RIL’s share in exchequer breached Rs 5 trillion in last three years

NEW DELHI: Reliance Industries is one of India’s largest contributors to the national exchequer with its consolidated contribution crossing over Rs 5 lakh crore in the three years from FY21 to FY23.

Reliance’s contribution to national exchequer stood at Rs 1,77,173 crore in FY23, marginally down from Rs 188,012 crore of FY22.

The company continues to be the largest taxpayer in India, contributing Rs 1,77,173 crore to the national exchequer by way of various direct and indirect taxes, mentioned the annual report.

This was over 5 per cent of Indian government’s budgeted expenditure for last three years.

Reliance Industries Limited issued its Annual Report for FY23 on Saturday. The company will be holding its Annual General Meeting on Monday, August 28.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about Reliance Industries’ intentions in the Green Energy field.

Exports see 33 per cent surge

Exports for the year was Rs 3,40,048 crore ($ 41.4 billion), a strong jump of 33.4 per cent from FY22 exports of Rs 2,54,970 crore (US$ 33.6 billion). The increase in exports were led by higher price realisations despite lower downstream product volumes. India’s merchandise exports crossed $447 billion during FY23. Reliance represented 9.2 per cent of India’s total merchandise exports.

Reliance continues to expand patents portfolio

Reliance filed 171 patent applications during FY23, out of which 141 patents were granted. Both these numbers were better than last year. Reliance had filed 152 patent applications during FY22 out of which 123 Patents were granted. Reliance spent over Rs 3,001 crore in FY23 towards R&D. This was 15 per cent higher than the R&D spending of Rs 2,608 crore in FY22. During the reporting year, RIL filed a total of 48 patent applications and was granted 100 patents. Till March 31, 2023, a total of 2,344 patents were filed by RIL and 1,035 patents were granted to RIL, the report mentioned.

In the Digital Services business too, Reliance continued to file multiple patents. “Total count of patent applications filed worldwide is 1,120. Among the key areas covered by these patents are 5G and 6G technologies, and Distributed Ledger Technology,” it said.

For Jio alone the year was great success in terms of new patents.

“In FY 2022-23, Jio’s strong team of technology professionals filed for 123 patents and was granted 41 patents, taking the total count of patents granted to 177 till March 31, 2023. These span across network, consumer and enterprise technology,” it mentioned.

Some of the examples of patents Reliance received include Jio-bp received Patent for inhouse developed HDPE packed container for on-demand doorstep delivery of diesel, successful commissioning done for RIL’s patented Continuous Catalytic Pyrolysis Oil technology demo plant.

Reliance seeks shareholder nod for Ambani as head for 5 more years

Reliance Industries Ltd, India’s most valuable company, has sought shareholders’ approval to give Mukesh Ambani another five-year term as its chairman and managing director till 2029 - a period during which he has opted to draw nil salary. Ambani, 66, will cross the company law-mandated 70 years age for the company’s chief executive and requires a special resolution by the shareholders for him to be appointed beyond that age bar. Ambani has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhirurbhai Ambani in July 2002.