Reliance Industries 46th AGM Today: Unveiling of Major Developments and Future Plans

Reliance Industries 46th AGM Today
Reliance Industries 46th AGM Today

by Tanushree Jaiswal Last Updated: Aug 28, 2023 - 05:43 pm 376 Views

At the 46th Annual General Meeting (AGM) of Reliance Industries, Chairman Mukesh Ambani shared his vision for Reliance Jio, highlighting its role as a catalyst for India's digital transformation. He expressed that Jio's ambitious mission to turn India into a Premier Digital Society has been instrumental in the country's spectacular digital journey. Ambani emphasized that Jio's ambitions now extend beyond India's borders.

Jio's Remarkable Data Consumption Growth

Ambani revealed that Jio's network has witnessed a significant surge in data consumption. The average user on Jio's network now consumes over 25 GB of data every month. This remarkable growth translates to a monthly data traffic of 1100 crore GBs, reflecting a substantial year-on-year increase of 45%.

Jio's 5G Expansion and Technology Leadership

The AGM highlighted Jio's rapid strides in the 5G arena. In just nine months, Jio's 5G services have been extended to cover 96% of Indian towns. Ambani announced Jio's ambitious plan to achieve nationwide 5G coverage by the end of the year. Notably, Jio has already operationalized 85% of India's total 5G cells, positioning itself as a leader in the 5G landscape.

Seamless Transition to 5G and Technological Prowess

Mukesh Ambani reassured the audience that Jio is fully equipped to transition its existing 4G customer base to 5G without incurring additional capital expenditure. He emphasized Jio's transformation from technology implementers to creators, underlining the fact that Jio's 5G rollout is powered by its proprietary, homegrown 5G stack.

Jio's Expanding Footprint and Job Creation

The AGM also highlighted Jio's continuous contribution to job creation in India. Reliance Industries has added an impressive 2.6 lakh jobs across its various businesses in the last fiscal year. This demonstrates the conglomerate's commitment to fostering economic growth and providing livelihood opportunities to numerous individuals.

Jio's Foray into Smart Home Services

In a bid to redefine home experiences, Jio unveiled its Smart Home Services. The company's extensive Jio Fiber service, which already serves over 10 million customers, is set to extend its reach to more than 200 million homes and other premises. The introduction of Jio Smart Home Services aims to transform how people manage and interact with their living spaces.

AI-Powered Solutions and Future Initiatives

Mukesh Ambani declared Jio's promise to bring Artificial Intelligence (AI) to everyone and everywhere. Additionally, the announcement of the Jio True5G Developer Platform is expected to accelerate innovation across industries. Jio's commitment to AI technology is rooted in India's immense scale, data availability, and talent pool. The company aims to create up to 2000 MW of AI-ready computing capacity.

Reliance Retail's Strides and Valuation

Reliance Retail's valuation has shown remarkable growth, surging from ₹4.28 lakh crore in 2020 to ₹8.28 lakh crore. The retail division's revenue reached ₹2,60,364 crore in FY23. The AGM highlighted Reliance Retail's position among the top ten most-visited retailers globally. The company's digital and new commerce sales significantly contributed to revenue, with registered customers nearing 25 crore.

Jio Financial Services and Sustainability Initiatives

Jio Financial Services (JFS) will enter the insurance sector, offering life, general, and health insurance in partnership with BlackRock, a top asset management company with over $11 billion. This collaboration aims to provide innovative, affordable, tech-driven solutions. BlackRock's Chairman, Larry Fink, praised Jio's AI ambitions during the AGM.

Reliance Foundation's Educational and Empowerment Initiatives

Reliance Foundation is a part of the company that helps with education and making people stronger. Reliance Foundation's commitment to education and empowerment was evident during the AGM. The foundation plans to support 50,000 students over the next decade through initiatives like the Nita Ambani Junior School. Collaboration with the Bill & Melinda Gates Foundation aims to empower one million women entrepreneurs. 

Leadership Additions

The Board of Directors recommended the appointment of Isha M. Ambani, Akash M. Ambani, and Anant M. Ambani as Non-Executive Directors. Mukesh Ambani announced that his spouse, Nita Ambani, has tendered her resignation from the conglomerate's board. However, she will maintain her role as the chairperson of the Reliance Foundation.

Jio AirFiber To Launch on Sept 19

On September 19, coinciding with Ganesh Chaturthi, Reliance is introducing JioAirFiber, a groundbreaking internet service. It has the capability to establish 150,000 daily connections, outpacing traditional fiber-based broadband by tenfold. Over the past decade, Reliance invested $150 billion in advancements. With 10 million subscribers already using JioFiber, the launch of JioAirFiber is expected to further drive high-speed internet expansion. 

Reliance Renewable Plan

Reliance has set a bold target of achieving 100 GW of renewable energy capacity by 2030. To meet this goal, they plan to establish a battery Giga factory by 2026 and a solar cell manufacturing unit by 2025. They are also investing in green hydrogen, biofuels, and carbon capture technologies. This demonstrates Reliance's commitment to sustainable energy and combating climate change.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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