Chairman and Managing Director Mukesh Ambani has big plans for strengthening the roots of its consumer-based businesses. "We are the end of the beginning of the Jio story," he said.
Based on the new and existing growth engines, RIL (Reliance Industries Limited) projects to grow at EBITDA rate of 15 percent annually over the next five years. In the last five years, the company has invested Rs 5.4 trillion to generate EBITDA in excess of US$ 1 billion annually for over a decade.
The telecom infrastructure transactions are to be completed by the end of this financial year, he said.
The management will induct global partners in Jio and Reliance Retail and will move towards listing the entities separately at the stock exchanges in the next five years. At the beginning of his address at the AGM, he said that if Reliance Jio and Reliance Retail were to be listed separately, it would be among top ten companies in the country.
He also said that by incubating new growth engines into telecom and retail arms (Reliance Jio and Reliance Retail), the company has proved those skeptics wrong who said RIL can't succeed in consumer business.
He also informed the attendees that the telecom company has surpassed 340 million subscribers.
Mukesh Ambani aims for his company to become zero net debt by 31 March 2021. He also promised more dividends and bonus issues to the company's shareholders.