Reliance Industries (RIL) AGM Highlights: RIL Chairman Mukesh Ambani is making some key announcements regarding Telecom, O2C, Retail and E-commerce businesses. (Screengrab: Youtube/Reliance Updates)Reliance Industries AGM 2022 Highlights, Mukesh Ambani Announces JIO 5G Services: Oil-to-telecom behemoth Reliance Industries (RIL) held its 45th annual general meeting (AGM) on Monday where its chairman and managing director (CMD) Mukesh Ambani addressed his shareholders and shared the rollout plan of its telecom arm Jio’s much-awaited 5G services. He announced that 5G services will be launched in key cities including Delhi, Mumbai, Chennai and Kolkata by Diwali.
Speaking at the AGM, Mukesh Ambani said that a pan India 5G launch is likely by December 2023 and said that RIL has added 2.32 lakh jobs with Reliance Retail becoming one of the largest employers in the country. Additionally, Reliance Retail’s director Isha Ambani also announced that the retail giant will be entering the FMCG business this year.
This apart, Ambani also laid the succession plan of the country’s largest conglomerate by market value, identifying twins Akash Ambani and Isha Ambani for leading the telecom and retail business, and youngest son Anant Ambani for the new energy unit. However, he insisted he isn’t retiring yet and will “continue to provide hands-on leadership as before”.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India’s most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit.
He, however, insisted he isn’t retiring yet and will “continue to provide hands-on leadership as before”. CLICK HERE to read
"Reliance is actively working on bio-energy. I am happy to inform you that Reliance has inaugurated Phase I of its Bio-Energy Technology (BET) Centre at Jamnagar on August 15, 2022," Mukesh Ambani said in his speech.
"We aim to progressively commence transition from Grey Hydrogen to Green Hydrogen by 2025, after proving our cost and performance targets," said Mukesh Ambani during his AGM speech.
"We see batteries as an integral part of providing long-duration energy storage...We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell to pack manufacturing facility by 2024, and further scale up to 50 GWh annual capacity by 2027," Mukesh Ambani said.
For solar PV manufacturing, we have acquired REC Solar. Our 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024 and scale up to 20GW capacity by 2026: Mukesh Ambani.
Last year, I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories. Today, I would like to announce our new Giga Factory for Power Electronics: Mukesh Ambani
Meta CEO Mark Zuckerberg in a Facebook post said "Excited to launch our partnership with JioMart in India. This is our first-ever end-to-end shopping experience on WhatsApp -- people can now buy groceries from JioMart right in a chat. Business messaging is an area with real momentum and chat-based experiences like this will be the go-to way people and businesses communicate in the years to come."
Isha Ambani said that the JioMart and WhatsApp partnership will aid growth. JioMart-Whatsapp users can use Whatsapp pay, cash on delivery and other payment methods.
Mukesh Ambani said that RIL is committed to integrate the oil-to-chemicals (O2C) business. He said that the company will invest Rs 75,000 crore over the next 5 years in oil-to-chemicals operations.
Carbon fibre to be the growth lever for oil-to-chemical operations, he added.
Isha Ambani said that the objective of the FMCG business is to develop and deliver high quality, affordable products which solves the daily needs of every Indian.
Reliance Retail Director Isha Ambani said that the retail arm of RIL will enter the fast moving consumer goods space and launch its own FMCG business this year.
Qualcomm CEO Cristiano Amon said that Jio is well positioned to drive digital transformation across India with the acquisition of an excellent combination of rights in the 700 MHz, 3500 MHz, and 26 GHz spectrum.
Ambani noted that the company is working with Google to develop ultra-affordable smartphones for the Indian market.
Jio aims pan-India 5G coverage by December 2023, Mukesh Ambani said
Mukesh Ambani said Jio plans to rollout 5G services across multiple key cities including Delhi, Mumbai, Chennai and Kolkata by Diwali
Mukesh Ambani said RIL has set a record in jobs creation space and has added 2.32 lakh jobs across its businesses and added that Reliance Retail is now one of the largest employers in India.
Ambani said that the company became the first corporate in India to cross $100 billion in annual revenues. RIL’s consolidated revenues grew by 47 per cent to $104.6 billion. Reliance’s annual consolidated EBITDA crossed the milestone of Rs 1.25 lakh crore
Reliance is set to make a far bigger contribution to India's prosperity and progress than we have done so far, RIL CMD Mukesh Ambani said
RIL CMD Mukesh Ambani begins his speech in the 45th AGM.
Mukesh Ambani’s once-a-year speech to investors has over time evolved into an eagerly-awaited pronouncement on his $222 billion empire akin to Warren Buffett’s annual letters to Berkshire Hathaway shareholders.
This year, investors in the Indian billionaire’s Reliance Industries Ltd. will be looking for insight around the conglomerate’s 5G rollout, how Ambani plans to unlock the value of his telecommunications and retail units through separate listings, and when and how his children will take over the reins. CLICK HERE to read
Reliance Industries will on Monday broadcast its annual shareholder meeting simultaneously on a virtual reality platform as well as on five social media platforms as it takes another leap in digitally connecting people for its AGM.
Reliance Chairman and Managing Director Mukesh Ambani will virtually address shareholders at the 45th annual general meeting on Monday afternoon in the immersive and interactive 3D world of metaverse, sources said. CLICK HERE to read
Reliance Industries (RIL) expects green energy, the new growth engine for the group, to outshine its other businesses in 5-7 years, even as the company would expand its existing businesses to newer frontiers.
According to chairman & managing director Mukesh Ambani, RIL has embarked on this journey with a “vision to repeat” the feat it achieved in wireless broadband. “Over the next 12 months our investments across the green energy value chain will gradually start going live, scaling up over the next couple of years,” he said in the company’s annual report. CLICK HERE to read
Reliance Industries invested Rs 30,000 crore (around USD 3.76 billion) in its retail business and added 2,500 stores, taking the total storecount to 15,196 in FY22.
Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd (RIL) said in the annual report for FY22. CLICK HERE to read
Billionaire Mukesh Ambani for the second year in a row drew no salary from his flagship firm Reliance Industries in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy.
In its latest annual report, Reliance said Ambani’s remuneration for the financial year 2020-21 was “nil”. CLICK HERE to read
Reliance Jio, the telecom arm of Mukesh Ambani-led conglomerate Reliance Industries, reported a 24% rise in quarterly net profit, as it added more subscribers. CLICK HERE to read
Reliance Industries CMD Mukesh Ambani will address the 45th AGM today at 2 pm. Here's how you can watch the shareholders' meet live:
JioMeet: https://jiomeet.jio.com/meetingportal/rilagm/joinmeeting
Youtube: https://youtu.be/TS8FYk5RhlY
Facebook: https://www.facebook.com/events/610199153827102/
Twitter: https://twitter.com/i/broadcasts/1PlJQaOpPDVJE
Koo: https://www.kooapp.com/koo/RelianceUpdates/7c68d5a8-4e12-4e52-9491-62e5524174e7