RIL AGM Live: Mukesh Ambani likely to announce plans of leveraging recent partnerships; shares up 1.3%

RIL’s 43rd Annual Meet Live Updates: Mukesh Ambani will address Reliance Industries Limited’s (RIL) Annual General Meeting today, the company’s 43rd such meet with shareholders since its initial public offering. The biggest private company in India, with a market capitalization of Rs 12.28 lakh crore, is expected to announce how it will work with the 12 investors it has recently onboarded after selling equity stake in its digital services and telecom arm Jio Platforms. Analysts also expect clarity from Mukesh Ambani on how his venture with Mark Zuckerberg’s Facebook will take shape. Goldman Sachs said the focus of the AGM is expected to be largely on product launches around RIL’s partnership with Facebook potentially ranging from integration of JioMart with WhatsApp.

The 63-year-old Mukesh Ambani has used the AGM as a platform to announce plans that would shape the company’s future growth. In the 2019 AGM, Mukesh Ambani announced that RIL would be net-debt-free by March 2021, a promise he fulfilled last month, much ahead of the deadline. So far this financial year, RIL has managed to sell 25.24% equity stake in Jio Platforms for Rs 1.18 lakh crore and has also raised Rs 53,124 crore through the biggest ever rights issue that the country has ever seen.