At the Reliance Industries AGM 2024, Chairman Mukesh Ambani highlighted the company’s ongoing commitment to contributing to India’s growth and outlined ambitious future targets. Ambani revealed that Reliance will consider issuing bonus shares in a 1:1 ratio during a board meeting scheduled for September 5, 2024.
Key Highlights from the AGM:
- Bonus Shares Proposal: Mukesh Ambani announced that Reliance will hold a board meeting on September 5 to deliberate on issuing bonus shares at a 1:1 ratio, which means shareholders could receive one additional share for every share they currently own.
- Expansion Plans: Reliance aims to significantly expand its JioAirFiber service, targeting 100 million home broadband customers. The company also plans to reach 20 million small and medium businesses, 1.5 million schools and colleges, and 70,000 hospitals.
- R&D Investments: Reliance has invested over Rs 3,643 crore in research and development in FY24, bringing the total R&D expenditure over the past four years to more than Rs 11,000 crore.
- Financial Performance: For FY24, Reliance reported:
- Consolidated Turnover: Rs 10,00,122 crore
- EBITDA: Rs 1,78,677 crore
- Net Profit: Rs 79,020 crore
- Exports: Rs 2,99,832 crore
Vision and Commitment:
Mukesh Ambani emphasized Reliance’s role as a key driver of the Indian economy and reiterated the company’s focus on delivering high-quality products and services rather than short-term profit. He noted that Reliance is dedicated to enhancing the ease of living for Indian consumers.
Recent Developments:
The AGM follows the Competition Commission of India’s approval of a Rs 70,350-crore merger between Reliance and Walt Disney’s Indian media assets. This merger is expected to significantly impact the media and entertainment sector in India.
Mukesh Ambani’s address underscores Reliance’s strategic direction and its ongoing efforts to expand its reach and influence across various sectors.
