RIL supplies 2 percent of world's transportation fuel needs every day

11:45 am: Consumer-oriented businesses will lead the next phase of growth for Reliance, Ambani says.

11:42 am: Says company is ready to invest across all business in expansion of capacity and margin improvement. Will invest Rs 1 lakh crore in India over the next four to five years for the same. Ambani says RIL also plans to double operating profit in the same period. Alliances and partnerships, local and global, will also become increasingly important for the company’s growth going forward.

11:36 am: Ambani says Reliance Retail will become one of the biggest drivers for the company over the next few years in terms of growth and earnings potential.

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11:30 am: He says that in the retail business, he expects one crore of shoppers for the company’s various brands over the next three to four years. The retail business currently has 1,300 stores in 18 states across India. Reliance Retail adds about Rs 7,600 crore to the company’s revenues, he added.

11:27 am: Says total investments in shale gas, which Ambani believes is a game-changer for the energy industry, is $3.5 billion.

11:25 am: Reliance supplies 2 percent of world’s transportation fuel needs every day, says Ambani.

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11.20 am: Ambani says Reliance aims to be the among the top five largest petrochemical producers with a diversified portfolio and focused on the Indian markets.

11:17 am: On the ongoing share buyback programme, Ambani says Reliance has bought back 2.7 crore shares worth Rs 1,929 crore.

11:16 am: He says that anyone who bought a Reliance share during its initial public offer in 1977 would have seen that investment turn into Rs 7.78 lakh today. That’s 21 percent growth (compounded basis) over the past 35 years, he says. He says revenues have grown 28 percent annually (compounded basis) over the same period, while profits have grown 30 percent (compounded).

11:15 am: Ambani says robust balance sheet of RIL to create “new waves of growth in coming years”. He says the company’s Rs 2,941 crore dividend payout for the financial year ending March 2012 is the highest in the history of the company.

11:05 am: Reliance Industries’ annual general meeting begins. Chairman Mukesh Ambani begins address.

The much-awaited annual general meeting of Reliance Industries may hold little cheer for Dalal Street today. Not only have profits declined but earnings of its core refining business have also fallen.

According to market analyst SP Tulian the annual general meet is only a forum for pleasing the shareholders, where Ambani would reaffirm his positive stance on the the exploration, upstream, petrochemicals and refinery segments.

Tulsian expects Mukesh Ambani to shed some light on the company’s plans with regards to its new ventures, financial services and telecom, shale gas operations and the development of a special economic zone (SEZ) in Haryana. “Also, news is awaited on their retail business because of the kind of competition they are facing, maybe from the Aditya Birla Group which has acquired the format retail stores of Pantaloon,” he said.

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The company has used some of its cash in a share buyback programme that will consolidate more power in the promoter group, but is also way of giving back some of shareholders money. It is hoping to buy back $2.1 billion of shares from investors. In an interview with CNBC-TV18, Tulsian said that market will be hoping for an update on the company’s buyback roadmap, the number of shares bought back till date, etc. “If so much liquidity gets sucked from the market or so much floating stock gets sucked from the market, that will be seen quite positive,” he said. He added that even if Amabni can indicate that company will be quickly winding up the whole process of completing 12 crore shares, investors will be relieved.