RIL AGM Key Announcements: Update on IPO plans, retail ambitions and more
Reliance Industries Limited (RIL) on Monday held its 46th Annual General Meeting (AGM) for its shareholders. This AGM comes just weeks after the listing of Jio Financial Services on India's stock exchanges.
The company's chairman and managing director, Mukesh Ambani, made several important announcements to drive growth. Here are the key highlights from the announcements made by Reliance Industries.
Mukesh Ambani began his speech by referring to PM Modi's concept of an unstoppable India, Ambani mentioned that India is unstoppable, tireless and doesn't gasp for breath.
«This India does not gasp for breath — the success of Chandrayaan 3 demonstrated this,» Ambani applauded Chandrayaan 3's success.
Reliance Retail IPO Reliance Retail, the biggest retail chain in India, is predicted to be worth more than $200 billion during its initial public offering (IPO).
This IPO could become one of the largest ever in India and might give an extra push to the Indian economy.
In 2019, Ambani said that the retail arm of his business empire will seek an IPO in five years. Last week, Qatar’s sovereign wealth fund invested $1 billion into India’s biggest brick-and-mortar retailer.
Investors will be waiting for the updates for potential listings. BoFA Securities hopes that announcements may focus on partnerships with global players such as the one with fast fashion giant Shein.
New energy initiatives
RIL is putting a lot of money into new energy projects like green hydrogen and solar photovoltaic modules.
