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Home > News > India News > Article > Mukesh Ambani to detail post COVID business plan at AGM

Mukesh Ambani to detail post-COVID business plan at AGM

Updated on: 14 July,2020 05:17 PM IST  |  New Delhi
PTI |

Ambani may at the companys first online AGM also give a sneak preview of his vision for decarbonization of energy molecules to create value-added products with almost no carbon emissions

Mukesh Ambani to detail post-COVID business plan at AGM

Mukesh Ambani

New Delhi: Billionaire Mukesh Ambani is likely to announce plans of leveraging recent partnerships with global technology giants like Facebook as well as a vision to maximise oil to chemical conversion at his flagship Reliance Industries' annual shareholder meeting on Wednesday, analysts said.


Ambani, 63, may at the company's first online AGM also give a sneak preview of his vision for decarbonization of energy molecules to create value-added products with almost no carbon emissions.


Strategic direction post-COVID-19 and further details on asset monetisation are key expectations from the 43rd AGM of RIL, analysts said.


The AGM is "expected to report on progress on asset monetisation (INViTs and stake sale in O2C business), more details on strategic partnerships in digital business, growth plans on financial vertical, oil to chemical integration progress and new technologies," Morgan Stanley said.

Ambani had at the last AGM on August 12, 2019 announced plans to sell stake in RIL's technology venture as well as in its oil-to-chemical (O2C) business to help become net debt-free by March 2021.

The net debt-free status has been achieved much ahead of the deadline thanks to Rs 1.18 lakh crore amassed through the sale of 25.24 per cent in Jio Platforms Ltd - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps - to likes of Facebook, and the country's biggest rights issue of Rs 53,124 crore.

The sale of a 20 per cent stake in O2C business, which comprises of its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to Saudi Aramco for an asking of USD 15 billion has however dragged on, although RIL has said it is on track.

"We expect investor focus to be on asset monetisation details especially on telecom InvITs and Saudi Aramco stake sale; capital allocation and growth strategy post-COVID-19; plans to leverage the partnerships with global technology peers and integrate its retail, digital and financials business; details on oil to chemicals integration and expansion of oil retail and new energy business with BP," Morgan Stanley said.

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