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RIL AGM 2021 | JIOPHONE Next, new energy investments, Aramco as strategic partner & other highlights from Mukesh Ambani's address

From Reliance Retail's expedited growth to RIL's commitment of Rs 75,000 crore in clean energy over next three years, here are some of the key points from the company's 44th Annual General Meeting.

June 24, 2021 / 05:37 PM IST
Mukesh Ambani, chairman, RIL

Mukesh Ambani, chairman, RIL

At the 44th Annual General Meeting of Reliance Industries Limited (RIL), company's chairman Mukesh Ambani made a number of key announcements, including the launch of JIOPhone Next in September, the induction of Saudi Aramco as a strategic partner and a cumulative investment of Rs 75,000 crore in new energy business over the next three years.

Ambani also recalled the steps taken by the conglomerate to bolster India's COVID-19 fight, and stressed on Reliance's philanthropic measures and employee-first approach in the ongoing pandemic.

Also Read: RIL AGM 2021 | From oxygen to vaccines, Reliance launched '5 missions' to combat COVID-19, says Nita Ambani

Here are the highlights of RIL AGM 2021.

Consolidated EBIDTA Rs 98,000 crore; 75,000 new jobs

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Ambani, during his address to the shareholders, said RIL's consolidated revenue was nearly Rs 5,40,000 crore, with a sharp increase from its consumer businesses. Our consolidated EBITDA was nearly Rs 98,000 crore, and almost 50 percent of the EBITDA was contributed by consumer businesses.

Ambani further added that even amidst such challenging times, Reliance succeeded in adding nearly 75,000 new jobs in the past year.

Read full text of Mukesh Ambani's address at RIL AGM 2021

Clean energy push

Reliance would be setting up four giga factories as part of the green initiatives, Ambani said at the AGM.

Giga factories will manufacture and fully integrate all the critical components of the "new energy ecosystem", he said, adding that Reliance would be cumulatively investing Rs 75,000 crore towards the clean energy initiatives over the next three years.

Of this, Rs 60,000 crore will be invested in building integrated solar photovolatic factory, battery making unit and green hydrogen unit, Ambani said.

"Our Jamnagar complex will provide infrastructure and utilities to manufacture ancillary material and equipment needed to support these Giga factories so that all critical materials are available in time. We will also support independent manufacturers with right capabilities to be part of this nationwide ecosystem," he said.

Also Read | RIL to pivot to clean energy with Rs 75,000-crore investment in three years

Reliance Retail to Grow 3X in 3-5 Years

Reliance Retail, the retail arm of RIL, would grow by at least three times in the next three to five years, Ambani claimed.

"Even in these challenging times, I am personally proud to report to you that Reliance Retail has not only protected jobs, but also created over 65,000 new jobs," he said.

Reliance Retail currently employs over 2 lakh people making us one of the largest employers in the country. Over the next three years, it shall further create employment for over ten lakh people and enable the livelihoods for many more, Ambani claimed.

Saudi Aramco inducted as strategic partner

Ambani announced the induction of Saudi Aramco as a "strategic partner" in Reliance's O2C business. As part of the agreement Aramco official Yasir Al-Rumayyan would be joining the RIL board as an independent director.

"I expect our partnership to be formalised in an expeditious manner during this year, after obtaining required regulatory clearances," he said.

'Ultra-affordable' JIOPHONE Next to be launched in Sept

JIOPHONE Next, an ultra-affordable 4G smartphone, would be "available in the market from the auspicious date of Ganesh Chaturthi, 10th September this year", Ambani said.

The phone has been developed jointly by the teams of Google and Jio, he said, while describing it as "next-generation, feature-rich, but extremely affordable".

Jio Platforms clock consolidated revenue of Rs 86,493 crore

Jio Platforms clocked a consolidated revenue of Rs 86,493 crore in the past year, with EBITDA of Rs 32,359 crore, Ambani said.

"We had a net addition of 37.9 million subscribers during the year. We now serve over 425 million consumers on our network. We have revenue market leadership in 19 out of 22 circles," he added.

JIOFIBER grows by 3.5 times in past 1 year

Data consumption on JIOFIBER has grown by more than 3.5 times compared to a year ago, Ambani said, adding that JIO's optical-fiber network is physically present outside more than 12 million homes and business premises, with a deep fiber footprint in the top 100 cities.

"Now, with a cumulative base of 3 million active home and business users, JIOFIBER has become the largest and the fastest growing fixed broadband operator in India," he added.

Producing 11% of India's medical oxygen

Before Ambani began his keynote address, his wife and Reliance Foundation chairperson Nita Ambani highlighted the role played by the organisation in strengthening India's fight against COVID-19.

Despite not being a traditional oxygen producer, Reliance repurposed its Jamnagar-based refinery to produce liquid medical oxygen, at a time when the nation was facing an acute shortage due to the second COVID-19 wave.

Within a short span of time Reliance has produced over 11 percent of India's medical-grade liquid oxygen, "the highest by a single company at a single location", Nita Ambani said.

She also listed other measures undertaken by Reliance amidst the pandemic, which includes strengthening of the COVID-19 health infrastructure, providing free food to the needy population, providing maximum support to its employees and setting up 116 vaccination centres across the country to facilitate their inoculation.

Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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