Reliance Industries AGM 2023: Mukesh Ambani makes key announcements
What's the story
Reliance Industries Limited (RIL) chairman Mukesh Ambani is addressing the company's shareholders as part of its 46th Annual General Meeting (AGM).
One of the much-anticipated AGMs in India's corporate scene hasn't disappointed so far in terms of major announcements.
Ambani started the meeting in style saying the conglomerate invested $150 billion in the last 10 years, more than any of its domestic peers.
Board
The company added 2.6 lakh jobs last year
Ambani said the company added as many as 2,60,000 direct jobs across its businesses last year alone. The total of on-roll employees now stands at 3.9 lakh.
Reliance also had an impressive FY23, with the company recording Rs. 9.75 lakh crore in consolidated revenue and an EBITDA of Rs. 1.54 lakh crore.
Jio
Jio is adding a 5G phone every 10 seconds
Investors have been waiting for announcements regarding Jio. In FY23, Jio recorded a revenue of Rs. 1.19 lakh crore.
Jio 5G is present in 96% of all census towns in India and the country-wide roll-out will be complete by December.
Jio is also adding a 5G phone to its network every 10 seconds. It has over 450 million subscribers (50 million 5G users).
AirFiber
Jio's AirFiber will be launched on September 19
Jio AirFiber, Reliance's wireless fiber internet service, will be launched on September 19.
"With Jio AirFiber, we are expanding our addressable market to 200+ million homes and other premises," said Jio chairman Akash Ambani.
Reliance also announced Jio Smart Home Services, which will allow Jio users to control home appliances.
The company also unveiled the Jio True5G Developer platform and 'Jio True5G Lab.'
Information
The True5G Lab will focus on industry transformation
The developer platform will combine "5G network, edge computing, and a spectrum of applications and services," said Akash. Meanwhile, the True5G Lab will focus on industry transformation. The first such lab will be located at Reliance Corporate Park in Mumbai.
AI
Jio platforms wants to develop India-specific AI solutions
Reliance also spelled out its artificial intelligence (AI) ambitions at the AGM. Jio Platforms will be in control of the conglomerate's AI-related activities.
It wants to develop India-specific AI models and AI-powered solutions across domains, said Mukesh.
"India has scale. India has data. India has talent. But we also need AI-ready digital infrastructure that can handle AI's immense computational demands."
Retail
Timeline for Reliance Retail's IPO was not discussed
Reliance Retail has been in the news recently. RIL's recent actions show the conglomerate is gearing up for its retail venture's IPO.
However, RIL did not give a timeline for Reliance Retail's IPO. RIL chairman, however, said the company is the only Indian retailer in the global top 100 brands.
In FY23, it recorded a revenue of Rs. 2.6 lakh crore.
Jio Mart
JioMart on WhatsApp has been a great success: Isha Ambani
Reliance Retail opened over 3,300 new stores last year, said Isha Ambani, Director of Reliance Retail. The retail chain currently has 18,040 stores.
Isha added that JioMart on WhatsApp has been a tremendous success. According to her, JioMart's customers on WhatsApp have grown nine times since its launch.
JioMart added over 25,000 artisans, weavers, and micro-entrepreneurs, Isha said.
JFSL
JFSL is a great addition to RIL's ecosystem: Mukesh
Jio Financial Services Limited (JFSL) will be a great addition to RIL's ecosystem like Jio and Retail, said Mukesh.
He said JFSL will accelerate "India's dazzling growth story." According to him, JFSL will be a success due to its digital-first architecture, its Rs. 1.2 lakh crore capitalization, and a strong board led by KV Kamath.
JFSL shares, however, fell 2.05% today.
O2C
RIL will set up battery giga factory by 2026
About the conglomerate's oil-to-chemical business, Mukesh said Reliance is on track to produce 30 million standard cubic meters per day from the KG-D6 block.
It will be 30% of India's gas production and 15% of current gas demand. RIL also plans to set up its first battery giga factory by 2026.
The factory will make battery chemicals, cells and packs, and energy storage solutions.
Net zero
Mukesh will be RIL's chairman for 5 more years
Mukesh reiterated Reliance's commitment to achieve Net Zero by 2035 through renewables and bioenergy.
He said RIL has become India's largest BioEnergy producer. The company will establish 100 Compressed Bio Gas (CBG) plants in the next five years.
The meeting was concluded by Mukesh welcoming Isha, Anant, and Akash to RIL's board. Mukesh will serve as RIL's chairman & MD for five more years.