Mukesh Ambani at Reliance AGM

The shareholders of Reliance Industries today gave a standing ovation to Chairman Mukesh Ambani at the company’s 33rd annual general meeting. In return, a visibly embarrassed Ambani presented them a five-pronged strategy to become a global leader.

Addressing shareholders, who congratulated him for receiving a doctoral degree from the Maharaja Sayajirao University of Baroda – some even recited poems dedicated to the chairman – Ambani said the strategy pivots on organic growth, joint ventures, entry into the rural and agricultural sector, innovation and foray into other countries.

The shareholders were in a jubilant mood, anticipating a “favourable announcement” including a bonus issue to commemorate the 30th year of listing of the company. But Ambani remained noncommittal. He said the Reliance board would meet on Thursday and the decision to be taken at the meeting would be beneficial for all stakeholders. The agenda of the next week’s board meeting includes quarterly results.

Reliance has investments that will fetch $28 billion (Rs 112,000 crore) at current prices, giving the company the finances to pursue growth options of “significant size and scale,” he said. The company plans to build chemical businesses in Egypt and Russia, and expects to make new hydrocarbon discoveries.

Ambani said Reliance Petroleum, which is building a 580,000 barrel per day refinery at Jamnagar, Gujarat, would be completed ahead of schedule. The facility, which is coming up near Reliance Industries' 660,000 barrel per day refinery, was scheduled for completion by the end of next year.

He said the company would spend $8-$9 billion (Rs 32,000-36,000 crore) over three to four years at its petrochemical and refining complex in Gujarat.

Industry sources said overseas growth will help Reliance offset the impact of local price controls on oil and gas. The company is facing protests from street vendors and shopkeepers for expanding its retail business. In fact, Reliance is going slow on retail expansion and was forced to down shutters at some of its stores selling products ranging from fruits and vegetables to electronic goods.

Although Ambani was comfortable divulging the billion-dollar expansion plans of his company, he appeared shy on discussing his personal wealth.

Recently, he emerged as the richest Indian, riding on Reliance’s performance on the bourses. “I measure my success by the value that I create for my shareholders and the assets that we, as a company, create for the nation as a whole. My wealth and your wealth are inevitably linked to our growth," he said on a philosophical note.