RIL to consider bonus issue of shares, a first in 7 years

Aims to be among world's top 30 firms; silent on listing of retail, telecom units

- AMRITHA PILLAY

Energy-to-telecom conglomerate Reliance Industries at its annual general meeting on Thursday made several key announcements, including a proposal to issue 1:1 bonus shares, plans to rank among the world's top 30 companies, and detailed timelines for its new energy business.

Its Chairman and Managing Director Mukesh Ambani, however, did not share any details on a potential listing of the company's retail and telecom divisions, a key announcement that the market was hoping for.

Ambani began his address by informing shareholders that the company's board of directors would meet on September 5 to consider and recommend a 1:1 bonus share issuance, the first since 2017.

In his opening remarks, Ambani expressed his vision of RIL advancing from its current position among the world's top 50 most valuable companies to the top 30 in the near future. He attributed this expected growth to RIL's "strategic adoption of Deep-Tech and Advanced Manufacturing".

He said Reliance had now become a net producer of technology. This year's speech was themed "Becoming A Deep-Tech and Advanced Manufacturing Company".

Ambani also placed equal emphasis on the new energy division, projecting it to become as large and profitable within the next five-seven years as the oil-to-chemicals (02C) business, which has been built over the past 40 years.