Like Warren Buffett’s yearly letters to Berkshire Hathaway shareholders, Mukesh Ambani’s once-a-year speech to investors has grown over time into a much-anticipated declaration on his $222 billion enterprise.
Investors in Reliance Industries Ltd. will be watching on Monday for information about the company’s 5G deployment, how he intends to divide his retail and telecom businesses to maximise value, and when and how his children will take over the reins.
The 65-year-old billionaire, who transformed Reliance into India’s largest firm by market value and a formidable conglomerate, has used the address for a number of significant announcements, so anticipation is high. These include the introduction of his innovative cellular service in 2016, the planned investment in Reliance’s energy sector by Saudi Arabian Oil Co. in 2019, and a strategic switch to green energy last year.
A global economic downturn and Gautam Adani’s meteoric rise, who earlier this year surpassed Mukesh Ambani as Asia’s richest man and is now establishing himself as a rival power centre on the corporate landscape, present the refining-to-retail group with two formidable obstacles as they prepare for their annual shareholder meeting.
1- How much has Ambani’s wealth increased this year ?
Ans – $3.3 billion
2- How much has Adani’s wealth increased this year?
Ans- $58 billion
3- At a local spectrum auction, Reliance bought airwaves worth ?
Ans – $ 11 billion