In Reliance Industries’ 42nd AGM, Chairman Mukesh Ambani has announced a plan to make it a zero net-debt company within the next 18 months. Notably, the firm’s net debt currently stands at Rs 154,478 crore. Sharing the roadmap towards this ambitious goal, Mukesh Ambani announced two major deals with Saudi Aramco and British major BP to to raise an aggregate Rs 1.1 lakh crore. “We expect to complete these transactions within this financial year subject to definitive agreements, due diligence, regulatory and other customary approvals. The commitments from these two transactions are about Rs 1.1 lakh crore,” Mukesh Ambani said. Apart from this, the firm has received strong interest from strategic and financial investors in its consumer businesses, Jio and Reliance Retail. We take a look at mind-boggling figures from Reliance Industries AGM. 

Reliance Industries’ record GST, Income tax contribution

In the AGM Mukesh Ambani noted that FY19 was indeed very eventful for Reliance Industries, as the firm emerged as the largest and most profitable company – both in public and private sectors. The firm has emerge as the largest exporter with Rs 2,24,391 crore worth exports to 107 countries accounting for 9.8% of India’s total merchandise exports. RIL is also the highest payer of customs and excise duty in the private sector at Rs 26,379 crore. The Mukesh Ambani-led firm is the highest payer of GST amongst all public and private sector companies contributing Rs 67,320 crore. RIL is also the highest payer of Income tax in the private sector at Rs 12,191 crore.

Reliance Jio- India’s largest telecom firm

Reliance Jio has crossed the 340 million or 34 crore subscriber mark to remain the world’s fastest growing digital services company. Notably, Mukesh Ambani aims to hit the 50 crore subscriber mark soon. Taking stock of Jio’s rapid growth, Mukesh Ambani said that the firm is signing up more than 10 million new customers each month. “The potential for growth is immense, and half a billion customers is now well within our reach. Because of you, Jio has become not just the largest operator in India but also the second largest single country operator in the world!” said Mukesh Ambani.

Reliance Retail crosses revenues of Rs 1.3 lakh crore

Mukesh Ambani noted that the retail business has grown exponentially, registering a 7-fold increase in revenue and a 14-fold increase in profit in the last six years. It has also seen a 3-fold rise in per store productivity in the last 5 years. “We serve more than 1 lakh customers every hour, a feat no Indian retailer has been able to achieve. Last year, we delighted over 15 crore unique customers,” he added. Notably, Reliance Retail has achieved a significant landmark of clocking revenues to the tune of Rs 1.3 lakh crore. 

New Commerce Plan– a $700 billion opportunity

Reliance Industries announced its mega New Commerce Plan to capture a $700 billion unorganised market. Sharing his mega plan, Mukesh Ambani said that New Commerce is a unique business model built in partnership with millions of small merchants and kirana shops, so that they can be empowered to serve the Indian customers. Together, Reliance Retail and New Commerce will become the proxy to India’s consumption story, said Mukesh Ambani. 

Behemoths Reliance Retail, Jio to list within the next 5 years

Taking stock of the robust growth shown by Reliance Retail and Reliance Jio, Mukesh Ambani said that RIL plans to list the two behemoths in the next 5 years. “Sceptics used to say that Reliance cannot succeed in consumer businesses. Jio and Reliance Retail have proved them wrong. If these two consumer businesses had been separately listed companies, each would be ranked among the top 10 in India today, in terms of value,” said Mukesh Ambani, adding that RIL will move towards listing of both these companies within the next five years.