​​​
  1. Reliance ADAG AGMs highlights: RCom to exit telecom; Anil Ambani mulls Reliance General Insurance IPO in FY19

Reliance ADAG AGMs highlights: RCom to exit telecom; Anil Ambani mulls Reliance General Insurance IPO in FY19

Anil Ambani Group's AGMs highlights: 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.

By: | Updated:Sep 18, 2018 5:18 pm
reliance group agm, anil ambani Reliance Group’s AGM live updates: Anil Ambani says Reliance Realty only future growth engine.

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.

Live Blog

Reliance Group's AGM highlights: Anil Ambani at RCom AGM, key updates

17:18 (IST) 18 Sep 2018
Anil Ambani thanks big brother Mukesh Ambani at the AGM

At the RCom AGM, Anil Ambani thanked his elder brother and Reliance Industries Ltd chairman Mukesh Ambani, whose telecom venture—Reliance Jio Infocomm Ltd—bought RCom assets. “It would be most appropriate for me to thank and acknowledge the support (and) guidance extended to RCom, and me personally, by my brother Mukeshbhai Ambani,” Ambani told shareholders.

17:02 (IST) 18 Sep 2018
RPower eyes stressed thermal coal-based assets to boost growth: Anil Ambani

Reliance Power is looking at inorganic growth through acquisition of stressed thermal coal-based projects, Chairman Anil Ambani said on Tuesday. 'Going forward, we are looking at key growth opportunities for the company. One of those is inorganic asset acquisition of stressed thermal coal-based assets through resolution process by lenders or under the NCLT regimes,' Ambani told shareholders at the company's 24th annual meeting. 

He said the company will continue to look at opportunities that will bring value and are growth accretive with strong, stable and conservative financial profile. "Besides acquisition, we are also looking at opportunities in the operation and maintenance (O&M) services for stressed power projects which are under the review petition of the resolution," Ambani said.

16:31 (IST) 18 Sep 2018
Some highlights of Reliance Infrastructure AGM

  • All 36 Rafale fighter jets are made in France and Reliance is just an export partner, said Anil Ambani.
  • Have entered into partnerships with multiple OEMs for defence, he said.Reliance Infrastructure will be a debt-free company by next year, he added.
  • Ambani said: Value of our holding in Reliance Power is nearly Rs 5,000 crore.
  • Sale of Mumbai Distribution Biz for Rs 18.8k cr cut debt from Rs 22k cr to Rs 7.5 k cr (by 65%) & interest cost from Rs 2.6k cr to Rs 800 cr PA, said Chairman Anil D Ambani.
  • He said that  Delhi Distribution Biz is 2.5 times size of Mumbai Biz with annual revenue of Rs 15.3k cr, EBITDA of Rs 4k cr, regulatory assets of 27k cr out of which Rs 7k cr regulatory assets are approved.
  • Delhi Distribution Biz continues impressive growth despite no tariff hike for five years. To dramatically change fortunes of company, said the Chairman.

15:23 (IST) 18 Sep 2018
Reliance Home Finance looks to triple AUM in next 3-4 years: CEO

Reliance Home Finance is aiming to triple its assets under management (AUM) to Rs 50,000 crore in the next 3 to 4 years, said CEO and Executive Director Ravindra Sudhalkar. Speaking at the Reliance Capital AGM on Tuesday, Sudhalkar said the company is eyeing an AUM growth of 30-35%, and expects to onboard at least 2,000 new customers every month by March 2019.

15:05 (IST) 18 Sep 2018
Reliance Capital AGM update: Seek to double presence to 100 branches over next 2-3 years

Ravindra Sudhalkar, CEO and Executive Director of Reliance Home Finance, said the company seeks to double its presence in the next 2-3 years. “We are looking to double our presence to 100 branches and serve close to 200 locations over the next 2-3 years,” Sudhalkar said at the Reliance Capital AGM on Tuesday.

“In less than one year of listing, we have increased our presence to 140 locations across 58 branches,” he added.

14:57 (IST) 18 Sep 2018
Reliance Health Insurance operations to start soon!

Anmol Ambani, son of Anil Ambani and director of Reliance Capital, said on Tuesday that Reliance Health Insurance will soon start its operations. 'We are looking to start Reliance Health Insurance operations soon, and we aim to simplify health insurance experience,' he said. 'We are looking to list Reliance General Insurance in the current financial year, thereby unlocking value for shareholders,' he added.

14:49 (IST) 18 Sep 2018
RCom to focus on real estate: Anil Ambani at Reliance AGM

The first priority for RCom, which is credited for democratising telecom services through cheaper offers in early 2000s, is to resolve its over Rs 40,000 crore debt, Anil Ambani told shareholders at the company’s 14th annual general meeting in Mumbai.

Read more about it here: Anil Ambani’s RCom to exit telecom business completely; to focus on real estate 

14:37 (IST) 18 Sep 2018
BREAKING: Anil Ambani mulling Reliance General Insurance IPO in FY19

Anil Ambani says will look to list Reliance General Insurance in the current financial year 2018-19, while addressing shareholders at the Reliance Capital Annual General Meeting (AGM).

14:16 (IST) 18 Sep 2018
Reliance Capital to cut debt by divesting non-financial biz: Anil Ambani

Anil Ambani said at Reliance Capital AGM that the company aims to cut debt by disinvestment of non-core businesses. Any non-financial business will not be a part of Reliance Capital portfolio in next 12-18 months, said Anil Ambani while addressing the shareholders of Reliance Capital.

13:50 (IST) 18 Sep 2018
RInfra AGM update: Reliance Infrastructure to be debt-free by 2019

Chairman Anil D Ambani on Tuesday said Reliance Infrastructure will be a debt-free company by next year. The debt-to-equity ratio improved to 0.33, he said, which is lowest in the industry after largest debt-cut in power sector in country. Speaking at the company's AGM, he said that he expects the company to be zero-debt next year with top-end credit ratings to match based on regulatory asset inflow from Delhi/Mumbai power businesses & arbitration award payments.

Ambani said RInfra is one of the strongest companies in the infrastructure sector with a net worth of over Rs. 24,000 crore. He said RInfra is among the largest engineering and construction players in India having executed projects worth Rs 50,000 crore, scaled orderbook 9 times in 3 years to Rs 28,000 crore and won new competitive orders of Rs 23,000 crore in just last year.

13:33 (IST) 18 Sep 2018
Reliance Realty is the only future growth engine: Chairman Ambani

Anil Ambani said Reliance Realty is the only future growth engine of the company. He said the company plans to develop a 133 acre hi-tech, smart and green knowledge city in Navi Mumbai. It plans to develop a 30 million square feet commercial space, independently valued at Rs 25,000 crore, the size of which will be 10-times that of Bandra Kurla Complex. Ambani added that the commercial hub will take at least 10 years to develop and create sustainable value for shareholders.

13:23 (IST) 18 Sep 2018
India's mobile industry moving towards monopoly

Anil Ambani on Tuesday said that India's mobile industry has creatively destroyed to an oligopoly and is slowly moving towards, oligopoly or even monopoly. Speaking at the Mumbai shareholder meeting, Ambani said the telecom industry had nearly 10-12 operators a few years. However, now the industry has only 3 players left -- Bharti Airtel, Vodafone Idea and Reliance Jio.

He added that private telecom players account for nearly 95% of the telecom sector's revenue, noting that governemnt revenue from the sector has come down by almost 25-30%.

13:11 (IST) 18 Sep 2018
"New Reliance Communications will comprise of businesses in India & globally": Ambani

Talking about RCom's exit from the telecom sector, Anil Ambani said the new Reliance Communications will comprise of businesses in India & globally. Addressing shareholders in the company's 14th Annual General Meeting, Ambani said the new RCom will have over 60% of its business from outside India.

The company had exited the mobile business in 2018 in order to prevent further destruction of shareholder value, he added.

13:01 (IST) 18 Sep 2018
Unlikely to have any telecom exposure in the long run, says Anil Ambani

Anil Ambani on Tuesday said the company will completely exit from the telecom sector and will only keep the Indian enterprise business, the international data business, the submarine cable business and the long-distance voice business. Addressing RCom's annual general meeting on Tuesday, Chairman Anil Ambani said the company is unlikely to have any telecom exposure in the long run. He said the company will completely exit telecom business and will monetise enterprise business at a later stage.

Go to Top