Mukesh and Family at Reliance AGM

Mukesh Ambani, Nita Ambani and Kokilaben arrive at Mumbai's Birla Matoshree auditorium for the 37th annual general meeting.

Nita Ambani arriving for Reliance's annual general meeting on Friday. Nita Ambani dons many hats as the Chairperson of DAIS, co-owner of Mumbai Indians, first lady of corporate India, an educationist and a social worker.

Mukesh Ambani with his family posing for the shutterbugs.

Nita Ambani at the Birla Matoshree auditorium to attend 37th annual general meeting of Reliance Industries.

Reliance Industries chairman Mukesh Ambani's sons at the company's 37th annual general meeting in Mumbai on Friday.

Reliance Industries chairman Mukesh Ambani with his wife Nita Ambani, mother Kokilaben and daughter Isha during the company's 37th annual general meeting in Mumbai on Friday.

Reliance Industries chairman Mukesh Ambani's sons arrive at the company's 37th annual general meeting in Mumbai on Friday.

There were no surprises in the speech except for the net debt levels announcement. However, what grabbed the biggest attention were not the future plans, but the intent to transform Reliance into a debt-free company. Mr Ambani said the company would become debt-free in the current financial year.

Mukesh Ambani said the company will soon launch a cash and carry format. Reliance will compete with global biggies such as Bharti Walmart in this segment domestically.

On the NSE, the stock declined. Marketmen said the stock slipped as the AGM turned out to be a subdued affair, disappointing the street.

A decision has been taken to expand polyester capacity and to introduce newer products to capitalize on domestic demand. Mr Ambani said he plans to take up the polyester capacity to 3.6 MTPA.

Mr Ambani said the company has plans to double the size of the petrochemicals business. The company is setting up a 1.5 MTPA olefin cracker.

Mr Ambani said Reliance's refineries outperformed their global peers in terms of average utilisation rate and they have the best margins in the world.

Mr Ambani said at every AGM, RIL's recurring theme has been transformational initiatives adding that Reliance figured among the top 100 companies in terms of net profits in the world.

Mr Ambani was, however, silent on any blueprint for the group's foray into financial services businesses and any specific details about telecom business rollout.

The 31st AGM of Reliance Industries Ltd in 2005 was the last time that Mukesh and Anil addressed the shareholders from the same platform. The two brothers demerged their businesses in 2005 in a family agreement brokered by their mother Kokilaben Ambani.