Thanks for joining us. Here are the key takeaways from Reliance Industries Chairman Mukesh Ambani’s address at the annual shareholders’ meeting:
- Ambani’s three children — Akash, Isha and Anant — will be inducted into the board of Reliance while he will continue as chairman and managing director for five more years and “groom and empower” the heirs
- Ambani said Reliance has visibility on costs of eletrolyzerswhich should help them reach cost targets on green hydrogen. The company aims to switch to green hydrogen for internal use and then boost output of green ammonia and green methanol for domestic and export markets
- The company’s priority is to set up battery giga factorywhich will manufacture battery chemicals, cells and packs, by 2026. Reliance will leverage its capabilities of offshore oil and gas exploration in related renewable energy areas like offshore wind and geothermal
- Jio’s plug-and-play AirFiber to be started on Sept. 19 and the unit will be able to promptly provide Jio 5G broadband connection across the country from December
- Shares of Reliance closed 1% lower while its unit Jio Financial Services dropped by 1.6% as trading in Mumbai ended before the conclusion of the flagship firm’s shareholder meeting. Reliance shares are now almost 7% off their all-time high level in mid-July and set for first monthly decline since end of February
