Reliance Is Becoming More Intrinsic to Indian Economy: Mukesh Ambani
Reliance Industries is holding its 40th Annual General Meeting (AGM) today. India's third largest company (by market capitalisation) is closely tracked by investors because its shares are widely owned.
Highlights from Chairman Mukesh Ambani's Speech
- Will each passing year, Reliance is becoming more intrinsic to Indian economy
- Reliance has been one of the biggest asset creator in India over decades
- Next 3 years will be transformational for RIL
- Investing in next gen biz of telecom, retail
- Will be investing Rs 1.8 lakh crore in 3 years
- The petrochem business will benefit from highest allocation of capital among our energy business
- Exports 70% of turnover of company
- Highlight of performance is retail and US shale business which have become contributor to top & bottom line
- We are on schedule to complete our products in next 24 months
- We are the largest income tax payer among private companies
- Company's rating is two notches above India's sovereign rating
- Reliance to start production from coal-bed methane block in Madhya Pradesh in 2015-16
- Efforts are to increase output from KG-D6 fields
- Timely approvals of market-based gas prices are crucial
- Saw several false allegations, half-lies last year. Have weathered ill-informed campaigns. Have put facts on social media for everyone to see
- Reliance looking to increase international presence beyond US
- Retail business grew 34% last year. This year it has the distinction of being India's largest retailer
- We added almost a retail store daily in FY14
- Fashion and lifestyle delivered high performance last year
- Reliance Jio has already started field trials. Expanded trials will begin from August
- Phased launch of telecom services to start from 2015
- Reliance Jio will one of the largest and biggest wealth creator in India
- Reliance Jio is a Rs 70,000 crore investment
- We are delighted to welcome Nita Ambani to the company's board
- Reliance Foundation has touched the lives of 2 million people in just 3 years
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