Reliance AGM 2022: 5 main takeaways everyone should know
Reliance Industries Limited (RIL) held its 45th Annual General Meeting (AGM) on Monday. Chairman & MD Mukesh Ambani made a slew of announcements at the event, which was held virtually for the third time in a row. From 5G plans to foray into the FMCG market, several things were discussed. Let us have a look at the key takeaways from the AGM.
Mukesh Ambani said the company would invest Rs. 2 lakh crore to deploy 5G services nationwide. Metro cities, including Delhi and Mumbai, will get 5G by Diwali and by December 2023, every town, taluka, and tehsil will be connected. The 65-year-old billionaire added that Reliance Jio "has deployed a standalone 5G stack rather than upgrading the existing 4G network, to offer ultra-high speed internet."
A Wi-Fi hotspot called Jio AirFiber will permit customers to access blazing-fast internet at homes and offices, Reliance Jio chairperson Akash Ambani announced. Using a single device, Gigabit-speed internet could be accessed without any wires. It has the potential to replace existing wired broadband connections. The company will also set up a gigafactory for power electronics, through partnerships with global players.
Director of Reliance Retail Ventures Ltd., Isha Ambani, said that Reliance Industries will introduce its fast-moving consumer goods (FMCG) business in 2022. "Reliance will launch its FMCG business, with an objective to develop and deliver high-quality, affordable products which will solve every Indian's daily needs," she added. There is also a new service that allows WhatsApp users order groceries from JioMart.
In the next five years, Reliance will invest Rs. 75,000 crore in the petrochemical business. The sum will be spent on expanding polyester capacity, a chemical factory in UAE, and setting up a Purified Terephthalic Acid (PTA) plant. The conglomerate will also create a manufacturing ecosystem with self-sufficient supply chains to deliver the "most affordable modern green energy for India and the world."
The company will commence production of battery packs by next year. By 2024, the annual production capacity will be scaled up to 5GWh. This figure will further rise to 50GWh by 2027.