In the 41st annual general meeting of Reliance Industries Mukesh Ambani, the Chairman and Managing Director of India’s largest private sector company while addressing the company’s shareholders said that Reliance Industries will double its revenues by 2025 as contributions from retail and telecom arms match that of the bellwether hydrocarbon business.
Reliance Industries posted consolidated revenues of Rs 4,30, 731 crores in 2017-18 and a profit after tax of Rs 36,075 crore.
Ambani in his hour-long speech at Birla Matoshri Sabhaghar in Mumbai stated “As India starts on its high growth journey to double the size of its economy by 2025, I assure you that the size of Reliance will more than double in the same period. And the creation of societal value by Reliance will be of an even higher order”. Ambani shared his vision for the company and said that it would transform to become a technology platform company.
In his speech, Ambani added that the company would ride on technology to lead initiatives in agriculture, education and health. “Our digital connectivity platform has served as the foundation on which we are building our new commerce platform, our media and entertainment platform, education platform, healthcare platform and agriculture platform. Going forward, we shall build more such platforms,” he said.
The company is also likely to work for the protection of the environment. The company is currently the largest recycler of PET in India. The company recycles over 2 billion PET bottles annually.
“We are committed to becoming a leader in the emerging circular economy and to become one of the largest recyclers of plastics in India. All these initiatives will enhance our capabilities and competencies, making us future-ready, as we transition from a cyclical business to annuity business,” Ambani said.
Mentioning about Reliance Jio Ambani said that the company would continue to increase the affordability of its digital network for the common man and that the company is all set to create ripples in the fixed-line broadband market. Reliance Jio currently has 225 million users within just 22 months of its launch. The company is also all set to start taking bookings for the much awaited fixed-line broadband services- ‘JioGigaFiber’. The service promises to bring high-speed broadband services.
Isha Ambani, daughter of Mukesh Ambani, announced that the company is all set to announce the launch of JioPhone2 a popular version of the Jio smartphone which will be sold for Rs 2,999 from August 15.