RIL AGM: a damp squib
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The much talked about Reliance Industries Ltd's (RIL) Annual General Meeting today in Mumbai proved to be a damp squib as RIL chairman's estranged younger brother Anil Ambani did not turn up for the meeting as was speculated one by and all including the media and the Dalal Street, the Bombay stock market. There were no major announcements on investments either.
Since this is the firs RIL AGM after the warring Ambani brothers had come to truce recently, the Street was expecting the younger Ambani with his family to attend the meeting to further strengthen the recently found bonhomie between the richest brothers in the country.
Besides, the Dalal Street as well as the shareholders were expecting some major announcements from the RIL chairman Mukesh Ambani on the RIL's expected foray into sectors like power, telecom, pharma and others. But the shareholders were left high and dry as there were no such announcements. The Street was abuzz with speculations till the AGM began today that there will be some major investment announcements from the cash rich RIL on these sectors.
Meanwhile, the much discussed AGM ended as yet another AGM. Addressing the shareholders, Mukesh Ambani said legal disputes are behind us and he looked forward to a good relationship with Anil Ambani's company, ADAG. He categorically said that the Reliance will supply natural gas to ADAG power plant as and when they are ready to receive the fuel, subject to approval by the government.
Mukesh said, Reliance's production from KG-D6 block exceeds 60 million standard cubic meters per day and over 30,000 barrels a day. He also informed the shareholders that RIL has intensified exploration campaign off the east coast, and added that RIL was looking at expediting developing discoveries in blocks KG-D6 in Krishna Godavari basin, NEC-25 in Mahanadi basin, CB-10 in Cambay basin and Sohagpur CBM block.
In the AGM, the Reliance has proposed a 70 per cent dividend or Rs 7 a share for 2009-10 fiscal.
But, I think the worst hit people among all the lot were not the shareholders or the Dalal Street, but the photo journalists and electronic media who lost an important photo opportunity.
Let us sympathise with them.
