Reliance AGM 2022: Succession, 5G rollout announcement expected at key meet
The much-anticipated Reliance annual general meeting 2022 will be held today at 2 pm. Reliance Industries chairman Mukesh Ambani is expected to make several key announcements during his key speech. Over the years, Ambani’s annual speech at the AGM has been laden with several key announcements, be it the launch of disruptive telecom service Jio in 2016 or the Saudi Arabian Oil Co’s proposed investment in Reliance energy business in 2019. Here are the big announcements which are expected at the Reliance AGM 2022. Ambani succession plan: Last year, Mukesh Ambani had hinted that the succession planning at Reliance will be expedited and reiterated in December. His three children, daughter Isha along with sons Akash and Anant are already serving as directors in the group’s unlisted firms. In June, Mukesh Ambani stepped down as the chairperson of Reliance Infocomm Ltd, making way for his elder son Akash. The investors are looking forward to some concrete steps to be taken on the leadership transition, with Isha, Anant and possibly Nita Ambani taking on more responsibility, Bloomberg reported. 5G rolloutUnion minister Ashwini Vaishnaw recently said that the government is hopeful of launching the 5G services by October 12. Reliance Jio emerged as the top bidder during the 5G auctions, buying airwaves worth more than $11 billiion. The Ambani children may demonstrate some of the key features of the 5G services at the meeting, just as they’ve showcased new telecommunications products in the past.Reliance Jio IPOThe market experts have been looking for more clarity around the IPOs of Reliance Jio and Reliance Retail Ltd. Both companies are market leaders in their respective sectors with a formidable lead over rivals. Their listings — or even spinoffs — could propel Ambani’s net worth. “The timelines are crucial to get the mojo back for Reliance stock,” Bathini said. Reliance has gained about 11% this year, compared to the more than 40% rise by top performers on India’s S&P BSE Sensex.EnergyThe Reliance investors would be looking forward to updates around the last year’s announcements to build four giga-factories to make solar modules, hydrogen electrolysers, fuel cells and storage batteries. Ambani has also been on a tear acquiring small green energy firms globally for expertise and technology. There are also plans to become among the world’s top blue hydrogen makers.(With Bloomberg inputs)
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