What exactly is Reliance Industries—the Indian business conglomerate so wealthy it rivals entire nations? | South Asia Studies Newsletter

Reading time: ~6 minutes Compiled by | Song Kexin Reviewed by | Gu Qingzi Introduction In 1957, Dhirubhai Ambani returned to India from Yemen and began trading yarn in Mumbai, all while dreaming of building India’s largest company—this marked the founding entrepreneur’s operational starting point in India. That dream was later realized by his son, Mukesh Ambani. Today, Reliance Industries operates across energy production, finance, biotechnology, and other sectors, playing an extraordinary role in India’s economic development. According to 2020 data, the conglomerate’s annual revenue accounts for 3% of India’s GDP. Reliance typically holds its annual general meeting in June or, at the latest, July; however, this summer’s meeting schedule was not announced until August 8. Consequently, rumors about Mukesh Ambani’s reportedly poor health and speculation over his successor have surged across Indian public discourse. Where is Reliance Industries headed? The South Asia Studies Group has compiled this article for readers’ critical reference. In India, the only event comparable to Berkshire Hathaway’s annual shareholder meeting is Reliance Industries’ Annual General Meeting—dubbed the “Woodstock for capitalists” of South Asia. Like Warren Buffett’s famed gathering, it draws a crowd of enthusiastic investors (though their insights into business and finance may not match Buffett’s caliber). The company’s founder, Dhirubhai Ambani—a self-made Gujarati entrepreneur—was also a shrewd opportunist. Starting from an unassuming trading and textile firm, he steadily grew it into India’s largest company, ultimately transforming it into a sprawling conglomerate. After his death, the group continued expanding under his son Mukesh Ambani’s leadership, now spanning petrochemicals, refining, telecommunications, shopping apps, and retail stores. [Image source: Internet] It is impossible to capture, in mere words, the sheer scale of this entity’s importance to India. With a market capitalization of $206 billion, Reliance Industries generates annual revenue equivalent to 3% of India’s GDP. Among India’s top 500 listed companies, it contributes 6% of total sales and profits, 7% of overall capital, and a staggering 18% of total capital investment. Jio—the telecom subsidiary of Reliance Industries—serves 410 million Indians. Jio has become the darling of recent massive, high-stakes capital bets—and those bets have paid off. So far, Jio’s retail operations rank first in India, with 15,000 stores opened. Reliance’s refining and petrochemical complex in western India is the world’s largest. In short, any shift at Reliance reverberates across the entire Indian economy—and such a shift appears imminent. Because Reliance’s annual general meeting—traditionally held in Mumbai each June or July—has yet to announce its specific schedule, rumors continue to swirl.

India News Digest, March 25, 2022 — COVID-19 ‘Zero Cases’ Declared in India’s Largest Slum; India’s Wheat Exports Surge, Benefiting from the Russia-Ukraine War

1. The International Labour Organization (ILO) will elect its next Director-General on Friday—potentially appointing, for the first time, either a woman or an African national to the post. Guy Ryder of the UK trade union movement will step down at the end of September after serving two consecutive ten-year terms. 2. The U.S. Federal Aviation Administration (FAA) warned Boeing earlier this week that the aircraft manufacturer may fail to secure certification for the 737 MAX-10 variant before the critical safety deadline set by Congress. 1. Japan’s Diet approved a new agreement with the United States on Friday, authorizing the Japanese government to spend over ¥1 trillion ($8 billion) to host U.S. military forces—strengthening the bilateral military alliance amid growing regional threats from China and North Korea. Starting in April, the 2022 defense budget allocates approximately ¥200 billion ($1.6 billion) for the first year, reaching a record-high ¥5.4 trillion ($44 billion). 2. Fiji announced the removal of its mandatory three-night quarantine requirement for inbound travelers; fully vaccinated tourists may visit the island nation starting in April. VII. Society & Finance 1. The National Company Law Tribunal (NCLT) Delhi Bench accepted a petition filed by Union Bank of India against real estate developer Supertech, citing failure to pay dues on time; Supertech was subsequently declared bankrupt. 2. Fuel shortages occurred at Reliance Industries’ gas stations in Gujarat, triggering panic across its wider network of outlets. In 2008, when global oil prices spiked to $150 per barrel, Reliance shut down nearly 1,400 fuel pumps—unable to sell fuel at subsidized rates like its state-owned competitors, who received government subsidies enabling below-cost sales. 3. The Board of Control for Cricket in India (BCCI) announced on Friday that Swiggy Instamart would become the official partner of the 2022 Tata Indian Premier League (IPL)—a partnership uniting India’s passion for food with its unique fervor for cricket. 1. According to media reports, Tata Consultancy Services (TCS) stated on Friday that acceptance of its ₹180 billion share buyback offer stood at 26%, significantly lower than the anticipated 30–50%. TCS had proposed buying back up to 40 million shares at ₹4,500 per share—capping the total value at ₹180 billion, or 1.08% of its paid-up equity capital. 2. Vinod Kannan, CEO of India’s full-service airline Vistara, said the company is negotiating with leasing firms to acquire long-haul aircraft to fill the gap left by delayed deliveries of Boeing 787 Dreamliners. Vistara—a joint venture between Singapore Airlines and India’s Tata Group—is awaiting delivery of four Boeing 787s, but global deliveries have been frozen since May 2021 due to quality-control defects.

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Reliance Industries and Nayara Energy are rationing diesel and gasoline sales to limit losses from rising crude costs against fixed retail prices. The curbs impact logistics providers and may divert customers to state-backed refiners facing daily losses.

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