Reliance Industries Ltd (RIL), India's largest conglomerate, will hold its 43rd annual general meeting (AGM) on late-Wednesday afternoon. This will be the first-ever virtual annual general meeting for Reliance Industries. The shares of Reliance Industries touched an intra-day high of Rs 1,948.75, up 1.6 per cent in early trading, ahead of the AGM. At 10:00 am, the Reliance Industries shares were trading at Rs 1,941.70, higher by Rs 25 or 1.3 per cent, on the BSE.
The company decided to go online with its annual meeting, in the wake of the ongoing Covid-19 pandemic. "The 43rd annual meet will be held on Wednesday, July 15, 2020, at 2 pm through video conferencing/other audio-visual means," the company had said in a regulatory filing.
Reliance Industries has recently become the first Indian company to cross 12 million in terms of market capitalisation. It has also become a net debt free company, well before the scheduled date of March 31, 2021, by selling more than 25 per cent stake in Jio Platforms and unveiling a rights issue of Rs 53,124 crore.
Reliance Industries is now "in its golden decade", Mr Ambani had said last month as his group reached the milestone. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," he had said.
In the process, India's richest man Mukesh Ambani surged past Silicon Valley tech titan Elon Musk, and Alphabet co-founders Sergey Brin and Larry Page to become the world's sixth richest person. The wealth of the chairman of Reliance Industries Limited had already surpassed that of Warren Buffett's last week.
The share price of Reliance Industries has more than doubled from a low in March on the back of investments in its digital unit, Jio Platforms, from the likes of Facebook, Silver Lake and Qualcomm, General Atlantic, KKR and Intel Corporation, Abu Dhabi-based Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia's Public Investment Fund.