Reliance Industries Ltd’s 43rd Annual General Meeting was no ordinary affair. For one, it was a virtual shareholder meeting, held online, keeping in compliance with the regulations considering the restrictions forced by the coronavirus pandemic. But, more importantly, it was a golden opportunity for Mukesh Ambani to show off his online meetings platform JioMeet, which in large part handled the mega attendance of over 3 lakh shareholders today. It also gave RIL’s digital team a platform to showcase the prowess of the company’s digital services umbrella unit Jio Platforms, which, in a matter of less than three months, has got mega investments totalling Rs 1.52 lakh crore, from marquee investors including Facebook, Google, Intel, Qualcomm, KKR, TPG, General Atlantic and others. RIL, which was listed 43 years ago, following its IPO in the year 1977, has grown the shareholders’ value at a compounded annual rate of an impressive 31% over this period.
During this time, RIL, a company started by Dhirubhai Ambani transformed from a textiles trading firm to a textiles manufacturer, to a petrochemicals giant, to an oil and gas behemoth, and now to a consumer business major. On Wednesday, Mukesh Ambani proudly pronounced that RIL was the first Indian company to reach a market capitalization of $150 billion, and first Indian firm with an EBITDA of Rs 1,00,000 crore.
Not only this, with Google and Facebook as investors in it, RIL’s Jio Platforms can now be considered as a truly global digital technology giant.
For more on the latest developments at India’s largest company by market cap, here’s the full shareholder presentation shared by RIL.