Big bonus issue to deep-tech transformation: Mukesh Ambani addresses Reliance AGM

Chairman and Managing Director of Reliance Industries, Mukesh Ambani, sounded confident about India's future while announcing ambitious plans for growth. He began by congratulating the Prime Minister Narendra Modi, on his third consecutive term to power, praise for stability and continuity that the 2024 parliamentary elections brought in. According to Ambani, his victory not only strengthened India's global reputation but also boosted economic prospects within the country.

Ambani pointed to the twin facets of the world today: one is a fantastic technological advancement, and the other is the compulsions that emerge from complex geopolitics. He termed AI as the biggest thing that has ever happened to humanity. Ambani, however, was unfazed by the uncertainties. New India would continue to rise and emerge as the third-largest economy of the world, overtaking Japan and Germany, by 2027.

Thereafter, he addressed Reliance Industries in the role of a leading contributor to India's progress and reiterated that value creation by the company would be a long-term process. Explaining that Reliance is not only about profit but about improving the lives of all Indians, he outlined the mission of the company: to secure energy for the country and to make the world cleaner and greener for forthcoming generations.

One of the major announcements at the AGM was the issuance of bonus shares, which would be offered in the 1:1 issue ratio, and the Board of Directors are scheduled to meet on September 5 to finalize it. This step indicates Ambani's confidence in the stellar performance and bright future of Reliance's businesses. He reassured the shareholders that as Reliance grows, so too does their reward, reinstating the long tradition of the company regarding handsome rewards for its investors.

Ambani also spoke of Reliance turning into a deep-tech company with rapid changes that continue to sweep technology and innovation. The company is embedding frontier technologies across its businesses and incubating homegrown innovations. It is building an AI-native digital architecture. In FY24, Reliance invested over Rs 3,643 crore in R&D, taking its total spend on R&D over the last four years to more than Rs 11,000 crore.

With over 1,000 scientists and researchers working on critical projects, Reliance has filed 2,555 patents in bio-energy, solar energy, high-value chemicals, and digital technologies. Ambani said he is confident these will drive Reliance into a new era of hyper-growth, with the company soon joining the ranks of the world's top 30 most valuable companies.