh Ambani announced that Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of the kingdom's wealth fund Public Investment Fund will join the RIL board.

14:59 (IST)24 Jun 2021
Mukesh Ambani: Achieved net debt-free balance sheet much ahead of March 2021

Mukesh Ambani said that Reliance achieved a net debt-free balance sheet much ahead of its March 2021 deadline. It was a promise which he made to shareholders around two years ago.

14:56 (IST)24 Jun 2021
Mukesh Ambani: Reliance Retail continues to be the undisputed leader in organised retailing

RIL CMD Mukesh Ambani said that Reliance Retail continues to be an undisputed leader in organised retailing in India, with scale that is more than 6 times the next competitor. "We are by far the leader in each category — grocery, electronics and apparel," he said.

14:54 (IST)24 Jun 2021
Mukesh Ambani: Retail shareholders made 4X returns in one year

Mukesh Ambani said that RIL's retail shareholders made 4 times the returns in just one year on their rights shares.

14:52 (IST)24 Jun 2021
Mukesh Ambani: RIL's consolidated revenue was Rs 5,40,000 crore during the Covid year

Mukesh Ambani said that the consolidated revenue of RIL was Rs 5,40,000 crore, consolidated EBITDA was Rs 98,000 crore, and almost 50 per cent of the EBITDA was contributed by consumer businesses.

14:47 (IST)24 Jun 2021
Nita Ambani: Set up additional 875 beds for Covid in Mumbai

When the second Covid wave hit us, we had set additional 875 beds for Covid care in Mumbai, Nita Ambani said.

14:45 (IST)24 Jun 2021
Nita Ambani: Procured 100 oxygen tankers within India and abroad

Nita Ambani said that Reliance had procured 100 oxygen tankers within India and abroad and set up 250 beds Covid care facility in Mumbai.

14:40 (IST)24 Jun 2021
Nita Ambani says Reliance Foundation has launched 5 missions to fight Covid-19 pandemic

Nita Ambani said that Reliance Foundation has launched five missions to fight Covid-19. These are Mission Oxygen, Mission Covid Infra, Mission Anna Seva, Mission Employee Care and Mission Vaccine Suraksha.

14:28 (IST)24 Jun 2021
Mukesh Ambani: RIL has risen with a sense of purpose, nationalism

Throughout the pandemic RIL has risen with a sense of purpose and nationalism, Ambani said. He said that RIL has taken all possible steps so that shareholders can join today's virtual meet.

14:22 (IST)24 Jun 2021
Mukesh Ambani: Many RIL employees and shareholders have borne the brunt of the pandemic

RIL CMD Mukesh Ambani said that many of RIL employees and shareholders have borne the brunt of Covid-19. "We are in the middle of a humanitarian crisis," he said.

14:15 (IST)24 Jun 2021
RIL CMD Mukesh Ambani: Company's performance in FY21 exceeded expectations

RIL Chairman and Managing Director Mukesh Ambani addressed the RIL shareholders. He said that RIL's performance in the financial year 2020-21 exceeded expectations despite the COVID-19 pandemic.

13:54 (IST)24 Jun 2021
Mukesh Ambani says ‘no option’ but to make businesses green

Mukesh Ambani, Asia’s richest man, plans to transform each of the units under his refining-to-retail conglomerate to create a sustainable business model as Reliance Industries Ltd. chases a net carbon-zero goal by 2035.

“We have no option as a society, as a business but to really adopt a sustainable business model,” Ambani told Bloomberg Television’s Haslinda Amin as part of the Qatar Economic Forum Monday. “I think that’s a prerequisite for every business to survive as we go forward.” Click here to read

13:46 (IST)24 Jun 2021
Mukesh Ambani drew nil salary in the financial year 2020-21

Richest Indian Mukesh Ambani drew no salary from his flagship firm Reliance Industries Ltd in the fiscal year ended March 31 as he voluntarily gave up remuneration in light of the pandemic hitting the business and the economy.

In its latest annual report, Reliance said Ambani’s remuneration for financial year 2020-21 was “nil.” In the previous fiscal year, he drew a Rs 15 crore salary from the company – the same as in the previous 11 years. Click here to read

Reliance Industries (RIL) AGM 2021 was live-streamed across various platforms including YouTube, Facebook and Twitter.

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