RIL AGM 2022 Updates: Mukesh Ambani-led Reliance Industries Ltd hosted its 45th Annual General Meeting (AGM) on Monday, 29 August. Mukesh Ambani in his keynote address said that Reliance will invest Rs 2 lakh crore to roll out 5G services in India. The company will launch Jio 5G in metro cities Delhi, Mumbai, Chennai and Kolkata by Diwali this year. He added that RIL has prepared the world’s fastest 5G rollout plan. “By Diwali, we will launch Jio5G across multiple key cities. By Dec’23, we will deliver 5G to every town of India,” Mukesh Ambani said. The company plans to connect 100 million households with high speed fixed broadband in 18 months.
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All three have fully inherited our Founder's Mindset. They are First Among Equals in a young team of leaders and professionals who are already doing amazing things at Reliance. Of course, all of them are being mentored on a daily basis by our senior leaders, including myself and the Board of Directors
A highlight of the AGM was Mukesh Ambani's emphasis on succession planning. He concluded his address by seeking everyone's blessings for the “Gen next taking over the reins confidently. With Akash heading Jio, Isha heading Retail and Anant heading Energy the plans are clearly spelt out. Mukesh Ambani's promise to double the value of the company by 2027 is reassuring. His commitment to India and faith in the India Growth Story remains as strong as ever. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Reliance Industries (RIL) chairman Mukesh Ambani on Monday said India stands as a beacon of growth and stability amid global crisis. There is severe economic stress in many parts of the world, Ambani said at his company RIL’s 45th annual shareholders’ meeting. “The world has almost overcome the COVID-19 pandemic. However, there is uncertainty…owing to heightened geopolitical tensions and global risks,” he said. Read full story
Reliance Industries has commenced its journey to become net carbon zero by 2035 with a set of concrete actions, chairman Mukesh Ambani said at the company’s 45th AGM. “Within one year, the renewable energy consumption at Reliance jumped by 352 per cent,” he said at the annual general meeting of shareholders. “Decarbonising the global economy will require multi-decade investments in Green and Clean Energy to the tune of $5 trillion per year globally. This also offers unprecedented opportunities for multi-decade growth,” he added. Read full story
Reliance Industries share price ended 0.7% down at Rs 2,600. In the last five years, shares of RIL share price saw mixed trends on the company’s AGM day. Last year, in 2021, RIL share price declined 2.4 per cent to close the day at Rs 2,153.50 apiece. In 2020, RIL share price on AGM day fell 3.8 per cent; while in 2019, stock markets were closed on RIL’s AGM day due to Bakri-id, but the stock soared 9.72 per cent on the next day.
Our next-gen leaders are confidently taking over the reins across businesses. Akash and Isha have assumed leadership roles in Jio and Retail respectively. Anant has also joined our New Energy business with great zeal: Mukesh Ambani
New India will have increasingly higher expectations from Reliance. Reliance must quickly, and vastly, increase its contribution to the prosperity of India, and the wellbeing of all Indians: Mukesh Ambani
RIL share fell yet again on Reliance AGM day. Stock was down 1%. In the last five years, shares of RIL share price saw mixed trends on the company’s AGM day. Last year, in 2021, RIL share price declined 2.4 per cent to close the day at Rs 2,153.50 apiece. In 2020, RIL share price on AGM day fell 3.8 per cent; while in 2019, stock markets were closed on RIL’s AGM day due to Bakri-id, but the stock soared 9.72 per cent on the next day.
It has been my personal privilege to have attended every single AGM of Reliance over the past 45 years. This year, 2022, is a happy milestone in my association with Reliance – I complete two decades of serving your company as its Chairman: Mukesh Ambani
Today, Reliance has grown into one of the world’s largest and most valuable business enterprises. It has become a feather in India’s cap as a National Institution: Mukesh Ambani
We are working on a 10-year blueprint that will make our Foundation bigger and more impactful. I will share the plans with you in the coming year: Isha Ambani
“We welcomed the first batch of 120 students last month for post graduate programmes. And we will launch the Nita Mukesh Ambani Junior School as an expansion to Dhirubhai Ambani International School,” Isha Ambani said.
Reliance Foundation has touched the lives of over 63mn people, across 60,000 villages and urban locations. In Rural Transformation, we have helped over 14.5 million people earn better livelihoods and lead better lives, Isha Ambani said.
Our New Energy business will help India become a net exporter of green energy. Most importantly, Reliance aspires to make India a world leader in new energy manufacturing and a credible alternative to China: Mukesh Ambani
RIL's captive requirement provides a large base-load demand to accelerate ₹75,000cr commitment to establish New Energy manufacturing ecosystem. Once proven at scale, we are prepared to double the investment to scale up our mfg ecosystem: Mukesh Ambani
Reliance is actively working on bio-energy. I am happy to inform you that Reliance has inaugurated Phase I of its Bio-Energy Technology (BET) Centre at Jamnagar on August 15, 2022: Mukesh Ambani
We aim to progressively commence transition from Grey Hydrogen to Green Hydrogen by 2025, after proving our cost and performance targets: Mukesh Ambani
“We are one of the largest producers of Grey Hydrogen globally. We have partnered with Stiesdal to accelerate cost reduction and commercialisation of their Pressurised Alkaline Electrolyzer technology,” Ambani said.
“We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell to pack manufacturing facility by 2024, and further scale up to 50 GWh annual capacity by 2027,” Mukesh Ambani said
Batteries are critical to promote Green Mobility and stationary applications. We have formed strategic partnerships with Lithium Werks, Faradion and Ambri, each of them being an industry disruptor with superior chemistry, better performance: Mukesh Ambani
“We will invest in Glass and POE film manufacturing – both having natural synergies with our Chemical and Materials business. It will provide supply security, unparalleled cost advantage, and ability to capture chain margins with max recycling,” Mukesh Ambani
“This will be first of its kind of ‘quartz-to-module’ facility globally from quartz, to metallurgical silicon, to polysilicon, to ingots and wafers and integrate them with cells and modules,” Mukesh Ambani said
For solar PV manufacturing, we have acquired REC Solar. Our 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024 and scale up to 20GW capacity by 2026, Mukesh Ambani said at RIL's 45th AGM.
Last year, I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories. Today, I would like to announce our new Giga Factory for Power Electronics: Mukesh Ambani
Decarbonising the global economy will require multi-decade investments in Green and Clean Energy to the tune of $5 trillion per year globally. This also offers unprecedented opportunities for multi-decade growth, Mukesh Ambani said.
Reliance has commenced its journey to become net carbon zero by 2035 with a set of concrete actions. Within one year, the renewable energy consumption at Reliance jumped by 352%, Mukesh Ambani said.
Mukesh Ambani at RIL 45th AGM said “Our scientists have also developed pathways to produce biodegradable and compostable plastics to completely replace single-use plastics”.
Reliance has championed the cause of sustainability through circular economy and is India’s leader in recycling of polyesters and plastics. We will more than double our bottle recycling capacity to 5 billion bottles a year: Mukesh Ambani
“I am excited to announce that this year, we will launch our fast-moving consumer goods business. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs,” Isha Ambani said
“I am pleased to share that over the next 5 years, we will invest ₹75,000 crore and expand capacities in existing and new value chains. In Polyester value chain, Vinyl value chain and New Materials,” Mukesh Ambani said.
For our O2C business, this was yet another year of superlative performance. It crossed Rs 5 lakh crore in annual revenues. The EBITDA crossed Rs 50,000 crore: Mukesh Ambani
Let me congratulate our Oil & Gas team for a spectacular turnaround, with production jumping 9x and revenues crossing $1bn. With the commissioning of the MJ Field by end-2022, KG-D6 will contribute ~30% of India’s gas production: Mukesh Ambani
Reliance Chairman Mukesh Ambani announced to launch FMCG business this year
“We rolled out JioMart Digital (JMD) initiative during the year. It enables small merchants sell entire product portfolio of Reliance Retail on an assisted selling model, helping them deliver superior customer experience and growing their income,” Isha Ambani said.
Isha Ambani at RIL 45th AGM said,” Our digital commerce platforms of http://reliancedigital.in and JioMart provide comprehensive omni-channel network, enabling us to deliver 93% online orders from stores within 6 hours”.
Isha Ambani said that Reliance Digital strengthened company's own brands’ presence by launching several new products across categories of Staples, Home, Personal Care and General Merchandise. “Further, we launched our WhatsApp-JioMart partnership,” Isha Ambani said.
Reliance opened over 2,500 stores in the year to take our store count to over 15,000, with area of 42 mn sq-ft. We doubled warehousing space to 670 mn cu-ft. We generated employment for more than 1,50,000, taking employee base to 360,000, Isha Ambani said
Isha Ambani said, “Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year. JioMart, delivering in over 260 towns, was rated India’s number 1 trusted brand for online grocery.”
Isha Ambani said, “We served over 200 million registered customers, equivalent to the collective population of the UK, France and Italy, at Reliance Retail’s physical stores and digital platforms.”
RIL AGM 2022 LIVE: Mukesh Ambani said,” Let me congratulate the entire leadership team of Reliance Retail on achieving a record of Rs 2 lakh crore turnover and an EBITDA of Rs 12,000 crore. Today, Reliance Retail is among the Top-10 Retailers in Asia.”
Jio4G, JioFiber, and now Jio5G, are uniquely positioned for best quality, high value digital connectivity solutions. India can lead the world with digital solutions that solve humanity’s biggest problems in Sustainable Development: Mukesh Ambani
As India celebrates 75 yrs of Independence, with Reliance Jio, we are committed to developing the digital infrastructure that enables the success of citizens and businesses, and achieves the New India: Cristiano Amon, CEO, Qualcomm
We are privileged to have world’s leading tech cos as partners in our ‘Made in India’ 5G collaboration viz. Meta, Google, Microsoft, Ericson, Nokia, Samsung, Cisco. “Today, I announce exciting partnership with Qualcomm,” Mukesh Ambani said.
With 5G being rolled out in India, the current 800 million connected internet devices will double to 1.5 billion connected internet devices in just a year: Akash Ambani
Akash Ambani said, “We are excited by the endless possibilities of Jio 5G, and technology, to serve humanity and to improve lives of hundreds of millions of our citizens. For example, in Agriculture, Healthcare or Education sectors.”
Using JioAirFiber, customers can opt to use a virtual PC – Jio Cloud PC. No upfront investments, no upgrades. A super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business: Kiran Thomas, President, RIL
Akash Ambani said that because of Gigabit speed of JioAirFiber, company can deliver multiple video streams, showing multiple camera angles at same time and that too in ultra-high definition, and can dynamically choose which camera angle company wants to focus on
Very soon Jio True 5G experience centres will be opened
Akash Ambani at RIL's 45th AGM said that Jio 5G gives ultra-high fiber-like speed over the air without any wires. “We are calling it JioAirFiber. With JioAirFiber, it will be real easy to quickly connect your home or office to Gigabit-speed Internet
Akash Ambani at 45th AGM said that Jio True 5G delivers breakthrough increases in broadband speed and drastically lowers latency. We don’t get 1 Gbps even on many of the fixed broadband networks in our country