Ambani succession, spinoffs in focus at Reliance investor meet

Ambani succession, spinoffs in focus at Reliance investor meet

Bloomberg / Mumbai

Mukesh Ambani’s once-a-year speech to investors has over time evolved into an eagerly-awaited pronouncement on his $222bn empire akin to Warren Buffett’s annual letters to Berkshire Hathaway shareholders.

This year, Reliance Industries Ltd’s investors will be looking for insight today around the company’s 5G rollout, how he plans to unlock the value of his telecom and retail units through separate listings, and when and how his children will take over the reins.

Anticipation is high as the 65-year-old billionaire, who built Reliance into India’s largest company by market value and a powerhouse conglomerate, has used the speech for a series of big announcements. These include the launch of his disruptive telecom service in 2016, Saudi Arabian Oil Co’s proposed investment in Reliance’s energy business in 2019 and a strategic shift to green energy last year.

This year’s shareholder meeting comes as the refining-to-retail group faces the twin challenges of a global recession and the blistering rise of Gautam Adani, who eclipsed Ambani as Asia’s richest man earlier this year and is emerging as an alternative power centre on the corporate landscape.

Reliance investors will have in mind how Adani’s conglomerate split its business into different listings years ago, unlocking