Reliance AGM 2024 Highlights: ‘I and other senior management members are simply trustees,’ says Mukesh Ambani

“Akash, Isha, and Anant have just completed one year as board members. They have stepped up to take on greater responsibilities, as first among equals in Reliance's next generation leadership,” says Mukesh Ambani.

“I firmly believe that my family and I, and also other senior members of the management team, are simply trustees of this great institution. Personal or family wealth holds no importance for me. What truly matters is our responsibility to pass on this precious institution to the next generation on a solid foundation. This will enable them to elevate Reliance to even greater heights of success,” says Mukesh Ambani

“Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead. This will further cement our position among the most respected and valuable companies in the world,” says Mukesh Ambani

“Our New Energy business will be the new jewel in Reliance's crown. I foresee it becoming as big and profitable over the next 5-7 years, as our O2C business which we had built over the past 40 years. And I am confident that Green fuels and AI-based solutions will become long-term growth engines for Reliance,” says Mukesh Ambani.

“Following in the footsteps of my father, Dhirubhai Ambani, I have always believed that for Reliance, wealth creation for India and value creation for all our stakeholders are two sides of the same coin. When India's economy grows faster and stronger, which it surely will, it creates more opportunities for Reliance to grow all its businesses and create value exponentially. And when Reliance grows exponentially, which it certainly will, it will contribute more to India's inclusive prosperity,” says Mukehs Ambani.

“Apart from setting up stores in India, we now plan to take Swadesh global with presence in the US and Europe as well. From Kashmir to Kanyakumari, and from Sikkim to Bhuj, the work and voices of our artists and artisans will now be seen and heard not just in India, but around the world,” says Nita Ambani

“Apart from setting up stores in India, we now plan to take Swadesh global with presence in the US and Europe as well. From Kashmir to Kanyakumari, and from Sikkim to Bhuj, the work and voices of our artists and artisans will now be seen and heard not just in India, but around the world,” says Nita Ambani

“Through the various initiatives of Reliance Foundation, we have been blessed to touch the lives of over 77 million people across all states and 56,000 villages in India. As we enter the fifteenth year of Reliance Foundation, our resolve becomes deeper and stronger, to create even greater impact and help uplift millions of Indians towards a brighter, safer, greener, more equitable, compassionate, and prosperous future,” says Nita Ambani

“Swadesh is our tribute to India's diverse cultural heritage and rich artistic legacy – a collective effort to preserve and promote our country's age-old arts and crafts. It all began as an exhibition at the launch of our Nita Mukesh Ambani Cultural Centre last year and has now become a movement for cultural renaissance. Swadesh highlights the spirit of 'Make in India' and offers respect, sustenance, and global recognition to our skilled artisans,” says Nita Ambani

Reliance Foundation is also a proud founding member of LiftEd, a multi-partner consortium that aims to strengthen foundational learning for four million children in India through a Development Impact Bond and an Ed Tech Accelerator. It is a first-of-its-kind initiative aligned with the Government's Nipun Bharat Mission that aims to achieve Foundational Literacy and Numeracy for every child in India's primary schools by 2025. We have also partnered with the National Skill Development Corporation to create one hundred future-ready courses like cybersecurity, AI, and sustainability, aiming to reach 5 lakh youngsters.

“We are committed to working with like-minded organisations to support the Prime Minister's vision and realise this shared dream of 1.4 billion Indians. Through our work with the International Olympic Committee's Let Us Move campaign and the Olympic Values Education Programme, we work round the year to spread Olympic values and ideals, aiming to reach lakhs of children and thousands of teachers in the coming year,” says Nita Ambani

“It is our stated goal to make India a truly global sporting powerhouse. In pursuit of this goal, our focus has been to build a robust sporting ecosystem that supports our athletes right from grassroots to glory at the highest levels. It is imperative that we start training our children young. We need a movement to ensure that every child in our country has the Right to Sport, along with the Right to Education,” says Nita Ambani

• “Jamnagar is the Energy Capital of the World. By 2025, Jamnagar will also become the cradle of our New Energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world's largest, most modern, modular, and integrated ecosystem at a single location,” says Mukesh Ambani.
• “We are on track to fully commit and invest up to Rs 75,000 crore to establish this manufacturing ecosystem, extensively enabled by all emerging technologies including AI, IoT, Machine Learning, and Robotics. Our complete ownership and automation of the integrated value chains will allow us to maximise margins that are higher than those of stand-alone, non-integrated players,” says Mukesh Ambani

“We have begun work on establishing a fully automated, multi-GW electrolyser manufacturing facility on the west coast of India, which will be ready by 2026. This giga-factory will be fully adaptable, capable of supporting various technologies such as Alkaline, PEM, and AEM. The facility is built using Industry 4.0 standards and will be expandable in a modular fashion to meet market demand,” says Mukesh Ambani.

“We have begun construction of an integrated advanced chemistry-based battery manufacturing facility with a 30 GWh annual capacity at Jamnagar. Production will commence by second half of next year,” says Mukesh Ambani

“By the end of this year, we will commence the production of our own solar photo voltaic (PV) modules. In the following quarters, we will complete the first phase of our integrated solar production facilities. This includes modules, cells, glass, wafer, ingot, and polysilicon, with an initial annual capacity of 10 GW,” says Mukesh Ambani

“Reliance is building India's first world-class integrated Carbon Fibre plant at Hazira, which will rank among the top three units globally. We continue to expand our portfolio of composites of Carbon Fibre for use in the infrastructure sector,” says Mukesh Ambani.

“Freight markets skyrocketed due to geopolitical factors, with vessels coming under missile attacks in the Red Sea. We acted swiftly to control our freight costs, chartering more vessels on a long-term basis,” says Mukesh Ambani

“Over the past year, we faced a complex global landscape, characterised by geopolitical conflicts and weak economic growth in Western countries, leading to subdued demand. On the supply side, large-scale capacity additions, particularly in China, created a surplus, causing significant fluctuations in fuel and downstream chemical margins, with some dropping to multi-year lows. Despite these challenges, I am pleased to report that Reliance navigated through the headwinds to deliver industry leading performance. The O2C business achieved revenues of Rs 5,64,749 crore ($67.9 billion) and an EBITDA of Rs 62,393 crore ($7.5 billion) last year,” says Mukesh Ambani.

“With the strong foundation we have built, I am confident that we will achieve our goal of doubling our Retail business in the next 3 to 4 years,” Isha Ambani

“We are building our presence through an omni-channel strategy across multiple formats, like Tira, Sephora, Kiko Milano, and Blushlace. We are also enhancing our beauty and personal care offerings across our existing formats—grocery, fashion, and pharma—both online and offline. Our investment in Insight Cosmetics is enabling us to create our own brand portfolio,” says Isha Ambani

“With the acquisition of Metro India Cash & Carry, we have strengthened our omni-channel capabilities, offering a wider assortment for our kirana and HoReCa partners. We are delighted to have over 4 million registered kirana partners in our new commerce business, supported by a footprint of over 220 Metro stores across 200 cities,” says Isha Ambani.

“We are also establishing 7-Eleven as a leading 24x7 convenience destination, offering localised fresh food and beverages tailored to the Indian palate,” says Isha Ambani

“Moneycontrol is transforming into an advanced fintech provider of data and analytics for users in India and beyond. It is unmatched in speed and accuracy. It has 70 million unique visitors. Our premium service, MC Pro, now has over 8,50,000 paid subscribers. This makes it a Top-10 subscription site globally and the largest in India,” says Mukesh Ambani

“JioCinema's new subscription pack is a game-changer. It offers OTT originals, reality shows, blockbuster movies, and top content from HBO, Paramount, and NBCU. In just 100 days, JioCinema crossed 15 million paying subscribers. This is the fastest growth in this category,” says Mukesh Ambani.

"Viacom18, our entertainment arm, did even better. Driven by the Sports segment, it saw a remarkable growth of 62%. JioCinema is revolutionising digital Sports and Entertainment. In a short time, it has reached major milestones. The second season of IPL on JioCinema was a huge success. It reached 62 crore Indians. That is a 38% increase over the previous season. Total viewership grew by 50%. This made it the most-watched livestream event in the world. This success continued during the Olympics,” says Mukesh Ambani

“Excited to talk about a new service that we are developing, that makes using AI as easy as making a phone call. We call this service Jio Phonecall AI, which lets you use AI with every phone call. Jio Phonecall AI can record and store any call in Jio Cloud and automatically transcribe it, which means automatically convert it from voice to text. It can also summarize the call, and even translate it into another language. This allows anyone to easily capture and access important voice conversations, making them searchable, shareable, and understandable across languages—all with just a few clicks,” says Akash Ambani

“JioTV+ brings all your entertainment—live TV, on-demand shows, and apps—together in one easy-to-use platform. With JioTV+, you get access to over 860 live TV channels, with all leading channels in stunning High Definition, plus the best content from apps like Amazon Prime Video, Disney+, and Hotstar—all in one place. And we've optimized JioTV+ for a super-fast channel switching experience,” says Akash Ambani.

“Thrilled to announce Jio AI-Cloud Welcome offer. Jio users will get up to 100 GB of free cloud storage, to securely store and access all their photos, videos, documents, all other digital content, and data. We plan to launch the Jio AI-Cloud Welcome offer starting Diwali this year, bringing a powerful and affordable solution where cloud data storage and data-powered AI services are available to everyone everywhere,” says Mukesh Ambani.

“True power of AI lies in making it accessible to everyone, everywhere. With Jio's AI Everywhere For Everyone vision, we are committed to democratising AI, offering powerful AI models and services to everyone in India at the most affordable prices. To achieve this, we are laying the groundwork for a truly national AI infrastructure. We plan to establish gigawatt scale AI-ready data centres in Jamnagar, powered entirely by Reliance's green energy, reflecting our commitment to sustainability and a greener future,” says Mukesh Ambani

“We are on track to fulfil that promise. At Jio, we have always been at the forefront in leveraging cutting-edge technologies for faster scaling, higher efficiency, and superior customer service. And now, AI has become integral to everything we do. We have rapidly augmented our talent and capabilities, embracing the latest in Generative AI. And we are embedding AI into all our processes and offerings, creating end-to-end workflows with real-time, data-driven insights and automation. This is helping us deliver smarter, more responsive services, to both internal users and customers. To streamline AI adoption, Jio is developing a comprehensive suite of tools and platforms that span the entire AI lifecycle. We call this Jio Brain,” says Mukesh Ambani

“We acquired the next 1 million air fibre customers in just 100 days. We are now challenging ourselves to add a million homes every 30 days. With this momentum, we are confident of reaching our target of 100 million home broadband customers at record speed. We are also targeting over 20 million small and medium businesses, bringing them the connectivity to thrive in today's digital age,” says Mukesh Ambani

“Jio has transformed India from 5G-dark to 5G-bright, creating one of the world's most advanced 5G networks. Jio True 5G has also achieved the world's fastest 5G adoption. In just two years, over 130 million customers have embraced Jio True 5G,” says Mukesh Ambani

Mukesh Ambani says, “Jio is among India's largest patent holders, with over 350 patents in 5G and 6G technologies. These patents are key to securing Jio's place at the forefront of global innovation.”

“Jio stands as a true deep-tech innovator. At the core of our success is our fully homegrown 5G stack, developed by Jio's talented engineers. This end-to-end solution, tailored for India's unique needs, has proven itself on a national scale,” says Mukesh Ambani

“I can clearly see Reliance earning a place in the top 30 league of most valuable companies globally in the near future,” says Mukesh Ambani

“I feel proud to inform you that last year Reliance filed over 2,555 patents, mainly in the areas of bio-energy innovations, solar and other green energy sources, and high-value chemicals,” says Mukesh Ambani

RIL Chairman Mukesh Ambani has begun addressing the 47th Annual General Meeting.

Reliance Industries Ltd (RIL), India’s most valuable company, will consider a 1:1 bonus share at its board meeting on September 5. This move comes as the conglomerate seeks to reward its shareholders amid strong financial performance and expansion of its business. (Read More)

Last month, Reliance Industries Ltd (RIL) reported an 11.5% increase in revenue for the fiscal first quarter, reaching Rs 2.58 lakh crore compared to the same period last year, driven by contributions from various segments. Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) grew by 2% year-over-year to Rs 42,748 crore. However, the company’s net profit (before minority interest) for the quarter ended June 30 decreased by 4.5% to Rs 17,445 crore, mainly due to higher depreciation expenses.

Reliance Retail’s gross revenue for the June 2024 quarter increased by 8.1% year-over-year to reach Rs 75,615 crore. The company’s quarterly EBITDA rose by 10.5% YoY to Rs 5,664 crore, driven by higher footfalls, an expanded store network, and streamlined operations that improved margins. With a registered customer base now at 316 million, Reliance Retail has solidified its position as one of the most preferred retailers in the country. Total transactions for the quarter amounted to 334 million, a 6.4% increase compared to the same period last year.

RIL AGM will be live streamed across various platforms. Here are official links from various platforms where you can see the AGM live:

Link: https://jiomeet.jio.com/rilagm/joinmeeting

Reliance Updates Channel: https://www.youtube.com/user/flameoftruth2014

Playback URL: https://youtube.com/live/myn2DqU3094

Jio: https://www.youtube.com/jio

Playback URL: https://www.youtube.com/watch?v=myn2DqU3094

FACEBOOK

Reliance Industries Limited Page: https://www.facebook.com/RelianceIndustriesLimited

Playback URL: https://www.facebook.com/events/610199153827102/

Jio: https://www.facebook.com/Jio

Playback URL: https://www.facebook.com/events/1241770857010122/?ref=newsfeed

TWITTER

@RIL_Updates (https://x.com/ril_updates)

Playback URL: https://x.com/i/broadcasts/1mnGeAZvaBZGX

@RelianceJio (https://x.com/reliancejio)

Playback URL: https://x.com/i/broadcasts/1YqxovbpzzBJv

At the 2022 AGM, it was announced that Jio 5G would roll out nationwide by December 2023. In 2021, the company ventured into green energy, and in 2020, Google was introduced as a minority investor.

Last year’s AGM saw Chairman Mukesh Ambani detailing several initiatives for Reliance Industries, such as the launch of Jio AirFiber, plans to enter the insurance sector with Jio Financial Services, expansion into wind power, and a goal to set up a battery gigafactory by 2026.

Reliance Industries' succession plans will also be a focus in today’s AGM. Investors will be looking for details on leadership transitions, key appointments, and the alignment of the succession strategy with the company’s long-term goals. Chairman Mukesh Ambani introduced a succession plan in 2022, designating Isha Ambani to oversee retail, Akash Ambani to lead Jio, and Anant Ambani to handle the energy sector.

Meanwhile, shares of TV18 Broadcast and Network18 Media & Investments, subsidiaries of Reliance Industries, jumped by up to 13 percent on August 29 following the approval of the merger between Reliance Industries Limited (RIL) and Disney's Indian media assets by the Competition Commission of India (CCI). This merger is set to create a major media powerhouse. By 11:35 am, TV18 Broadcast's shares had risen by 7.45 percent to Rs 51.48, while Network18 Media & Investments saw a 5.68 percent increase, reaching Rs 101.65. (Read More)

As Reliance Jio's 5G rollout accelerates, analysts expect the AGM to provide insights on subscriber growth, revenue strategies, and international expansion plans, potentially boosting the appeal of RIL stock.

The AGM is anticipated to shed light on Reliance Jio's strategies for monetising its 5G network. This will include plans for using 5G technology to boost revenue growth, potential partnerships, and the expected impact of the rollout on the company's overall financial performance.

While investors have been waiting for the IPO announcements, Jefferies analysts have forecast that Reliance Jio can go public sometime in 2025. The estimated valuation has been pegged at $112 billion.

There’s a strong buzz around initial public offerings for Reliance Jio and Reliance Retail. It is because, back in 2019 AGM, the Reliance management had announced the IPO plans of these two corporate entities within next five years.

Hello and welcome to our live coverage of Reliance Industries Ltd’s 47th Annual General Meeting. Investors will be keenly watching any announcement regarding IPOs of Reliance Jio or Reliance Retail.