New Delhi: The much-awaited, much-hyped Reliance Annual General Meeting 2022 has concluded with Mukesh Ambani attempting to woo investors with a magnified platter. However, a drop of 0.69 per cent in the share price of Reliance Industries Ltd (RIL) gives an impression that investors did not get carried away much, and some may even have got disappointed with the business tycoon’s announcements.Also Read - Attention '70s And '80s Kids! Your Once Fav Drink, Campa Cola, May Re-Hit The Market This Diwali

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A man known for his punctuality, Mukesh Ambani, did not make his investors wait even an extra minute for the meeting to begin. Exactly at 2 PM IST, as scheduled, Mukesh Ambani occupied the centre stage welcoming all the shareholders and introducing board members in the meeting held virtually. He added that he “missed the bond and bonhomie of our personal interactions” and that he hopes for a hybrid model of AGM next year. He then went on speak about “Azaadi Ka Amrit Mahotsav”, India’s 75th Independence Day, and praised the “visionary prime minister Shri. Narendra bhai Modiji” for his “inspiring speech” on August 15 and the “clear roadmap” to make the next 25 years the “most transformational” in the history of India. Also Read - Reliance AGM 2022: Company To Roll Out Jio 5G Services, Meta And Jio Collaborate To Launch JioMart On WhatsApp - Watch Video

“He (PM Modi) has aptly described that the next 25 years is India’s Amrit Kaal – The Era of Elixir. Within the next one generation, India is set to achieve more than all the post independent generations have collectively achieved so far and Reliance is set to make a far greater contribution to India’s prosperity and progress than we’ve done so far”, said Mukesh Ambani.

While saying that the world has “almost fully overcome the COVID pandemic”, Ambani mentioned about the uncertainties due to heightened geopolitical tensions and global risks. He said amidst this global unpredictability, “India stands tall as a beacon of growth and stability”.

“The government’s skillful management of the pandemic and pragmatic approach in dealing with the ensuing economic challenges have helped India emerge stronger than before, wiser than before and more resilient than before”, said Ambani lauding Prime Minister Narendra Modi’s “far-sighted leadership” and Finance Minister Nirmala Sitharaman’s “exemplary stewardship in navigating the Indian economy through a period of unprecedented challenges.”

After heaping praises on the prime minister and the government of India, Mukesh Ambani spoke about “The core philosophy of Reliance – We Care” where he mentioned how the company cared for its employees, investors, country and the world in totality. He went on to speak about the achievements Reliance made in FY 2022 where he spoke about how Reliance became India’s first corporate to cross $100 billion in annual revenue.

“Reliance’s consolidated revenue grew 47 per cent to Rs 7.93 lakh crore or $104.6 billion. Reliance’s annual consolidated EBITDA crossed the crucial milestone of Rs 1,25,000 crore …”, Ambani went on to say how Reliance’s exports grew by a whopping 75 per cent, how the company continued to be the largest taxpayer in India in the year FY 22, how RIL added 2.32 lakh jobs in the Indian market.

While beginning to speak about Reliance Jio and its new ventures, Ambani did not forget to mention about “our dynamic Prime Minister’s digital India initiative” and made quick remarks about governmental initiatives such as Aadhar, RuPay, UPI, Jan Dhan Yojana, et cetera.

“With both humility and pride, I’d like to state that all these phenomenal accomplishments became possible because Jio built a world-class 4G digital infrastructure at the right time with sufficient capacity and offered it most affordably to every Indian to take India to global leadership”, said Mukesh Ambani before getting into the nuances of the various accomplishments of Reliance Jio in the telecom sector.

The announcements which the investors were eagerly looking forward to, were made by Mukesh Ambani, Isha Ambani, Akash Ambani separately which itself is an indication of the business tycoon’s plans to transfer the reins.

Much to everybody’s expectations, Mukesh Ambani indeed made major announcements regarding Reliance Jio and the rollout of 5G services. He assured that 5G services will be availabe in Indian metros by this Diwali and that by the end of December 2023, Reliance Jio’s 5G services will reach every part of India.

“To build our pan-India true 5G network, we have committed a total investment of Rs 2 lakh crore. Jio has prepared the fastest ever and most ambitious 5G rollout plan for a country of our size. Within the next two months. That is by Diwali, we will launch Jio 5G across multiple key cities including metro cities of Delhi, Mumbai, Chennai and Kolkata,” said Mukesh Ambani

While Mukesh Ambani spoke on how Reliance Retail aims to to serve millions of customers everyday with “unlimited choices, outstanding value proposition, superior quality, and unmatched experience”, Isha Ambani got into the specifics of Reliance Retail. She mentioned how Reliance Retail opened 2,500 stores this year taking the total store count to 15,000.

“We served over 200 million registered customers, equivalent to the collective population of the UK, France and Italy, at Reliance Retail’s physical stores and digital platforms”, said Isha Ambani adding that Reliance Retail will launch its FMCG business this year.

Isha Ambani also announced the launch of a partnership between JioMart and WhatsApp where customers can order groceries and other materials available on JioMart through WhatsApp chat. Shortly after Reliance announced its collaboration with WhatsApp, Meta founder Mark Zuckerberg also shared a social media post saying he is ‘excited’ about the partnership with JioMart.

Isha Ambani also announced the launch of Nita Mukesh Ambani Junior School as an expansion to Dhirubhai Ambani International School.

Mukesh Ambani came back on to the center stage, where he pledged an investment of Rs 75,000 crore in value chain business, setting up of a giga factory for power electronics based on renewable energy. He also spoke about partnerships with Qualcomm and Meta platforms where the partnership with the former will help provide cloud-based 5G services to businesses.

The fall of stock price in between and after Mukesh Ambani’s announcements does not really say a lot. But the fact remains, investors actually expected more announcements regarding the listing and de-merging of firms, a definite answer on RIL’s succession plan et cetera. When it comes to succession plans, Mukesh Ambani said Akash Ambani and Isha Ambani have already assumed leadership roles in Reliance Jio and Reliance Retail respectively, and that Anant Ambani joined “New Energy Business with great zeal”

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Published Date: August 29, 2022 6:45 PM IST

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