Today is a big day for Reliance Industries, for the Annual General Meeting (AGM) was held today. At 11 a.m. RIL Chairman, Mukesh Ambani, appeared in Mumbai’s Birla Matoshree auditorium to deliver his speech. His wife, Neeta Ambani, and mother, Kokilaben, appeared with her.
However, Anil Ambani, the younger brother was absent from meeting. Many thought that the brothers will reunite in this general meeting.
This is the first AGM after the Supreme Court gave its verdict. In 2005, the two brothers appeared on the same stage when they demerged their father’s business.
Mukesh Ambani started his speech by reiterating his father’s vision of creating a world class enterprise.
He then talked about the legal conflict with his brother Anil Ambani, Chairman, ADAG. Anil Ambani wanted to RIL to supply gas from KG basin at below market as per a family M-O-U but Mukesh said that he would not go against government rule.
Anil wanted RIL to supply to his Dadri power plant in Uttar Pradesh. The Supreme court verdict came in Mukesh’s favor. At the meeting, Mukesh promised that his company will start supplying gas as soon as soon as ADAG plants become operational.
The biggest announcement was RIL’s venture into the power sector. He said that his company is planning to make a large investment in coal, hydro and nuclear power projects. However, RIL would not enter into gas-based power generation till 2022.
This was followed by another acquisition announcement in the telecom sector. RIL acquired Infotel- which is the only company to win a pan
Investors are expecting a serious drama at the AGM. As a result, RIL share prices dropped 0.21% to Rs. 1069.