RIL AGM 2022: Will Share About IPO Plans In Next AGM, Says Ambani

RIL's Chairman Mukesh Ambani contrary to street expectations informed stakeholders that he would share development on the company's planned public issues of Reliance Retail and Reliance Jio in the company's next AGM in 2023.

There were expectations doing the rounds that the billionaire may make announcements on the public issues of his subsidiary firms.

To the queries from shareholders, Ambani said, "I will take up your inputs with our board of directors on the question on IPO for Jio and Retail. The principles on timing and valuation of IPOs remain unchanged. I have outlined the plans for both businesses. Jio is embarking on an aggressive launch of our 5g service and retail is on a path of exponential growth."

"I will update you on the IPO in my speech next year," he said. The conglomerate's AGM is a much-sought out event as the oil to telecom entity unveils its strategic plans ahead.

"The next generation of leaders have assumed responsibility for growth and execution of our ambitious plans with Reliance being the largest shareholder in both Jio and Retail. All of you as shareholders will benefit directly from the growth of these two companies," Ambani told shareholders.

Some of the highlights of the company's AGM today have been the announcement of the launch of new Giga factory, transition to green energy by 2025, succession plan and foray of the company into the FMCG segment among others.

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