28-Aug-2023
2 mins read
Reliance Industries Limited (RIL) held its highly anticipated 46th Annual General Meeting (AGM) on August 28th, during which several significant announcements were made by the company. Mukesh Ambani, the Chairman and Managing Director of RIL, highlighted key achievements and future plans, underscoring Reliance’s commitment to innovation, growth, and sustainability.
- Next Ambani Generation Joins Board
The Ambani family’s legacy continues as Isha, Akash, and Anant Ambani take on roles as non-executive directors on Reliance Industries’ board. This shows Reliance’s dedication to new ideas and progress.
- Boost in Exports and Investments
Reliance’s exports surged by 33.4%, hitting 3.4 lakh crores. This makes up more than 9.3% of India’s total merchandise exports, a good jump from the earlier 8.4%. The company’s total investments went beyond $150 billion, making it a leader in capital spending.
- Impressive Workforce
Reliance proudly shared that it has nearly 3.9 lakh on-roll employees, highlighting the company’s commitment to providing jobs and contributing to the economy.
- Reliance Jio’s Growth
Reliance Jio achieved a big milestone with over 450 million subscribers and a revenue growth of over 20%. People are using more data, with each user now consuming 25 GB of data every month.
- Reliance Jio’s 5G Push
Jio’s 5G coverage now reaches 96% of census towns in India, and they’re working to cover the entire country by December. They’re adding new 5G cells every 10 seconds, aiming for almost a million operational cells by December.
- Tech Beyond Telecom
Reliance Jio is more than a telecom company, with significant patent filings in digital tech. This shows they’re a tech player as well.
- Smart Home Services and Jio Bharat
Jio introduced Smart Home services to make life at home easier. They also launched Jio Bharat, a 4G phone for the remaining 2G users, supporting UPI payments and benefit transfers.
- Reliance Retail’s Growth
Reliance Retail’s revenue in FY23 grew by 30% to Rs 2,60,364 crore. Digital sales played a big role, and footfall and customer growth were impressive.
- Jio Financial Services’ Plans
Jio Financial Services is looking to enter the insurance sector, possibly through partnerships. They have a strong financial platform to back this move.
- O2C Business and Sustainability
Reliance, partnering with BP, revived gas production and aims for net carbon zero by 2035 through renewable energy solutions.
- New Energy Business
Reliance is serious about going green, planning a battery giga factory by 2026 and aiming for 100 GW of renewable energy by 2030. They’re also working on solar, wind, battery, hydrogen, and bio-energy solutions.
- Comprehensive Solutions
Reliance wants to make wind energy equipment and generate wind power. They’re also focused on a full solar PV manufacturing ecosystem and plan to set up 100 CBG plants.
- Conclusion: Looking Forward
Reliance Industries AGM 2023 emphasised growth, technology, and a greener future. With new Ambani leaders and ambitious plans, Reliance is set to shape sectors, innovate, and play a big role in India’s progress.