Recent News & Developments: Reliance Industries Ltd

1. Corporate Actions

• Shri Adil Zainulbhai’s term as independent director ended on March 31, 2024.
• Voting results from the Postal Ballot Notice dated April 22, 2024, were disclosed, including the re-appointment of directors and approval of related party transactions.

2. Mergers and Acquisitions

• Reliance acquired 100% equity stakes in MSKVY Nineteenth and Twenty-second Solar SPV Limited for ₹1 crore to develop solar plants in Maharashtra.
• Reliance acquired 100% equity stake in Reliance Chemicals and Materials Limited from RPPMSL for ₹314.48 crore.
• Completed the sale of 100% stake in REC Solar Norway AS to Elkem ASA.

3. Dividends and Dividend Policy

Reliance Industries is expected to announce its financial results and dividend recommendations on April 22, 2024.

4. Share Buybacks

No recent share buyback activity has been reported.

5. Capital Raising Activities

• Reliance Industries allotted 1,20,000 equity shares under the Employees' Stock Option Scheme 2017.

6. Product Launches

• Jio introduced new unlimited plans offering 5G experience at no extra cost, available from July 3, 2024.

7. Market Reception and Impact

The new Jio plans, especially those offering 5G services at no additional cost, are expected to enhance customer retention and expand the subscriber base.

8. Strategic Changes

• Continued focus on renewable energy initiatives, including solar power projects in Maharashtra.
• Expansion of Jio’s 5G spectrum footprint, acquiring additional spectrum in Bihar and West Bengal, solidifying its market leadership.

9. Strategic Partnerships and Alliances

Reliance Industries signed a licensing agreement with Nel ASA for alkaline electrolysers in India, supporting its clean energy transition goals.

10. Regulatory Updates

• Reliance received a penalty order of ₹62,957 under the GST Act and plans to appeal with no material impact on operations.
• A second penalty of ₹1.17 crore was imposed for incorrect input tax credit claims under the GST Act, with Reliance planning to appeal.

11. Legal Proceedings

Reliance Industries is appealing two separate penalty orders received under the GST Act, with the company confident of no significant impact on its financial performance.

12. Industry Developments Affecting the Company

The growing emphasis on renewable energy in India aligns with Reliance’s expansion into solar energy and its strategic push into clean energy technologies, as reflected in recent acquisitions and partnerships.

13. Other Notable News

• Reliance completed the registration of sub-lease deeds for 3,750 acres of land in Maharashtra for ₹13,400 crore, marking a significant expansion in its landholdings for future projects.
• Participated in several investor conferences, including the Citi 2024 Macro & Pan-Asia Regional Conference and the BofA 2024 India Conference.