Reliance Industries will sell stake in retail sector! Know what is Mukesh Ambani’s new plan before AGM

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Reliance Industries The AGM is scheduled to be held on 28 August. Before this, a big information related to the company is coming out. It is being told that Mukesh Ambani (Mukesh Ambani) Reliance Retail Ventures Limited (Reliance Real Ventures Limited) can sell eight to ten percent stake. This speculation is being made in the stock market after the information that the Qatar Investment Authority (QIA)Qatar Investment Authority) bought 0.99 percent in Reliance Retail at a value of $ 100 billion. The value of this deal is being estimated at Rs 8.278 lakh crore. While in 2020, Reliance Retail raised Rs 47,260 crore by selling 10 per cent stake at a valuation of Rs 4.21 lakh crore. Meanwhile, the company’s value has more than doubled in the year.

Reliance’s stake decreased

Market experts tell that Mukesh Ambani can announce to bring IPO in AGM. The money will be used by the company for expansion, debt repayment, and public listing. Even after the deal with the Qatar Investment Authority, both domestic and foreign investors are keeping an eye on Reliance’s AGM, in which the announcement regarding the timeline of Reliance Retail’s IPO is expected. Reliance’s stake in the company has come down from 89.9 percent to 88.9 percent after Qatar Investments bought the stake. Reliance Retail Ventures Limited is the holding company of Reliance’s retail business, whose director is Isha Ambani, daughter of Mukesh Ambani. However, on Thursday, a period of selling was seen in the shares of Reliance Retail Ventures Limited.

Reliance Retail crossed the figure of one billion transactions in the last financial year

Reliance Retail crossed the figure of one billion transactions in the financial year 2022-23. This information was given in the annual report of Reliance Industries. Reliance Retail’s digital commerce and new commerce businesses contributed 18 per cent to its Rs 2.60 lakh crore revenue in FY 2022-23. The company opened 3,300 new stores during the period under review. Now it has a total of 18,040 shops. According to the annual report of Reliance Industries, in the financial year 2022-23, the business crossed the figure of one billion transactions with an increase of 42 percent on an annual basis. More than 78 crore customers came to the shops, which is 50 percent more on an annual basis.

Reliance eyes financial services, new energy business after retail, telecom

After building India’s largest retailer and telecom operator in a short span of time, billionaire Mukesh Ambani is now eyeing expansion into the country’s largest non-banking lender through his financial services company Jio Financial Services Limited (JFSL). . In the recent annual report of Reliance Industries Limited, Ambani said that the skills of Jio Financial Services (JFS) Limited, digital and retail businesses will be leveraged. He said that the company will take advantage of Reliance’s technical capabilities. Ambani said that the entity providing digital financial services will provide access to financial services to Indian citizens. It is expected to be listed soon. Guidance on this can be found in Reliance’s annual shareholders’ meeting on August 28. JFS holds 6.1 per cent stake in Reliance. The company had announced a partnership with BlackRock last month to set up a joint venture.

After the death of Dhirubhai Ambani became the chairman of the company

Ambani has been on the board of directors of Reliance since 1977 and became the company’s chairman in July 2002 after the death of his father and group founder Dhirubhai Ambani. In a special resolution sent to shareholders, Reliance said that its board of directors has approved the appointment of Mukesh Ambani as managing director for a further five years with effect from July 21, 2023. It was said in the proposal that Ambani had fixed his annual remuneration from the financial year 2008-09 to the financial year 2019-20 at Rs 15 crore. After this, from the financial year 2020-21 onwards, he opted to forego his salary due to the Kovid-19 pandemic. He has not been paid any salary and profit-based commission for three consecutive years from FY 2020-21. The resolution said that at the request of Ambani, the board has recommended that he will not be paid any salary or profit-based commission for the proposed period from April 19, 2024 to April 18, 2029.

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