RIL seeks shareholders nod to appoint Mukesh Ambani as MD for next 5 years

Ambani had capped his annual remuneration at Rs 15 crore, from FY2009 to FY2020. Since FY2021, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential, RIL said.

RIL said its Board of Directors, at the meeting held on July 21, 2023, has re-appointed Ambani as MD, for a period of five years from the expiry of his present term, i.e. with effect from April 19, 2024.

The RIL’s 46th annual general meeting will be held on August 28.

In his message to shareholders in the annual report for fiscal ended March 31, 2023, Ambani said RIL goal is to become net carbon zero by 2035. Accordingly, the development of giga factories at the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar is progressing rapidly, he said.

Reliance Retail has further consolidated its position as the largest retailer in India and the only Indian retailer to feature in the top 100 retailers globally. In FY2022-23, Reliance Retail crossed the 1 billion transactions mark, he said.

Speaking about Jio Financial Services (JFS), Ambani said the entity along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens.

JFS, which was recently demerged from RIL, aims to provide simple, affordable and innovative digital first solutions.

“As various financial services are governed by different regulatory frameworks, we believe, an independent financial services entity will allow us to access the opportunities available in the Indian market,” he said.

The new entity is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform, RIL said in the annual report.