Reliance AGM 2022 LIVE: Mukesh Ambani announces new giga-factory for power electronics

RIL AGM today: Reliance Industries’ AGM started at 2pm on Monday. Mukesh Ambani said that Reliance Jio 5G will be rolled out by Diwali. He said that the company will invest Rs 2 lakh crore for a pan-India 5G network. Mukesh Ambani said that the company, after its partnership with Meta, Google, Microsoft, and Intel will partner with Qualcomm. He also said that the conglomerate's media business saw its greatest growth last year. 

Viacom 18 that bagged the digital rights for IPL is also investing in movie rights and original content for OTT, said Ambani. He also said that Reliance Retail is one of the top 10 retailers in Asia. Isha Ambani said that Ajio sold 43 crore garments, enough to clothe the population of US and Canada. 

Also read: Reliance AGM: 5G, green energy, Jio Platforms amid key announcements expected

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3:25 pm: Akash and Isha have taken leadership roles in Jio and Retail, and Anant has joined our new energy business too, said Mukesh Ambani.

3:21 pm: Isha Ambani said that the company is working on a 10-year blueprint that will make Reliance Foundation bigger and more impactful. 

3:18 pm: I have attended every AGM for the past 45 years, said Mukesh Ambani.

3:16 pm: "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

3:14 pm: Nita Mukesh Ambani Junior School announced by Reliance. "We will launch the Nita Mukesh Ambani Junior School as an expansion to Dhirubhai Ambani International School," said Isha Ambani. 

3:11 pm: Reliance aims to transition from Grey Hydrogen to Green Hydrogen by 2025.

3:09 pm: Ambani said that the company has commenced its journey to become net carbon zero by 2035. The renewable energy consumption of Reliance jumped by 352 per cent in one year, he added. 

3:08 pm: "Our scientists have also developed pathways to produce biodegradable and compostable plastics to completely replace single-use plastics": Mukesh Ambani

3:07 pm: Reliance to invest Rs 75,000 crore in the next 5 years in polyester value chain, vinyl value chain and new materials. 

3:06 pm: 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

3:00 pm: Mukesh Ambani announces new giga-factory for power electronics. "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," said Mukesh Ambani.

2:59 pm: Our O2C business crossed Rs 5 lakh crore in annual revenues; EBITDA crossed Rs 50,000 crore: Mukesh Ambani

2:56 pm: Reliance Retail will launch its fast-moving consumer goods (FMCG) business, with an objective to develop and deliver high quality, affordable products which solve every Indian's daily needs, said Isha Ambani. 

2:54 pm: AJIO Business, our new commerce initiative gives merchant partners across 3,500 towns access to 8,000+ brands and a wide portfolio of our own brands. Last year, we sold over 43 crore garments, enough to clothe the population of US & Canada: Isha Ambani

2:52 pm: During the year, we strengthened our own brands’ presence by launching several new products across categories of staples, home, personal care and general merchandise. Further, we launched our WhatsApp-JioMart partnership: Isha Ambani

2:48 pm: "We opened over 2,500 stores in the year to take our store count to over 15,000, with area of 42 mn sq-ft. We doubled warehousing space to 670 mn cu-ft. We generated employment for more than 1,50,000, taking employee base to 360,000": Isha Ambani

2:45 pm: Mukesh Ambani said that Reliance Retail is one of top 10 retailers in Asia.

2:42 pm: "Our entertainment arm, Viacom18 consolidated its leadership position with a high-decibel entry into sports, bagging digital rights of IPL for 5 years. Viacom18 is also aggressively investing in movie rights and original content for OTT": Mukesh Ambani

2:40 pm: Rs 2 lakh crore turnover for Reliance Retail, says Mukesh Ambani.

2:39 pm: Our media business saw the highest growth last year, says Mukesh Ambani. 

2:33 pm: Reliance is partnering with Qualcomm, says Mukesh Ambani. 

2:32 pm: Reliance is partnering with Meta for immersive tech and metaverse, Google for 5G smartphones, along with Microsoft and Intel. 

2:31 pm: "Using JioAirFiber, customers can opt to use a virtual PC - Jio Cloud PC. No upfront investments, no upgrades. A super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business," said Kiran Thomas, President, RIL. 

2:28 pm: Mukesh Ambani said that Jio 5G will be the world's largest and most-advanced 5G network. It will deploy standalone 5G, which has zero dependency on the 4G network. 

2:26 pm: "For pan-India 5G network, we’ve committed Rs 2 lakh crore investment. Reliance Jio has prepared the world’s fastest 5G rollout plan. By Diwali, we will launch Jio 5G across multiple key cities. By December 2023, we will deliver 5G to every town of India": Mukesh Ambani

2:20 pm: Reliance Jio 5G will be launched by Diwali, says Mukesh Ambani. 

2:19 pm: "With 5G, we will connect 100mn homes with unparalleled digital experiences and smart home solutions," says Mukesh Ambani.

2:14 pm: Reliance Jio ’s high-quality, redundant and always-available fibre-optic network is backbone of data traffic from India's every corner. Jio’s pan-India fibre-optic network is over 11 lakh km in length – enough to go around planet Earth 27 times: Mukesh Ambani

2:09 pm: Reliance was India's highest taxpayer this year with Rs 1,88,012 crore, says Mukesh Ambani. 

2:06 pm: Mukesh Ambani congratulates PM Modi for his "far-sighted" leadership. 

2:05 pm: RIL set to make a far bigger contribution to India's prosperity than we have done so far: Mukesh Ambani

2:04 pm: Miss the bonhomie of personal interaction, says Mukesh Ambani as he starts the virtual AGM.

2:00 pm: Mukesh Ambani starts his address.

1:50 pm: Reliance shares trade 0.08 per cent higher at Rs 2,620 ahead of the firm's 45th AGM today. 

1:35 pm: Reliance is expected to share details on the JioBook laptop during the AGM. The laptop is likely to be an affordable option, designed for students and office goers. It might come with a custom OS and may be bundled with Reliance's services like JioMeet, JioChat, and JioPages. 

1:25 pm: Keeping in line with the government's Digital India mission, Reliance Jio had stated that it will offer affordable 5G plans to customers. 

1:00 pm: Reliance Industries had said in its annual report that Jio completed its 5G coverage planning in the top 1,000 cities. It had said that it conducted free trials too. 

12:25 pm: Reliance Jio had recently announced the BuildForBharat IoT Startup Challenge with focus on three key areas -- smart assets, smart mobility, and smart utilities. The challenge will award Rs 5 lakh to the winner, Rs 3 lakh to the first runner-up and Rs 2 lakh to the second runner-up, apart from support for a "flying start". The AGM is likely to address that too. 

12:15 pm: Reliance Industries was trading 0.12 per cent higher at Rs 2,621.25 over Friday’s closing of Rs 2,618.00 a piece at 11 am.

12:05 pm: The AGM will be available to watch on JioMeet, YouTube, Facebook, Twitter, and Koo on its channels and handles. 

11:55 am: The conglomerate is also likely to address Jio-bp's partnership with Hero Electric. The companies joined hands to boost two-wheeler EV's charging and swapping infrastructure. The companies said that they would bring in their learnings of electrification to the Indian market. 

11:45 am: RIL is likely to address Reliance Foundation's recently announced fellowship for women leaders in the social sector. The WomenLead India Fellowship aims to select 50 women for a 10-month fully funded fellowship for capacity building and skills development in the sectors of rural transformation, education, sports for development, and arts, culture and heritage. 

11:35 am: Reliance Industries had also announced the acquisition of a franchise in Cricket South Africa’s T20 league and UAE’s International League T20 in July. The AGM might address this too. 

Nita Ambani had said on the announcement, “It gives me great pleasure to welcome ‘MI Emirates’ and ‘MI Cape Town’, the newest additions to our #OneFamily. For us, MI goes beyond cricket. It embodies the ability to dream, be fearless and foster a positive attitude in life. I am sure that both MI Emirates and MI Cape Town will embrace the same ethos and take MI’s global cricket legacy to even greater heights!” 

11:25 am: Reliance Jio appointed Akash Ambani as its Chairman in June. Reliance explained that Akash has been closely involved with the creation of the digital ecosystem around Jio's 4G proposition. "He was closely involved with a team of engineers in inventing and launching an India-specs focussed Jiophone in 2017 which became quite a revolutionary device to take many people out of 2G to 4G," noted the firm. 

The company is likely to address this transition at the AGM today. 

11:15 am: Reliance would aim to accelerate the expansion of its retail stores, develop new brands, launch and scale up new businesses, strengthen supply-chain infrastructure, fast-track new merchant onboarding, increase wallet share across consumption brackets.

11:05 am: As Reliance focuses on 5G, it is possible that the conglomerate might announce the launch of its 5G-enabled smartphone. It might be called JioPhone 5G but the details are unclear. If the phone is priced under Rs 10,000, it will be a game-changer for the company. The phone would most likely support lower-tier 5G bands that the company recently acquired at the 5G auction. 

Last year, it had announced the JioPhone Next 4G in partnership with Google, priced under Rs 10,000. 

10:55 am: Reliance is expected to talk about the $2 billion TA’AZIZ chemical joint venture in the UAE, for which it will collaborate with Abu Dhabi National Oil Company and sovereign fund ADQ. 

10:45 am: Reliance has also activated its 7977111111 WhatsApp Chatbot for its AGM. The chatbot, which can be activated with a simple 'hi' message to the given number, helps a user find details like the date and timing of the AGM, how to watch it live, how a shareholder can vote or ask questions etc.

10:35 am: According to reports, these immersive experiences can be enjoyed by everyone on commonly used mobile or desktop screens. However, specialised 3D VR eye-wear can enrich the experience.

10:30 am: Reliance will become one of the first companies globally to conduct its AGM simultaneously on a virtual reality platform, along with live broadcast on five leading social media platforms. It will also be conducted on the official JioMeet broadcast.

Also read: RIL AGM: OTC biz, retail, digital services part of Reliance’s strategic priorities