Reliance Industries Chairman and Managing Director Mukesh Ambani, at the group's 45th annual general meeting on August 29, made a series of announcements including the company’s plans to roll out 5G services, high-profile partnerships with Meta and Google, and the AirFiber service.
The company continued to make all-round progress across its business and became India's first corporate to cross $100 billion in annual revenues in FY22.
Here are the key highlights from Reliance Industries AGM:
- Jio said it is committed to spending $25 billion to launch 5G services. The first phase of the rollout will be done by October this year and will cover key cities of the country including Delhi, Mumbai, Chennai, and Kolkata.
- The company unveiled the AirFiber: a wireless plug-and-play 5G hotspot that doesn’t require fibre cables, which offers a personal Wi-Fi hotspot at home or offices.
- Jio launched a new JioCloud PC: a virtual PC that is hosted in the cloud using the Jio True 5G. “With no upfront investment or tension of periodical upgrading, a user needs to pay only to the extent used, resulting in a super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business,” the company said.
- Reliance announced its partnership with Meta for immersive technology, Google to develop ultra-affordable 5G smartphones and 'Google Cloud'; Microsoft for Azure ecosystem, vibrant ecosystem of cloud-enabled business applications and solutions; Intel for Cloud-scale data centres and 5G edge locations; and Qualcomm to broaden their joint collaborations.
- The company will invest Rs 75,000 crore in the petrochemicals and textile business.
- Isha Ambani announced the launch of two institutions by Reliance Foundation: Jio Institute and Nita Mukesh Ambani Junior School as an expansion of Dhirubhai Ambani International School.
- Reliance Industries will start production of natural gas from MJ field - the third and the last set of discoveries it is developing in the eastern offshore KG-D6 block - by the end of this year to raise the overall output by about two-thirds.
- The company will continue to invest in O2C business to expand capacities in existing product lines as well as to add new value chains with the aim to maximise oil-to-chemicals conversion and create integrated streams of value.
- During the year, the company strengthened its own brands' presence by launching several new products across categories of Staples, Home, Personal Care and General Merchandise, further expanding on the launch of WhatsApp-JioMart partnership.- Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, is set to foray into the fast moving consumer goods (FMCG) segment.