As many as six companies of Reliance Anil Dhirubhai Ambani Group (ADAG) held their annual general meetings (AGMs) today. The AGMs of Anil Ambani’s Reliance Group were held in Mumbai. Addressing the AGM of Reliance Communications, ADAG Group chairman Anil Ambani said Reliance Realty is the only future growth engine for the company. He announced that the cash-strapped Reliance Communications will be completely exiting the telecom business to concentrate on real estate in future.
RCom’s AGM was followed by the AGMs of Reliance Infrastructure, Reliance Power and Reliance Capital. Anil Ambani is the chairperson for all the four companies. Next in the block were Reliance Home Finance and Reliance Nippon Asset Life Management. Anil Ambani’s son Anmol Ambani serves as a director on the boards of these two companies. Notably, these were the first AGMs of both the companies after being listed last fiscal.