Reliance Industries (RIL) Chairman Mukesh Ambani announced significant changes to the company's board of directors in the oil-to-telecom conglomerate's 46th Annual General Meeting. The billionaire also congratulated the scientists associated with the Indian Space Research Organisation (ISRO) and the entire country for the successful landing of Chandrayaan-3. Watch this Visual Story to see key highlights from RIL AGM.
Mukesh Ambani in his address at the RIL AGM announced that he will remain Chairman and MD of RIL for next 5 years. Hhis wife Nita Ambani will step down from the RIL board. She, however, will continue as Chairperson of Reliance Foundation. Meanwhile, Isha Ambani, Akash Ambani and Anant Ambani have been appointed as non-executive directors on the Board of Directors of Reliance Industries.
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While addressing shareholders at the AGM 2023, RIL Chairman Mukesh Ambani said that the conglomerate has invested over $150 billion in the last 10 years, which is bigger than any corporation in the country. He highlighted that Jio 5G holds the potential to transform all the sectors of the Indian economy. These sectors include agriculture, education, MSMEs, and healthcare.
Talking about Reliance Retail, Mukesh Ambani said, "I welcome yet another world-renowned sovereign wealth fund, the Qatar Investment Authority, in Reliance Retail, with an investment of $1 billion for 1% stake. This investment values Reliance Retail at equity value of Rs 8,28,000 crore.” He added, "In less than 3 years, the valuation of Reliance Retail has almost doubled, notwithstanding the intervening Covid-19 pandemic. Based on this valuation, Reliance Retail would have ranked among top 4 companies in India and top 10 retailers globally."
FY23 was a landmark year for retail as Reliance Retail stores received more than 78 crore footfalls and registered customers crossed 25 crore. Digital sales accounted for 5th of RIL’s revenues at more than Rs 50,000 crore. "I am confident that as India grows from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest-growing business in revenues and EBITDA," said Mukesh Ambani.
Reliance Jio announced the new Jio AirFiber at the Annual General Meeting (AGM) today, August 28. The company can offer 1,50,000 connections per day. The company claims this will expand Jio's network to over 200 million users. The company has announced that Jio AirFiber will be launched on September 19. The company claims that the company already has 10 million JioFiber customers and the optical fiber network spans across 1.5 million km.
Jio Smart Home devices have also been introduced, which will be based on JioFiber and Jio AirFiber. The company has also introduced a new Jio router and set-top box. The set-top box also has the capability to add smartphones as gamepads. Akash Ambani, Chairman of Reliance Jio, said, "Over 80% of data consumption in India happens indoors. I’m thrilled to introduce Jio Smart Home services, which is poised to redefine how we experience and manage our homes.”
The company has also emphasised the importance of AI. Mukesh Ambani said, "India must harness AI for innovation, growth & national prosperity." Reliance Jio has promised AI to everyone, everywhere. The company has committed to creating 2,000 MW AI-ready computing capacity. "A global AI revolution is reshaping the world around us. Jio Platforms wants to lead in developing India-specific AI models and AI-powered solutions across domains, thereby delivering the benefit of AI to Indians, businesses and govt," added the RIL Chairman and MD.
Talking about the recently demerged Jio Financial Services, Mukesh Ambani said that Jio Financial Services (JFS) and BlackRock have entered a joint venture (JV). He announced that JFS will enter the insurance segment to offer Life, General, and Health insurance products through a "seamless digital interface, potentially partnering with global players". "Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses," said Ambani.
Talking about RIL's Oil-to-Chemicals segment, Mukesh Ambani said that at a time when global energy supplies and prices are witnessing unprecedented volatility and uncertainty, this gas is a major source of clean energy saving up to $7 billion per annum in imports for the country. "We are pursuing further enhancement with our exploration efforts in KG-UDW1 and KG-UDW2 blocks in the Krishna-Godavari Basin with an aim to sustain gas production over the next 15-20 years," he said.
Talking about Reliance Industries' new energy plans, Mukesh Ambani in his address at the 46th RIL AGM said, "Reliance is today India’s only company with proven capabilities in exploring and producing oil and gas from deep and ultra-deep blocks. We will leverage these capabilities in related renewable energy areas like Off-shore Wind and Geothermal."
With no annoucements regarding Reliance Jio and Reliance Retail IPOs in the 46th RIL AGM, Reliance Industries shared ended 1.27% lower at Rs 2,436 on NSE. Jio Financial Services (JFS) shares also ended 2.05% lower at Rs 210.10 on NSE today.