RIL 47th AGM 2024 August 29 highlights: Reliance Industries’ 47th AGM focussed on the growth trajectory that RIL has undertaken. Though there was no specific detail shared about the Reliance Jio and Retail’s IPO timeline, Mukesh Ambani charted out a string growth path over the next 3-4 years. He expects the Jio and Retail businesses to double revenue and EBITDA in the next 3-4 years .
Mukesh Ambani believes that “Jio and Retail are expected to double their revenues and EBITDA in the next 3-4 years. I see immense growth potential in our media business. Our New Energy business will be the new jewel in Reliance’s crown. I foresee it becoming as big and profitable over the next 5-7 years, as our O2C business which we had built over the past 40 years. And I am confident that Green fuels and AI-based solutions will become long-term growth engines for Reliance.”
Speaking on RIL‘s growth prospects, Mukesh Ambani says company is on track to double its size before end of this decade, ” O2C, Retail, Jio, Media, and Green Energy and fuels. We are uniquely positioned to grow new businesses around the adjacencies of all these growth engines. Today, three of these engines have a valuation of over $100 billion each, and they will continue to grow even faster.”
Mukesh Ambani highlighted, “New Energy business will be truly unique—delivering cash flows that are less cyclical and more predictable. I am, therefore, confident that in the next 5 to 7 years, our New Energy growth engine can aim to deliver an earning capacity, like what our existing O2C business earns.”
Mukesh Ambani says, “We have secured access to nearly 2,000 acres of land at Kandla port, which complements our existing marine infrastructure at Jamnagar. This integrated coastal infrastructure will provide us with an unparalleled competitive advantage for the production, storage, evacuation, and shipping of green fuels to various markets in India and across the globe, ensuring we fetch the highest value for our green fuel molecules.”
Mukesh Ambani says “We have leased arid wasteland in Kutch, just 250 kilometres from Jamnagar. This wasteland has the potential to generate about 150 billion units of electricity in the next 10 years — providing nearly 10% of India’s energy requirements today. We have already begun significant project development work and are building our own transmission infrastructure to bring online solar generation projects that will deliver stable, renewable energy on a round-the-clock basis (RE-RTC) at GW scale, in a phased manner commencing 2026.”
According to Mukesh Ambani “The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world’s largest, most modern, modular, and integrated ecosystem at a single location. We are on track to fully commit and invest up to Rs 75,000 crore to establish this manufacturing ecosystem, extensively enabled by all emerging technologies including AI, IoT, Machine Learning, and Robotics. “
Mukesh Ambani says he targets accelerating renewable power production and RIL plans “deep understanding of electro-chemistry, combined with our ability to industrialise at scale and integrate with low-cost solar energy, gives us a unique advantage in delivering green hydrogen and green fuels at the most economical cost. To achieve this, we have begun work on establishing a fully automated, multi-GW electrolyser manufacturing facility on the west coast of India, which will be ready by 2026.”
Mukesh Ambani says, “We have begun construction of an integrated advanced chemistry-based battery manufacturing facility with a 30 GWh annual capacity at Jamnagar. Production will commence by second half of next year. We will start by assembling Battery Energy Storage Systems (BESS) for utility scale applications and pack solutions for residential, commercial, industrial, telecom, and mobility markets. Progressively, over the next few quarters, we will integrate backward to cell manufacturing and eventually to battery chemicals production.”
Mukesh Ambani highlighted that the “fuel retailing joint venture with BP, Jio-bp, is setting new benchmarks in the industry. We are proud to offer high-performance diesel that delivers 4.3% extra mileage per litre at no additional cost across our 1,778 outlets nationwide. In addition, we launched the country’s only truck driver loyalty program and now operate 105 convenience stores at our fuel stations, providing added value to our customers.”
Mukesh Ambani says “enriching India’s kisans and MSMEs by procuring their quality produce. We are sourcing more from tribal areas. We are promoting women entrepreneurs.”
Mukesh Ambani while speaking Reliance Retail said that this fast growing retail business is now
-Among the Top-5 global retailers in terms of number of stores
-Among the Top-10 retailers in terms of market capitalisation
-Among the Top-20 retailers in terms of number of employees
-Among the Top-30 retailers in terms of revenues.
Mukesh Ambani speaking on the partnership with Disney, “This marks the beginning of a new era in India’s entertainment industry. We are combining content creation with digital streaming. Our digital-first approach will deliver unparalleled content at affordable prices. We will cater to every consumer’s tastes. We will provide world-class digital entertainment across the spectrum. We are excited about this partnership.”
Mukesh Ambani highlighted the growth in RIL‘s media and entertainment business and said, ” JioCinema’s new subscription pack is a game-changer. It offers OTT originals, reality shows, blockbuster movies, and top content from HBO, Paramount, and NBCU. In just 100 days, JioCinema crossed 15 million paying subscribers. This is the fastest growth in this category.”
“Jio poised to be a cornerstone of India‘s digital future. Led by momentum in connectivity we are targetting to double revenue and EBITDA over next 3-4 years.”
The RIL stock has seen a significant upmove on bonus issue announcement. The RIL board will consider 1:1 bonus issue on September 5.
Mukesh Ambani highlights, “Jio users will get up to 100 GB of free cloud storage, to securely store and access all their photos, videos, documents, all other digital content, and data. And we will also have the most affordable prices in the market for those needing even higher storage.”
Mukesh Ambani in his address to RIL shareholders in the 47th AGM after IPO highlighted that, “India on track to become the largest supplier of high-paying human resources globally.”
Mukesh Ambani says RIL is committed to “democratising AI usage. Laying the ground work for a truly national infrastructure. To establish Gigawatt-scale AI-ready data centres in Jamnagar powered entirely by Reliance’s green energy.”
Mukesh Ambani says he is “confident of reaching our target of 100 million home broadband customers at record speed. We are also targeting over 20 million small and medium businesses, bringing them the connectivity to thrive in today’s digital age. But what excites us the most is the potential to connect India’s 1.5 million schools and colleges, over 70,000 hospitals, and 1.2 million doctors.”
Mukesh Ambani says, ” launched JioAirFiber, our 5G-based home broadband service, last October. JioAirFiber offers high-speed broadband across India, fulfilling customer orders faster than possible with optical fibre. In just over six months, we acquired our first one million air fibre.”
Mukesh Ambani while addressing shareholders at 47th AGM after IPO highlighted that Jio is among India‘s largest patent holders with 350+ patents in 5G and 6G.
Reliance Industries Board will consider 1:1 bonus issue on September 5, 2024.
Last year, the company floated the financial services business as a separately listed company. Today, JioFinancial Services is worth nearly Rs 2.2 lakh crore in market capitalisation. Jio Financial Services will continue to create great value for the society, said Mukesh Ambani.
The market cap of newly listed Jio Financial exceeded Rs 2,2 Lakh crore.
“Our Founder believed that the shareholders deserve to be rewarded as our company progresses,’ says RIL CMD Mukesh Ambani, while announcing the company’s plan to consider a 1:1 bonus,” said Mukesh Ambani, Chairman of Reliance Industries.
Mukesh Ambani while addressing shareholders highlighted that RIL is focussing on digital growth and filed patents in 6G, 5G, AI-LLMs , AI deep learning, big data, devices, IoT.
RIL spent over Rs 3,643 crore in R&D in FY24. Its R&D spend is over Rs 11,000 crore. Last year it filled 2,555 patents.
“Reliance now has become a net producer of technology embedding innovative tech in every single business,” said Mukesh Ambani while speaking at the 47th AGM of the company.
“We are not in the business of short-term business and hoarding of wealth. We are int eh business of creating wealth for the nation,” said Mukesh Ambani.
The 47th RIL AGM kickstarts. Mukesh Ambani begins speech with congratulating PM Modi for winning elections the third time.