Reliance AGM Springs No Surprises

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MUMBAI, INDIA (GaeaTimes.com)- The industry was abuzz with speculation regarding the 36th AGM of Reliance industries but as it turned out the annual general meeting sprung no major surprise. There was not much of a drama as far as family bonding was concerned. Mukesh Ambani who is the chairman of RIL came to the Birla Matoshree auditorium of Mumbai to give his speech. He was accompanied by his wife Neeta Ambani and mother Kokilaben. It was sort of a surprise to see younger brother Anil Ambani not attending the event as a lot of people thought that he would attend the event.

Mukesh Ambani began his speech by reminding the listeners about the vision of his late father industrialist Dhirubhai Ambani’s dream of setting up a leading MNC based in India. He also said that Reliance Industries is ready to supply gas to the Reliance ADAG power plants which are controlled by his brother. He also reiterated that the two entities can co-operate and develop a constructive and harmonious relationship. Mukesh Ambani also announced that his company will make foray in the energy sector. It was one of the highlights of Reliance AGM.

On May 23, the two siblings decided to make peace and bury their differences with Mukesh Ambani later making it clear that RIL will not venture into gas energy generation before 2022 although RIL will enter other types of energy generation. The Reliance AGM did not affect the stock market drastically. Throughout the speech Mukesh Ambani looked quite composed and the speech was reflective of his attempts of a truce with his industrialist brother, experts feel.