At the Reliance annual general meeting

Reliance Industries chairman Mukesh Ambani arrives for the company's annual general meeting with his wife Nita in Mumbai. Ambani said at the meeting that the company will invest Rs 1 trillion over the next 10 years and aim to double operating profits in the next 4-5 years.

Mukesh, Nita and their son Anant at the meeting. In a marked departure from the company's traditional model of going it alone, Ambani said that partnerships will be an important feature of future growth.

A Reliance shareholder sits underneath a Mukesh Ambani poster during the event. Ambani said Rs 1,000 invested at the time of the initial public offering of the company in 1977-78 has grown to Rs 7.78 lakh today.

Mukesh Ambani's son Anant and mother Kokilaben arrive for the event. Ambani said that the company was "investing aggressively" in its retail format, Reliance Retail, and that it expected a 5-6 times growth with sales of up to Rs 50,000 crore in the next three-four years.

Ambani cited the challenges of the global and domestic economic slowdown, a sharp plunge in the rupee and volatility in input prices, but sounded bullish nonetheless, patiently answering questions and listening to comments from shareholders.

Referring to its core refining business, Ambani said the Jamnagar refinery now accounts for 2 per cent of the world's refined fuel needs.

Some investors expressed concern over the group's push beyond energy and chemicals into capital-intensive consumer businesses that take longer to yield returns. Profits at the energy-based conglomerate have fallen for two straight quarters, its shares are near a 3-year low, and a mounting cash pile has shareholders wary about what it does next.