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Reliance Industries AGM Meet 2021: Muesh Ambani Welcomes Saudi Aramco On Reliance Board

By Amit - June 24, 2021

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RIL AGM 2021: Chairman of Saudi Aramco joins Reliance’s board.

New Delhi:

Reliance Industries hosted its 44th Annual General Meeting on Thursday. In this program, the company’s head Mukesh Ambani told in an important announcement that the chairman of the petrochemical giant Saudi Aramco is joining the Reliance Industries board. The company’s chairman Al Rumayyan has joined the Reliance board as an independent director. Both the companies are big names in the petrochemical industry. It is believed that now there can be a big deal between them.

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Let us tell you that earlier there was information that Yasir Al-Rumayyan, the chairman of Saudi Aramco and the governor of the public investment fund there, may be included in the board of Reliance Industries. There were reports that there is a $15 billion deal to be done between the two companies, for which this induction is a pre-condition in the board.

Apart from this, Mukesh Ambani said that capital of Rs 3.24 lakh crore has been raised through stake sale, rights issue and asset monetization in the company’s units, which is a record. Addressing shareholders, Ambani said the company raised Rs 3,24,432 crore through stake sale in digital entity Jio Platforms and retail venture, rights issue and asset monetization.

“Reliance has raised USD 44.4 billion, which is the largest ever capital raised by any company in a single year globally,” he said. This reflects the confidence of global investors in India’s growth potential.

In another announcement, Ambani said that his company is starting its new energy business to address the asymmetry in the green energy sector in India and globally. Reliance will invest Rs 60,000 crore for setting up Reliance Integrated Solar Photovoltaic Factory, Storage Battery Manufacturing Unit, Green Hydrogen Unit.

(with input from language)

Amit

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