Reliance AGM 2023: Reliance has invested US$ 150 billion in the last 10 years, says Mr. Mukesh Ambani

The 46th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) got underway on August 28, 2023. Reliance Industries has made cumulative investments totalling more than US$ 150 billion over the past 10 years, RIL Chairman Mr. Mukesh Ambani stated while addressing the shareholders.

He continued by saying that RIL had added 2.6 lakh jobs in FY23, breaking previous records in creating employment. He informed that the company’s total number of on-roll employees is close to 3.9 lakh.

Mr. Mukesh Ambani remarked, “This is a new India full of self-confidence. India will become a fully developed nation by 2047.” 

In FY23, RIL reported a consolidated revenue of Rs. 9,74,864 crore (US$ 118.02 billion), EBITDA of Rs. 1,53,920 crore (US$ 18.63 billion), and net profit of Rs. 73,670 crore (US$ 8.91 billion).

Further, at the event, Reliance also announced that its Jio AirFiber will debut on September 19, 2023, in honour of Ganesh Chaturthi. According to Mr. Mukesh Ambani's plans for Jio, the consumer segment will be fuelled by Jio 5G and Jio Bharat, the home segment will be turbocharged by Jio AirFiber, the business segment will have enormous untapped potential, and Jio Platform will have the chance to go global.

Speaking further about Reliance Retail, Mr. Mukesh Ambani noted that despite the intervening Covid-19 pandemic, the company's valuation has nearly doubled in less than three years. "Based on this valuation, Reliance Retail would have ranked among the top four companies in India and among the top 10 retailers globally," he said. From Rs. 4.28 lakh crore (US$ 52 billion) in September 2020 to Rs. 8.28 lakh crore (US$ 100 billion) today, Reliance Retail's valuation has doubled.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.