Mukesh Ambani’s 2019 AGM speech earned him Rs 5.6 lakh crore reward

New Delhi: In his address to Reliance Industries’ 42nd Annual General Meeting (AGM) last year, Chairman Mukesh Ambani pledged to turn his oil-to-telecom empire into a zero-net debt company within 18 months i.e. March 31, 2021.

Within 10 months of that AGM held on August 12, 2019, Reliance in June said it fulfilled that promise. With back-to-back deals that Ambani secured to sell stakes in telecom venture Jio Platforms and India’s biggest ever Rs 53,000 crore rights issue helped him achieve that goal.

And the reward? RIL stock has risen 66 per cent since that AGM and added Rs 5,60,000 lakh crore to its market capitalisation (m-cap) in this period.