The 41st Annual General Meeting of the oil-to-telecom conglomerate Reliance Industries will be held in Mumbai today at 11 am. All eyes will be on RIL Chairman Mukesh Ambani, who is expected to make some key announcements.
This year, the focus is likely to be on Reliance Jio’s next level strategy. Less than 24 months after formal roll-out, Reliance Jio has developed an impressive customer base of over 20 crore customers. It has reached the mark in record time at the end of May, now close on heels of Idea which has 21.7 crore customers and Vodafone which has 22.2 crore users.
Jio, which had 100 million users on February 2017, has doubled its customer base on May 2018, according to a Financial Express report. This is primarily owing to Jio's data packs at aggressive price points which have ensured other telcos too also follow suit. Bharti Airtel is India's most popular telecom company with nearly 31 crore users.
This year, investors are likely to hear about the commercial launch of Jio Fiber service.
The AGM that will begin at 11:00 am at Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, near Bombay Hospital & Medical Research Centre, New Marine Lines, Mumbai.
The other agenda during the AGM will be seeking shareholders' nod to give Mukesh Ambani another five years as the Chairman and Managing Director of the company.
The 61-year-old has been on the board of the Reliance Industries Ltd since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.
Last month, the company in it shareholder notice for the 41st AGM, moved a resolution to re-appoint Ambani "for a period of five years, on expiry of his present term of office, i.e. with effect from April 19, 2019".
The notice said he would be paid an annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances. Retirement benefits are not included in the overall ceiling of remuneration.
He would also be entitled to receive bonus based on net profits and "expenses incurred for travelling, boarding and lodging, including for spouse and attendant(s) during business trips and provision of car(s) for use on company's business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites," it said.
