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<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

New Delhi, Reliance Brands, part of Reliance Retail Ventures Ltd (RRVL), is planning to buy Ed-a-Mamma, a kidswear brand promoted by Bollywood actress <keyword id="6354526" type="General" weightage="20" keywordseo="Alia-Bhatt" source="Orion">Alia Bhatt</keyword>, according to an industry source. The leading retailer would ultimately acquire the company, which specialises in providing sustainable clothing options for kids at affordable rates. Talks between Reliance Brands and the kidswear retailer, which mainly sells online are in the final stages, the industry source said. According to a media report, the deal is estimated to be around Rs 300 crore. The deal would help strengthen Reliance Brands' play into the branded kidswear segment, which is rapidly growing in the country. Ed-a-Mamma brand is owned by Eternalia Creative and Merchandising, in which Alia Bhatt is a director. The company was incorporated in 2019. An e-mail sent to Reliance Brands remained unanswered by the time of filing of the story. Established in 2007, Reliance Brands has collaborated with of over 50 international brands and operates over 2,000 stores in India. It has a portfolio of brand partnerships which includes AK-OK, Armani Exchange, Bally, Bottega Veneta, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Ermenegildo Zegna, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Mothercare, Muji, Paul &amp; Shark, Paul Smith, Pottery Barn, Ritu Kumar, Salvatore Ferragamo, Satya Paul, Steve Madden, Superdry, Scotch &amp; Soda, Tiffany &amp; Co, Versace, Villeroy &amp; Boch and West Elm. While RRVL is the holding company of retail operations of billionaire Mukesh Ambani-led Reliance Industries Ltd.

Reliance Brands to acquire Alia Bhatt-promoted kidswear brand Ed-a-Mamma

<ul><li><keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has signed Indian cricketer <keyword id="1627109" type="General" weightage="50" keywordseo="jasprit-bumrah" source="Orion">Jasprit Bumrah</keyword> as brand ambassador for its activewear brand <keyword id="2812575" type="General" weightage="80" keywordseo="performax" source="Orion">Performax</keyword>. </li><li>Perfomax has a presence across over 1,000 stores in over 330 cities. </li><li><keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Retail serves over 200 million registered customers in the country. </li></ul>Reliance Retail’s activewear brand Performax on Friday signed cricketer and India’s top bowler, Jasprit <keyword id="2270089" type="General" weightage="50" keywordseo="bumrah" source="Orion">Bumrah</keyword> as its brand ambassador. Reliance aims to expand the home-grown brand’s presence through exclusive brand outlets, at Reliance Retail’s fashion and lifestyle stores and digital platforms, as well as in multi-brand outlets. “We aspire to build Performax as the 1st Indian sports brand of international repute. This association is among the first in a series of initiatives we plan to undertake towards establishing Performax as the preferred activewear brand for our customers,” said Akhilesh Prasad, CEO, Reliance Retail – Fashion &amp; Lifestyle. Performax is Reliance Retail’s own brand specialising in activewear merchandise and offers a wide range of options across footwear, apparel &amp; accessories categories. “As an athlete, I am very particular about the gear that I use as the right fit inevitably helps better my game. It's exciting to associate with a brand with whom I share my personal mantra of maximum performance,” said Bumrah. Currently the brand has a presence across over 1,000 stores in over 330 cities. In Reliance’s annual general meeting held on August 29, Reliance revealed that its retail segment served over 200 million registered customers, which is equivalent to the entire population of the UK, France and Italy. Reliance Retail is one of India’s largest retailers with a turnover of $26.3 billion for the year ended March 2022, the company’s statement revealed on Friday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-is-struggling-in-india-unlike-reliance-meesho-says-wealth-management-firm-bernstein/articleshow/93950044.cms">Amazon is struggling in India unlike Reliance, Meesho says wealth management firm Bernstein</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-laxman-narsimhan-the-pune-boy-wholl-soon-be-the-ceo-of-starbucks/slidelist/93941369.cms">Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/explained-what-is-india-volatility-index-or-vix-and-why-is-it-important-now/articleshow/93935633.cms">Explained: What is India Volatility Index or VIX, and why is it important now?</a>

Jasprit Bumrah is brand ambassador for Reliance Retail’s Performax

<ul><li>Offerings at <keyword id="15404810" type="General" weightage="100" keywordseo="xlerate" source="Orion">Xlerate</keyword> start from ₹699, claiming to offer youth world-class sportswear at affordable prices. </li><li> <keyword id="7525874" type="General" weightage="80" keywordseo="ajio-business" source="Orion">AJIO Business</keyword>, the ecommerce arm of <keyword id="58448" type="General" weightage="80" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has an extensive portfolio of 5000-plus fashion and lifestyle brands. </li></ul>Reliance Retail on Tuesday launched an athleisure brand Xlerate – with Indian cricketer <keyword id="6354903" type="General" weightage="80" keywordseo="hardik-pandya" source="Orion">Hardik Pandya</keyword> as its brand ambassador – on its new commerce platform AJIO Business. Offerings at Xlerate start from ₹699 and the company claims to offer youth world-class sportswear at affordable prices. The sports utilities offered by Xlerate includes sport shoes, athletic and lifestyle footwear, and apparels such as track pants, t-shirts, shorts, and other accessories. Any retailer in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, including small-sized general sports stores and fashion retail outlets, can place an order for Xlerate products by registering on AJIO Business, the company stated. “Xlerate is sure to delight the value-conscious consumer with its superior and affordable product offering. Our brand ambassador, Hardik Pandya, embodies its spirit of moving ahead in life undeterred by obstacles,” Akhilesh Prasad, president and CEO – fashion and lifestyle, Reliance Retail said. AJIO Business, the e-commerce arm of Reliance Retail, partners with retailers and merchants. It has an extensive portfolio of 5000-plus fashion and lifestyle brands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/more-indians-are-interested-in-buying-products-have-a-dating-experience-in-the-metaverse-report/articleshow/95232293.cms">More Indians are interested in buying products, have a dating experience in the Metaverse: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-ports-q2-net-profit-jumps-68-6-yoy-to-1678-crore-cargo-volume-up-15/articleshow/95232420.cms">Adani Ports Q2 net profit jumps 68.6% YoY to ₹1,678 crore, cargo volume up 15%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jewellery-demand-is-now-back-to-pre-pandemic-levels-world-gold-council/articleshow/95229678.cms">Jewellery demand is now back to pre-pandemic levels: World Gold Council</a>

Reliance Retail signs up Indian cricketer Hardik Pandya as brand ambassador for new athleisure brand Xlerate

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s largest retailer <keyword id="1065743" type="General" weightage="50" keywordseo="reliance-retail-ltd" source="Orion">Reliance Retail Ltd</keyword> on Wednesday said it has entered a long-term partnership with <keyword id="6431981" type="General" weightage="20" keywordseo="gap" source="Orion">Gap</keyword> Inc. to bring iconic American fashion brand to India. Through the long-term franchise agreement, <keyword id="58448" type="General" weightage="80" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has become the official retailer for Gap across all channels in India, Reliance Retail said. Reliance Retail will introduce Gap's latest fashion offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms. The partnership is aimed at leveraging Gap's position as a leading casual lifestyle brand, and Reliance Retail's established competencies in operating robust omni-channel retail networks and scaling local manufacturing and driving sourcing efficiencies. Founded in San Francisco in 1969, Gap continues to build on its heritage grounded in denim and connect with customers online and in company-operated and franchise retail locations globally. Reliance Retail brings Gap's shopping experience to customers in India, offering the brand's youthful, optimistic fashion for men, women, and kids. "At Reliance Retail, we pride ourselves in bringing the latest and best to our customers and we are happy to announce the addition of iconic American brand, Gap to our fashion and lifestyle portfolio," said Akhilesh Prasad, CEO, Fashion &amp; Lifestyle, Reliance Retail. "We look forward to growing the Gap business across key international markets," said Adrienne Gernand, Managing Director of International, Global Licensing and Wholesale at Gap Inc. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/there-is-a-need-to-pass-the-it-rules-2021-to-tame-social-media-platforms-like-twitter/articleshow/92703683.cms">There is a need to pass the IT Rules, 2021 to tame social media platforms like Twitter</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-insta-and-google-took-down-over-21-million-posts-in-may-while-whatsapp-and-twitter-banned-over-19-lakh-bad-accounts/articleshow/92698950.cms">Facebook, Insta and Google took down over 21 million posts in May while WhatsApp and Twitter banned over 19 lakh ‘bad’ accounts</a>

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Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

BI India Bureau

Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

PTI

Reliance Brands to acquire Alia Bhatt-promoted kidswear brand Ed-a-Mamma

PTI

Jasprit Bumrah is brand ambassador for Reliance Retail’s Performax

Eetika Kapoor

Reliance Retail signs up Indian cricketer Hardik Pandya as brand ambassador for new athleisure brand Xlerate

Eetika Kapoor

Reliance becomes the official retailer for American fashion brand Gap in India

IANS

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