"Personal or Family Wealth Holds No Importance For Me" Says RIL Chairman, Mukesh Ambani During the 47th Annual General Meeting, Reliance Industries' chairman, Mukesh Ambani shared a heartfelt message to the people of India by stating that personal or family wealth holds no importance for him
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During the recent 47th Annual General Meeting, held on Thursday, Reliance Industries Limited's chairman, Mukesh Ambani revealed that monetary benefits do not hold any significance for him, be it personal or familial. He also discussed the philosophy and plans to enrich the institutional culture and perpetuate the value system, especially as Reliance navigates this period of generational transition.
"I firmly believe that my family and I, and also other senior members of the management team, are simply trustees of this great institution. Personal or family wealth holds no importance for me. What truly matters is our responsibility to pass on this precious institution to the next generation on a solid foundation. This will enable them to elevate Reliance to even greater heights of success," said Ambani.
As Reliance takes on new and greater challenges, the company will need an ever-expanding pool of capable leaders, who are fully committed to the purpose, philosophy, passion, and pioneering spirit of the company. "We are mentoring a large team of dynamic and exceptionally competent young leaders who are eager to assume bigger roles at Reliance. We continue to grow our professional talent pool from around the world, aligning with our vision of making Reliance a global corporation. Working with this army of motivated, talented and ambitious youngsters inspires and energises me every single day. It has strengthened my conviction that Reliance's future is in safe hands, and its legacy of superior value creation will continue to flourish," continued Ambani.
During the AGM, Ambani also disclosed the success of Atmanirbhar efforts. He lauds the company's efforts in accelerating India's transformation into a Deep-Tech Nation. Reliance spent over INR 3,643 crore ($437 million) in FY24 towards R&D, taking spend on research to over INR 11,000 crore ($1.5 billion) in the last four years alone.
Ambani disclosed, "We have filed patents in 6G, 5G, AI-large language models, AI-deep learning, big data, devices, Internet of Things, and narrowband-IoT. I assure you that this ongoing tech-driven transformation of Reliance will propel your company into a new orbit of hyper-growth and multiply its value for years to come."
Speaking on the financial performance for FY 2023-24, RIL posted a record consolidated turnover of INR 10,00,122 crore ($119.9 billion) in FY24, becoming India's first company ever to cross INR 10 lakh crore ($119.9 billion) mark in annual revenues. Reliance's EBITDA was INR 1,78,677 crore ($21.4 billion), while the net profit was INR 79,020 crore ($9.5 billion). The company's exports were INR 2,99,832 crore ($35.9 billion), accounting for 8.2 per cent of India's total merchandise exports.
Reliance invested cumulatively over INR 5.28 lakh crore ($66.0 billion) in the last three years; remained the single largest contributor to the national exchequer, contributing INR 1,86,440 crore ($22.4 billion) through various taxes and duties in FY 2023-24. In the last three years, Reliance's contribution to the exchequer crossed INR 5.5 lakh crore ($68.7 billion), the highest by any Indian corporate.
