Chairman Mukesh Ambani-led Reliance Industries will host its 46th annual general meeting (AGM) on August 28.
The AGM comes just days after the oil-to-chemical-to-retail conglomerate’s retail arm Reliance Retail Ventures Ltd. (RRVL) announced that fresh investment by Qatar Investment Authority (QIA) will value the firm at Rs 8.27 lakh crore.
QIA will be investing a sum of Rs 8,278 crore in the company for a 0.99 percent stake. This would rank Reliance Retail among the top four companies by total equity value in the country.
Investors will also keenly await any updates on the timeline of the separate listing of Reliance Retail. During the 2019 AGM, RIL had said that it would list its telco and retail business in the next five years. With four years gone by, most investors expect an update on the timeline of potential IPOs.
BOFA Securities, however, says it does not expect any IPO timelines at the AGM. Brokerage firm CLSA, on the other hand, had in January 2023 said, both or either of the two arms could go public over the next 12-18 months.
During the 2022-23 fiscal, Reliance Retail registered a footfall of 780 million, which led to its customer base growing to 249 million during the year.
(With inputs from agencies)