Excerpts from Mukesh Ambani''s speech at the annual general meeting

"Dear Shareowners,
This annual general meeting has more than an ordinary significance. Firstly, because we present to you today, the distance Reliance has traversed during recent years. This will confirm what you have always believed in, that Reliance always delivers more than what it promises.

Secondly, we wish to share with you, the direction of Reliance''s forward path. This will give you an idea of how Reliance plans to generate unprecedented value for its shareholders, how it proposes to occupy leading positions in the world in its existing businesses, and how it will continue to be a catalyst for India''s transformation as a great economic power.

We are building on the foundation laid by our founder chairman Shri Dhirubhai Ambani. His spirit continues to radiate Reliance and inspire us, to constantly scale newer heights. At the end of this AGM, you will have a glimpse of where you will find Reliance on the global map in the next five years. All this, should not come as a surprise to those who are aware of the history of Reliance.

The evolution of Reliance has been marked by creation of several growth platforms. Historical growth platforms in textiles, polyester, petrochemicals and petroleum refining initiatives have been established. And now, new growth platforms around oil and gas, organised retailing, infrastructure and agro rural initiatives are being planned, and implemented.

Each of these growth platforms, inherently address India''s economic and social imperatives, particularly in energy security, farm prosperity and infrastructure. And each of these growth platforms have created, unprecedented value for you, dear shareowners.

Now, the time has come for Reliance to scale higher peaks, leverage the strengths it has created in India to expand globally, and to use its enormous capabilities, execution power and take a quantum leap. Reliance is poised for a quantum leap on the strength of its growth platforms in India.

Five years ago, in 2002, you entrusted me with the responsibility of guiding the affairs of Reliance Industries Limited as the Chairman. Today, I propose to present to you a snapshot of the performance of Reliance since then.

I am pleased to say, that over the last five years, Reliance shareholders have seen unprecedented wealth creation. Between March 2002 and yesterday, the market capitalisation of your company, Reliance Industries Limited, has grown from Rs41,989 crore to Rs382,259 crore. This does not take into account the value unlocked for shareholders on demerger in the year 2005-06. This represents a nine-fold growth, over and above the shares received on demerger, an increase of almost 50 per cent year-after-year.

We have built on the tradition set up by our founder chairman, Shri Dhirubhai Ambani, to keep shareholders'' interest paramount. We remain firmly committed to adhere to this principle. The foundation for value creation by Reliance is embedded in shareholder trust. The edifice is embodied in concrete and real business performance.

I am happy to report to you that Reliance continues to surpass previous records in financial performance. During the year 2006-07, we crossed two significant milestones. The Rs 100,000 crore mark in turnover and Rs10,000 crore mark in net profits to reach a net profit of Rs11,943 crore for the year 2006-07."

(See report: Reliance industries to invest $4 billion in oil and gas)

(See: Full text of Chairman''s statement at the 33rd annual general meeting of Reliance Industries)