Excitement Builds: RIL Board to Deliberate 1:1 Bonus Shares Issuance at September 5 AGM | Must-Know Company News

Mukesh Ambani Unveils Ambitious Plans at Reliance Industries’ 47th AGM

Mumbai, Aug. 29, 2024 — Reliance Industries (RIL) Chairman Mukesh Ambani, addressing the company’s 47th annual general meeting, revealed a series of transformative strategies spanning from market positioning to new energy ventures.

Key announcements included a proposed bonus share issue at a 1:1 ratio, marking the first such issuance since 2017. The board is scheduled to discuss and potentially approve this proposal on September 5.

Ambani articulated a vision for RIL to ascend into the ranks of the world’s top 30 companies, leveraging deep tech and advanced manufacturing to achieve this goal. He emphasized the firm’s evolution into a net technology producer.

He detailed RIL’s new energy business, projecting earnings within 5-7 years to rival the current oil-to-chemicals division. This sector is expected to deliver more stable and predictable cash flows. Digital services, including Jio and retail, are forecasted to double their revenues and EBITDA over the next 3-4 years.

Concrete timelines were provided for the new energy projects. The multi-GW electrolyser manufacturing facility is slated for completion by 2026. The 30 GWh advanced battery manufacturing facility will commence production by mid-next year. RIL plans to start with battery energy storage systems for a range of markets and progressively evolve into cell manufacturing and battery chemical production.

Ambani also set 2026 as the target for launching GW-scale, round-the-clock solar generation projects. He highlighted plans to utilize the company’s coastal infrastructure at Kandla port for green fuel activities and expand bioenergy investments, aiming for 55 compressed biogas (CBG) plants by 2025.

In the oil-to-chemicals sector, expansions include 1.5 million tonnes of PVC and CPVC capacity by 2026-27 and an additional million tonnes of specialty polyester capacity by 2026-27, integrated with a 3 million tonne PTA capacity by 2027. A carbon fiber plant at Hazira and an enlarged fleet of Very Large Ethane Carriers (VLECs) from six to nine will bolster ethane sourcing from North America.

First Published: Aug 29, 2024 | 4:34 PM IST

Original Story https://www.business-standard.com/companies/news/ril-agm-board-to-consider-issuing-1-1-bonus-shares-on-september-5-124082900804_1.html
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