Reliance Industries (RIL) is all set for the much-awaited annual general meeting (AGM) on Monday. Mukesh Ambani, chairman of the oil-to-telecom conglomerate, is expected to come up with some big announcements. This will be Reliance's 46th AGM. According to news reports, Reliance AGM is likely to announce some updates on its on telco and retail business IPO timelines, 5G rollout, detailed road map on JioAir Fiber, and clean energy investment.
The Mukesh Ambani-led group is likely to come up with some major announcements during its 46th AGM. The meeting can be watched live here at 2 pm.
The company had informed the stock exchanges about the 46th AGM date citing, "This is to inform that the Forty-sixth Annual General Meeting (Post-lPO) ("AGM") of the Members of the Company will be held on Monday, August 28, 2023 at 2:00 p.m. (IST) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India."
Reliance investors are also eagerly waiting for value to be unlocked in the telecom and retail divisions. Chairman Mukesh Ambani, while responding to shareholders in the previous AGM, had said that he would update them on Jio and Retail IPOs during the next AGM.
RIL on July 21 had reported an 11 per cent drop in consolidated net profit for the first quarter (Q1) ended June 30. The conglomerate clocked a consolidated net profit of Rs 16,011 crore in Q1 of FY24 down from Rs 17,955 crore reported in the same period last year. It had said the decline in profit was mainly because of "higher finance cost and increased depreciation."
This week, Mukesh Ambani-owned firm said that Qatar Investment Authority (QIA) will be investing Rs 8,278 crore in the company’s retail arm, Reliance Retail Ventures Limited (RRVL). The investment will give QIA ownership of 0.99 per cent in Reliance Retail on a fully-diluted basis. Reliance Retail, along with its subsidiaries and associates, supervises the largest retail business in the country with more than 18,500 stores spread across the nation.
Meanwhile, Reliance Retail Ventures Ltd is also planning to raise Rs 3,048 crore for an infrastructure investment trust (InvIT), according to the draft document filed by the firm with the SEBI. The company stated that it is planning to capitalise on its warehousing and logistics assets through private placement.
Stock of Reliance is trading at Rs 2,476.15 apiece, down 0.10 per cent, at 11 am on Friday, while Jio Financial stock hits 5 per cent lower circuit on the BSE for the fifth consecutive day post listing.