RIL AGM Highlights: Jio 5G roll-out by Diwali, FMCG biz launch, Qualcomm partnership; all Mukesh Ambani said | The Financial Express

RIL AGM Highlights: Jio 5G roll-out by Diwali, FMCG biz launch, Qualcomm partnership; all Mukesh Ambani said

Reliance Industries (RIL) chairman Mukesh Ambani on Monday said India stands as a beacon of growth and stability amid global crisis

RIL AGM Highlights: Jio 5G roll-out by Diwali, FMCG biz launch, Qualcomm partnership; all Mukesh Ambani said
High inflation and supply disruptions threaten to trigger a global recession. Amidst this widespread unpredictability, India stands tall as a beacon of growth and stability

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. He further said that there is severe economic stress in many parts of the world. The billionaire stressed how rising fuel, food and fertiliser prices are impacting everyone. “High inflation and supply disruptions threaten to trigger a global recession. Amidst this widespread unpredictability, India stands tall as a beacon of growth and stability,” Ambani said.

Jio 5G to be launched in Delhi, Mumbai, other metros by Diwali 2022

In his speech, Ambani announced that Reliance will launch India into the top-10 league in fixed broadband adoption. ” JioFiber is now the number 1 FTTX service provider in India, with over 7mn connected premises – a feat achieved in less than two years despite COVID-19 lockdowns. We will launch India into the Top-10 league in fixed broadband adoption, ” he said. Ambani’s Reliance has planned a 5G roll-out plan in the country. The company is all set to launch Jio 5G services by Diwali this year in Delhi, Mumbai, Chennai and Kolkata. “By December 2023, we will deliver 5G to every town of India,” said Mukesh Ambani.

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Reliance partners with Qualcomm

He further announced that Reliance Industries plans to connect 100 million households with high speed fixed broadband soon. Reliance’s telecom arm Jio has committed a total investment of Rs 2 lakh crore to roll out 5G services. Very soon, Jio True 5G experience centres will be opened, announced Mukesh Ambani’s son Akash. Mukesh Ambani also announced Reliance partnership with 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 an exciting partnership with Qualcomm,” Ambani said.

Reliance to launch FMCG business this year

Ambani’s daughter Isha in her speech said Reliance is set to launch its FMCG business this year. “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. RIL is also planning to invest Rs 75,000 crore in existing and new value chains. “I am pleased to share that over the next 5 years, we will invest Rs 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.

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In his keynote address, Ambani stated that Reliance will more than double its bottle recycling capacity to 5 billion bottles a year. “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,” he said. He further said that their scientists have also developed pathways to produce biodegradable and compostable plastics to completely replace single-use plastics.

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