Saudi Aramco chairman Yasir Al-Rumayyan joins Reliance board: Mukesh Ambani

‘Al-Rumayyan joining our Board is also the beginning of internationalisation of Reliance,’ says RIL Chairman at 44th AGM


Reliance Industries | Mukesh Ambani

BS Web Team  | 
New Delhi 

Reliance Industries chairman Mukesh Ambani told shareholders at the company’s 44th AGM on Thursday that the country is in midst of humanitarian crisis owing to coronavirus pandemic.

“Our business and financial success since last AGM have exceeded expectations despite Covid pandemic. But what has given me far greater happiness than our business performance is RIL’s humanitarian efforts during these exceedingly difficult times,” said Mukesh Ambani.

Even in a challenging environment, RIL’s performance continued to be outstanding. Consolidated revenue was Rs 5.4 trillion, consolidated EBITDA was Rs 98,000 cr, and almost 50% of EBITDA was contributed by consumer businesseses, added Ambani.

RIL’s contribution to Indian economy remained unmatched in FY21 – 6.8% of India’s merchandise exports, 75,000 new jobs, Rs 21,044 crore of customs plus excise, Rs 85,306 crore of GST plus VAT, and Rs 3,213 crore of income tax, he said.

RIL raised $44.4 billion – largest ever capital raise by any company in a year globally. “This capital raise is a strong vote of confidence by global investors in India’s growth potential,” said Ambani.

Ambani also announced that Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, will join the Board of Reliance Industries as Independent Director. “His joining our Board is also the beginning of internationalisation of Reliance,” he said.

“Continued engagement and resolve from both sides, even during this pandemic, is a testimony of strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner this year,” added Mukesh Ambani.

“Our O2C business faced unprecedented challenges by severe economic contraction at the beginning of year. Yet we were probably the only company globally that operated at near full capacity and was profitable in every quarter,” added Ambani.

He also said the company rewarded its shareholders with the largest and the most successful Rights Issue ever by an Indian company. “Our retail shareholders have made 4x returns in just one year on their rights shares,” added Ambani.

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