'Not in the business of hoarding wealth': Mukesh Ambani addresses 47th AGM

Reliance Industries Chairman Mukesh Ambani addressed the 47th Annual General Meeting, in which he reiterated the company's commitment to the nation's growth

In his speech at Reliance Industries’ 47th Annual General Meeting (AGM), Mukesh Ambani emphasised the company’s dedication to national interests, asserting that Reliance is focused on long-term value creation rather than short-term gains or wealth accumulation.

“…Today, India is one of the biggest growth engines and not just a carriage in the global economic trade…,” he said, painting a rosy picture of the country's economy.

“We are not in the business of short-term profit and hoarding wealth…in business to create wealth, energy security for the nation,” Ambani said at the meeting. Ambani told the shareholders that Reliance is working for the energy security of India and has turned into a net producer of technology.

He also noted that the advent of artificial intelligence (AI) presents new opportunities to tackle the complex challenges facing humanity.

“Reliance remained the single largest contributor to national exchequer, contributing Rs 1,86,440 crore through various taxes and duties in the financial year 2023-2024 (FY24),” he said. In the past three years, Reliance’s contributions to the national exchequer have exceeded Rs 5.5 trillion, he added.

Ambani also made some key announcements and projections for the company, including Reliance Jio’s aim to target 100 million home broadband customers with 30 million additions every month, creating the world's lowest AI inferencing cost, setting up gigawatt-scale AI-ready data centres at Gujarat’s Jamnagar among other things.

He also announced the ‘Jio AI Cloud Welcome’ offer, under which the company will offer 100 GB of free cloud storage to Jio customers.

The event marks Reliance’s first AGM since Ambani’s children — Isha, Akash, and Anant — were inducted into the company as non-executive directors in December 2023.

Shortly before the AGM, Reliance Industries announced that it would consider issuing bonus shares to shareholders during a board meeting scheduled for September 5.