Reliance Industries Chairman Mukesh Ambani addressed the 42nd Annual General Meeting on Monday. Addressing the shareholders in this meeting, Mukesh Ambani spoke about the company's plan to eliminate debt. He told that the company is aiming to become debt free in 18 months. According to Mukesh Ambani, Reliance Industries expects 15 percent annual growth in the next 5 years. During this time there is also a plan to list Reliance's retail business and Jio in the stock market.
BP, the leading UK oil and gas company, will buy a 49 percent stake in Reliance Industries' fuel retail network business. For this, the company will pay Rs 7,000 crore. Ambani said, "In a new important initiative, BP has bought a 49 percent stake in the company's petrol retail business." Reliance will get Rs 7,000 crore from selling this stake to BP. "
Last week, the two companies announced a new joint venture aimed at opening new petrol pumps across the country and retailing the fuel for the airlines. Let us tell you that at present, Reliance has 1,400 common petrol pumps and 31 aircraft fuel pumps across the country. All these will be transferred to the new joint venture formed with BP.
Reliance Industries has received the largest investment from Saudi Aramco. Mukesh Ambani said that Saudi Aramco will buy 20% stake in Reliance RIL's O2C (Oil to Chemical) business, which is worth $ 75 billion. Mukesh Ambani said that this is the largest foreign investment ever.
