Why Mukesh Ambani got emotional at Reliance AGM

NEW DELHI: While addressing shareholders at 40th annual general meeting (AGM) of Reliance Industries in Mumbai today, Chairman Mukesh Ambani got emotional while remembering his late father, Dhirubhai Ambani. Mukesh's mother Kokilaben Ambani burst into tears.

It was an unusual sight for the shareholders because annual general meetings of companies are mostly sombre affairs offering little space for emotional expression.

Yet, the Reliance AGM was the perfect moment for such an emotional outburst from Mukesh Ambani and his mother.

Today, Reliance Jio has come very close to the dream that Mukesh Ambani's father had decades ago. Dhirubhai used to say if you made a phone call cheaper than a postcard, you would revolutionise the lives of millions of Indians.

Mukesh Ambani's Reliance Jio not only made a phone call totally free, it has made even the handset cheaper than a postcard.

That's what it announced at the AGM. The new JioPhone will be available for free, though buyers will have to deposit a fee of Rs 1,500 which will be refundable after three years on returning the phone. This means the phone will be available at an effective price of zero.

"Today, as we celebrate our fortieth anniversary, I am convinced that Dhirubhai Ambani, my father and our founder, is with us," Amabani said at the AGM, right after making announcements about JioPhone.

"As we dedicate this 40th AGM of our company to the everlasting memory of our Founder, let me reiterate: I have had the good fortune of being present at each of the 40 AGMs. For the first 25 years, I sat by the side of my father, who tutored me with boundless affection, attention and hope," Ambani said. "I can feel as if he is sitting here, smiling and talking to me and to all of you. I hear him telling me, 'Now, you are in my place. You have the responsibility to protect Reliance and promote the interests of all its shareowners, partners and employees. I am confident that you will take Reliance to greater heights'."

His mother, Kokilaben, was in tears and the audience applauded and broke into chants of "We love Jio".