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On Thu, 29 Aug, 4:05 PM UTC
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[1]
Reliance not pursuing short-term profit, says Mukesh Ambani
Mumbai: Asia's richest man Mukesh Ambani on Thursday said his oil-to-telecom-and-retail conglomerate is not seeking short-term profit but is in the business of creating wealth for the nation. Speaking at the company's annual shareholder meeting, he said all businesses of Reliance Industries Ltd continue to be key drivers of the Indian economy and have become a success story. "We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India," he said. "We are in the business of providing the highest quality products and services that improve efficiency, productivity, and ease of living for Indian consumers." Reliance is on a mission to provide energy security to the country and make the world cleaner and greener for future generations. Ambani, chairman and managing director of Reliance Industries Ltd, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. "When Reliance grows, we reward our shareholders handsomely." Reliance, he said, has now become a net producer of technology and is transforming into a deep-tech company with advanced manufacturing capabilities in three seminal ways - embedding innovative technologies in every single business, incubating several critical technological innovations in-house to enhance product and service offerings, and building an AI-native digital infrastructure for all Reliance businesses. Reliance spent over Rs 3,643 crore in FY24 towards R&D, taking its spend on research to over Rs 11,000 crore in the last four years alone. "Advance manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future," he said. Ambani said the world today is witnessing revolutionary breakthroughs in science and technology - especially in artificial intelligence, computing, robotics, and life sciences - which promise a future of unprecedented prosperity and well-being for all of humanity. "The birth of AI, perhaps the most transformative event in the evolution of the human race, has opened up opportunities to address a number of complex problems facing mankind," he noted. But alongside, multiple geopolitical conflicts threaten global peace, stability, and even economies of nations. "It is also no longer possible, nor acceptable, to ignore the stark developmental disparities amid rising aspirations for a better life in the Global South," he said. "However, even in these uncertain times, there is one absolute certainty. And that certainty is the continued Rise of New India as it marches confidently towards the goal of Viksit Bharat in Amrit Kaal." With unmatched demographics and relatively lighter debt burdens, India is one of the biggest growth engines, and not just a carriage in the global economic train. The IMF forecasts that by 2027 India is set to emerge as the world's third-largest economy, surpassing Japan and Germany. "Irrespective of the volatile times globally, India remains the brightest beacon of hope for the world. With its rich cultural heritage, empowered population, surging economic power, and age-old advocacy of peace, our nation will play a pivotal role in changing the world for the better," he said.
[2]
Reliance not pursuing short-term profit, says Mukesh Ambani
"We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India," he said. "We are in the business of providing the highest quality products and services that improve efficiency, productivity, and ease of living for Indian consumers." Reliance is on a mission to provide energy security to the country and make the world cleaner and greener for future generations. Ambani, chairman and managing director of Reliance Industries Ltd, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. "When Reliance grows, we reward our shareholders handsomely." Reliance, he said, has now become a net producer of technology and is transforming into a deep-tech company with advanced manufacturing capabilities in three seminal ways - embedding innovative technologies in every single business, incubating several critical technological innovations in-house to enhance product and service offerings, and building an AI-native digital infrastructure for all Reliance businesses. Reliance spent over Rs 3,643 crore in FY24 towards R&D, taking its spend on research to over Rs 11,000 crore in the last four years alone. "Advance manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future," he said. Ambani said the world today is witnessing revolutionary breakthroughs in science and technology - especially in artificial intelligence, computing, robotics, and life sciences - which promise a future of unprecedented prosperity and well-being for all of humanity. "The birth of AI, perhaps the most transformative event in the evolution of the human race, has opened up opportunities to address a number of complex problems facing mankind," he noted. But alongside, multiple geopolitical conflicts threaten global peace, stability, and even economies of nations. "It is also no longer possible, nor acceptable, to ignore the stark developmental disparities amid rising aspirations for a better life in the Global South," he said. "However, even in these uncertain times, there is one absolute certainty. And that certainty is the continued Rise of New India as it marches confidently towards the goal of Viksit Bharat in Amrit Kaal." With unmatched demographics and relatively lighter debt burdens, India is one of the biggest growth engines, and not just a carriage in the global economic train. The IMF forecasts that by 2027 India is set to emerge as the world's third-largest economy, surpassing Japan and Germany. "Irrespective of the volatile times globally, India remains the brightest beacon of hope for the world. With its rich cultural heritage, empowered population, surging economic power, and age-old advocacy of peace, our nation will play a pivotal role in changing the world for the better," he said. PTI TEAM ANZ BAL BAL
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Mukesh Ambani, Chairman of Reliance Industries, emphasizes the company's commitment to long-term value creation over short-term profits. The conglomerate aims to contribute to India's economic growth and technological advancement.
Mukesh Ambani, Chairman of Reliance Industries Limited (RIL), has reaffirmed the company's commitment to long-term value creation, stating that the conglomerate is not pursuing short-term profits. In a recent interview, Ambani emphasized that Reliance's focus is on building robust and sustainable businesses that will contribute significantly to India's economic growth 1.
Reliance Industries has been making substantial investments across various sectors, including telecommunications, retail, and renewable energy. These investments are part of the company's long-term strategy to create value for shareholders and contribute to India's technological advancement. Ambani highlighted that these investments are aimed at building businesses that will yield returns over an extended period 2.
The billionaire industrialist stressed that Reliance's goals are aligned with India's national priorities. By investing in cutting-edge technologies and infrastructure, the company aims to play a crucial role in India's journey towards becoming a developed nation. Ambani stated that Reliance is committed to creating businesses that will generate sustained earnings and cash flows in the coming years 1.
Reliance Industries has been actively diversifying its portfolio beyond its traditional oil and petrochemicals business. The company has made significant strides in the digital sector through Jio Platforms and has expanded its retail presence across India. Additionally, Reliance has been investing heavily in renewable energy, demonstrating its commitment to sustainable growth and innovation 2.
While emphasizing the focus on long-term growth, Ambani assured shareholders that the company's strategies would ultimately lead to enhanced value creation. He expressed confidence that the investments made today would result in substantial returns in the future, benefiting both the company and its stakeholders. The Chairman's statements reflect Reliance's vision of building a resilient and future-ready conglomerate 1.
The market has shown mixed reactions to Reliance's long-term strategy. While some analysts appreciate the company's vision and its potential for future growth, others express concern about the impact on short-term financial performance. However, Ambani's statements have reinforced the company's commitment to its strategic direction, emphasizing that the focus on long-term value creation will ultimately benefit all stakeholders 2.
Reference
[1]
Reliance Industries Limited (RIL) held its 47th Annual General Meeting, announcing plans for a bonus share issue, expansion in the new energy sector, and advancements in AI technology. The Ambani family shared their vision for the company's future across various business segments.
3 Sources
3 Sources
Reliance Industries Limited (RIL) is undergoing a significant transformation into a deep tech company, as announced by Chairman Mukesh Ambani at the company's Annual General Meeting. This shift marks a new era for the conglomerate, focusing on cutting-edge technologies and innovation.
4 Sources
4 Sources
Mukesh Ambani, Chairman of Reliance Industries, forecasts significant growth for the company. He expects Reliance to more than double in size before the end of the decade, driven by expansion in various sectors.
3 Sources
3 Sources
Reliance Industries' Chairman Mukesh Ambani's AGM speech focused heavily on AI and deep tech, mentioning them 72 times. However, investors were more interested in dividend announcements, which were not addressed.
2 Sources
2 Sources
Mukesh Ambani, Chairman of Reliance Industries, emphasizes the transformative potential of AI in India. The conglomerate plans to leverage AI across its businesses, aiming to revolutionize various sectors and boost India's technological capabilities.
6 Sources
6 Sources
