Reliance AGM 2023: Key highlights from Mukesh Ambani's speech

The much-anticipated 46th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) took place on August 28. The company revealed that the next generation of the Ambani family – Isha, Akash, and Anant Ambani – will be appointed as non-executive directors on the board of Reliance Industries.

Reliance AGM 2023: Key highlights

- Reliance’s exports for the year jumped 33.4% to 3.4 lakh crores. It accounted for over 9.3% of India's merchandise exports up from 8.4%.

- Reliance has cumulatively invested $ 150 billion dollars which is bigger than any corporation in the country.

- The total number of our on-roll employees is nearly 3.9 lakhs.

Reliance AGM 2023: Reliance Jio

- Jio’s overall customer base has now crossed the milestone of 450 million subscribers, reflecting a year-on-year revenue growth of over 20%. Per-user data consumption on Jio’s network has also surged, with the average user now consuming over 25 GB every month.

Track comprehensive coverage of RIL AGM 2023 

- Jio's 5G rollout is now present in over 96% of the census towns of our country. Jio to cover the entire country by December of this year.

- Jio is adding one 5G cell to our network every 10 seconds, and it will have nearly one million 5G cells operational in our network by December.

- RIL Chairman Mukesh Ambani: We have become one of the largest filers of patents of digital tech from India, affirming our position as a technology company from a telecom operator.

- The next generation of Ambani family - Isha, Akash and Anant Ambani - will join the board of Reliance Industries Ltd (RIL).

- Reliance Jio introduces Smart Home services. "Jio Smart Home services will provide multiple services for simplifying, enriching, and securing your life within your home," says Kiran Thomas.

- 25 crore Indians still using 2G. Against this backdrop, Reliance Jio unveils Jio Bharat, a 4G-enabled phone. It will support UPI payments. It will enable citizens to get direct benefit transfers.

Track comprehensive coverage of RIL AGM 2023 

- Jio AirFibre to launch on the auspicious occasion of Ganesh Chaturthi on 19th September.

- We will assimilate recent advances in generative AI to provide the best AI-ready digital infrastructure for India: Mukesh Ambani.

- Digital news platforms Moneycontrol, Firstpost have set new benchmarks, globally: Mukesh Ambani.

- Reliance Industries Chairman Mukesh Ambani announces Jio True5G developer program. This platform will offer access to partner solutions as well.

Reliance AGM 2023: Reliance Retail

- Reliance Retail posted an annual revenue of Rs 2,60,364 crore in FY23, registering a year-on-year growth of 30%. The company has delivered an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore.

- FY23 was a landmark year for retail. Reliance Retail stores received more than 78 crore footfalls and registered customers crossed 25 crore. Digital sales accounted for 5th of our revenues at more than Rs 50000 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: Mukesh Ambani.

Reliance AGM 2023: Jio Financial Services

- Jio Financial Services to enter the insurance industry, potentially partnering with global players.

- Reliance has capitalized JFS with a net worth of Rs 1,20,000 crore to create one of the world’s highest capitalised financial service platforms at inception.

- Jio Financial Services (JFS) and BlackRock to work on introducing digital first investment solutions in India, said Larry Fink, Chief Executive Officer (CEO) of the global asset management company (AMC).

“JFS and BlackRock together aim to transform through digital first offering and democratisation of access to affordable investment solutions throughout India," Fink told shareholders.

Reliance AGM 2023: O2C business

- Mukesh Ambani on O2C business: With our valued partner BP, we have revived gas production from the KG-D6 block from near zero a few years back to about 20 million cubic meters per day in the financial year 2022-23.

- RIL Chairman Mukesh Ambani: We are well on our way to enhance gas production to 30 million standard cubic meters per day, which will be 30% of India's gas production, and 15% of its current gas demand.

- We are accelerating our journey to achieve net carbon zero by 2035 through use of Renewables and Bioenergy for a sustainable and green business: RIL Chairman Mukesh Ambani.

Reliance AGM 2023: New Energy Business

- Accelerating to achieve net carbon zero by 2035.

- On track to build solar, wind, battery, hydrogen & bio-energy platforms.

- Concurrent priority to set up battery giga factory by 2026.

- To enable installation of 100 GW renewable energy generation by 2030.

- Partnering with global players to manufacture wind energy equipment.

- We intend to pursue wind power generation.

- Priority to deliver end-to-end solar PV mfg ecosystem.

- Target 100 CBG plants in next 5 years.