New Delhi, Aug 29 (UNI) Exuding confidence that the Rs 10 lakh crore Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead, Chairman Mukesh Ambani on Thursday said its Board will meet next week to consider issuing bonus share for its shareholders.
Overall, the Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead, Ambani said.
“When Reliance grows, we reward our shareholders handsomely. And when our shareholders are rewarded handsomely, Reliance grows faster and creates more value. This virtuous cycle has been the guarantor of your company’s perpetual progress,” Ambani told shareholders.
Based on this confidence, Ambani said “I would like to share some good news with you today” and that is RIL has sent a notice to the stock exchanges that the Board of Directors will meet on 5th September to consider issuing Bonus shares in the ratio of 1:1.
Commenting on the financial performance of the group, he said Reliance Industries posted a record consolidated turnover of Rs 10,00,122 crore (USD 119.9 billion) in FY24, becoming India’s first company ever to cross Rs 10 lakh crore (USD 119.9 billion) mark in annual revenues.
With net profit at Rs 79,020 crore (USD 9.5 billion) in the last financial year, Ambani said Reliance invested cumulatively over Rs 5.28 lakh crore (USD 66.0 billion) in the last three years.
“Reliance remained the single largest contributor to the national exchequer, contributing Rs 1,86,440 crore (USD 22.4 billion) through various taxes and duties in FY 2023-24. In the last three years, Reliance’s contribution to the exchequer crossed Rs 5.5 lakh crore (USD 68.7 billion), the highest by any Indian corporate,” he said.
Reliance added over 1.7 lakh new jobs last year. If include both traditional and newer engagement models of employment, Group’s headcount is nearly 6.5 lakh today.
On group’s digital foray made in 2016, he said Jio has accumulated 490 million subscribers and it has contributed to make India world’s largest data market.
Elaborating on Jio’s journey, Ambani said Jio is developing a comprehensive suite of tools and platforms that span the entire AI lifecycle. “We call this Jio Brain”. This will enable accelerate AI adoption across Jio, driving faster decisions, more accurate predictions, and better understanding of customer needs.
He also announced “Jio AI-Cloud Welcome offer” saying the Jio users will get up to 100 GB of free cloud storage, to securely store and access all their photos, videos, documents, all other digital content, and data beginning Diwali this year.
Ambani also informed that under its new venture, the Group will commence the production of its own solar photo-voltaic (PV) modules. In the following quarters, the Group will complete the first phase of our integrated solar production facilities. This includes modules, cells, glass, wafer, ingot, and polysilicon, with an initial annual capacity of 10 GW.
The Reliance Group is into five major business areas – O2C, Retail, Jio, Media, and Green Energy and fuels.
