Reliance Industries Ltd. share price rose 0.56% on Aug. 29 ahead of the conglomerate's 48th annual general meeting. At the meeting, billionaire industrialist Mukesh Ambani will outline his broader vision for the company, including plans to increase Reliance's overall business by 2030 and accelerate growth in its telecom and retail arms in the coming years.
Geopolitical tensions surrounding the newly imposed 50% tariff by the US on India, in relation to its crude imports from Russia, have cast a shadow over Reliance Industries Ltd's upcoming Annual General Meeting.
The Mukesh Ambani-led oil-to-telecom conglomerate, along with several public sector refiners, is among the largest consumers of Russian crude—a move that has drawn strict action from Washington.
In contrast, China, the top buyer of Russian oil, and the European Union, which continues to import Russian natural gas, have not faced similar penalties. At the AGM, Ambani is expected to address concerns around crude sourcing diversification in light of these developments.
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