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.