Reliance Industries Limited's (RIL) 46th annual general meeting (AGM) was be held on Monday through video-conferencing. Mukesh Ambani, MD and Chairman, RIL, addressed the AGM, along with Isha and Akash, who held official positions in the conglomerate.
During the meeting, Mukesh Ambani said , "This is a new India with full of confidence".
India's presidency in the G20 has made today's divided international community take note of the inspiring words of our Upanishads, the entire world is our family, says Mukesh Ambani. It is from this philosophy we have developed our We care Philosophy, he added.
The new Reliance has been a forerunner of the emerging new India setting impossible goals. Reliance has cumulatively invested more than 150 billion US dollars in the last 10 years, said Ambani.
RIL's Q1FY24 performance
"I am delighted to report yet another year of stellar all-round performance. Reliance’s consolidated revenues stood at Rs 9,74,864 crore. Reliance’s EBITDA for FY23 was Rs 1,53,920 crore, while the net profit was Rs 73,670 crore," said Ambani.
Changes to the Board
Nita Ambani to step down from the RIL Board.
The Board of Directors of the Company at its meeting held today, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders appointment of Isha M. Ambani, Akash M. Ambani and Anant M. Ambani as Non-Executive Directors of the Company with effect from the date of assumption of office after approval from shareholders, the company informed through regulatory filing.
Jio main catalyst for New India's digital transformation
Jio saw a monthly data tariff of Rs 1,100 Cr GB, with 45 percent YoY growth and in just 9 months, jio 5G is present over 96 percent of the census towns of our country, said Ambani.
Jio customer base has crossed 450 million; its 5G network covers 96 percent of towns and on track to cover entire country by December, he added.
JioAirFiber
JioAirFiber will be launched on Ganesh Chaturthi, September 19, said Mukesh Ambani at RIL's 46th AGM.
"Our extensive Jio Fiber service already serves 10+ million customers, with thousands getting connected each month. With Jio AirFiber, we are expanding our addressable market to 200+ million homes and other premises," he added.
Jio Bharat
Speaking at the RIL AGM, Mukesh Ambani said, "Jio Bharat is a gateway to digital independence for those who can’t afford smartphones. Although it is priced comparably to 2G featurephones, Jio Bharat is a 4G-enabled phone, with access to streaming content via JioCinema, music streaming on JioSaavn, a powerful digital camera, built-in FM radio, and will support JioTV with over 450 TV channels."
"Jio Bharat also supports UPI payments. With Jio Bharat, even the most disadvantaged can now go cashless," he added.
"Jio Bharat also comes with affordable, value-packed tariff plans. Our `123 monthly plan includes unlimited voice and 14 GB of data, 30% cheaper than similar plans from other operators," added.
With over 50 million 5G customers, Jio is already leading in 5G adoption in India, Ambani said.
Jio fiber
"In a few short years, despite covid 19 disruptions, Jio Fiber has crossed 10 million customers each of whom consumes on an average 280 GB Data monthly which is over 10 times higher than the per capita mobile data consumption, said Ambani.
Jio True 5G Lab
Ambani also announced Jio True5G lab in the RIL's 46th Annual General Meeting.
Akash Ambani said through the AGM meeting, " We are announcing Jio True5G Lab, facility to Accelerate Industry transformation."
Media and Entertainment
"The Media & Entertainment business created a huge disruption last year with JioCinema leading the way. For the first time, IPL was streamed free on JioCinema. It created a global record with a staggering 45 crore viewers tuning in to the platform," said Ambani.
He added, "More than 12 crore people watched the IPL final, with a peak concurrency of 3.2 core, making it the most watched digital event globally."
Reliance Retail
Reliance Retail posted an annual revenue of Rs 2,60,364 crore in FY23, registering a year-on-year growth of 30 percent. We delivered an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore.
We opened 3,300+ new stores last year, taking the total to 18,040, covering 6.56 cr sq ft. Two-thirds of these stores are in Tier II, III and smaller towns, which is a testament to commitment of making retail inclusive, said Isha Ambani, Director, Reliance Retail.
Jiomart
The launch of JioMart on WhatsApp has been a phenomenal success with 9X growth of JioMart customers on WhatsApp since launch in 2022, said Isha Ambani during the AGM.
Jio Financial Service enter insurance Industry
"Jio Financial Services will enter insurance segment, offer life, general and health insurance products," said Mukesh Ambani at Reliance.
Jio AI solutions
Ambani pledged the company's commitment to create up to 2,000 MW of AI-ready computing capacity, across both cloud and edge locations, while adopting sustainable practices and greener future.
A global AI revolution is reshaping the world and intelligent applications will redefine and revolutionise industries, economies, and even daily life, sooner than expected, said Ambani
"Here is my promise to our countrymen. Seven years ago, Jio promised broadband connectivity to everyone, everywhere. We have delivered. Today Jio promises AI to everyone, everywhere. And we shall deliver," he added.
CBG plants
Reliance will set up up 100 CBG plants that will convert agri-waste into gas over next 5 yrs, said Mukesh Ambani at the AGM meeting.
Jio Financial Services
JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India, said Ambani.
JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC," he said. "JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products." Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses, he said.
Women-led businesses
"We are discovering women-led businesses. We launched the Women Connect Challenge India Round 2 in partnership with USAID, to uplift women across the country. We also inaugurated the Well Women Centre at Sir H. N. Reliance Foundation Hospital, offering one-stop all-round care to women and young girls of all age group," said Nita Ambani.
