RIL AGM 2024: Mukesh Ambani explains why direct employment numbers show slight dip in annual figures; stock up 3%

Reliance Industries Ltd chairperson Mukesh D Ambani, while addressing RIL's 47th annual general meeting (AGM) on Thursday, said the company continued to rank as India's best employer by several external agencies.

"Reliance continues to be amongst the largest employers in India. The nature of employment creation is changing globally, primarily due to technological interventions and flexible business models. Therefore, rather than just the traditional direct employment model, Reliance is embracing newer incentive-based engagement models. This helps the employees earn better and instils the spirit of enterprise in them. That is why the direct employment numbers show a slight dip in the annual figures," Ambani stated.

"Although, the total employment created by Reliance has gone up. We added 1.7 lakh new jobs last year. If we include both, the traditional and newer engagement models of our employment, our headcount today is nearly 6.5 lakh. Among all of Reliance's record achievements so far, this one will always hold a special place in my heart. Because employment creation for India's talented youth will always be our top national priority," he also said

Ambani highlighted Reliance floated the financial services business as a separate listed company last year which helped unlock significant value for investors. Today, Jio Financial Services Ltd is worth Rs 2.2 lakh crore in market capitalisation (m-cap), he added.

Just ahead of the AGM, RIL informed bourses that its board of directors would meet on September 5 to consider issuing bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalisation of reserves.

"A meeting of the Board of directors of the company is scheduled to be held on Thursday, September 5, 2024, to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the Equity Shareholders of the Company by capitalisation of reserves," RIL said in a BSE filing.

The RIL stock rose 2.63 per cent to hit a high of Rs 3,074.80. With this, the stock is up 18 per cent on a year-to-date (YTD) basis.