Reliance Industries’ chairman Mukesh Ambani addressed the 46 annual general meeting (AGM) of shareholders on August 28 where he said "new Reliance" is the forerunner of emerging India. Here are the key highlights from the speech.

Addressing the shareholders, Ambani highlighted that RIL has cumulatively invested more than $150 billion in the last 10 year.

Reliance’s FY23 consolidated revenue stood at Rs 9.74 lakh crore, EBITDA at Rs 1.53 lakh crore and profit at Rs 73,670 crore.

Putting a firm succession plan in place, the Reliance board recommended appointment of Isha Ambani, Akash Ambani and Anant Ambani on the Board of Directors. While Mukesh Ambani will remain RIL chairman for next 5 years, Nita Ambani stepped down from the Board. She will continue as the Chairperson of Reliance Foundation.

Speaking about Jio, Ambani said the overall customer base has now crossed 450 million subscribers, reflecting a year-on-year revenue growth of over 20 percent. "Jio have witnessed another year of outstanding growth, posting an all-time high revenue of Rs 1,19,791 crore and an EBITDA of Rs 50,286 crore," Ambani said.

Per-user data consumption on Jio’s network has also surged, with the average user now consuming over 25 GB every month. This translates to monthly data traffic of 1100 crore GBs, representing a 45 percent year-on-year growth.

Jio Platforms will now focus its efforts on "India-specific artificial intelligence (AI) models and AI-powered solutions across domains". Ambani said "Jio promises AI to everyone, everywhere".

Speaking about JioFiber, Ambani said that it has crossed 10 million subscriptions. He also announced the launch of JioAir Fiber on September 19. AirFiber is an ultra-high-speed 5G hotspot device to deliver fiber-like 5G speeds at home or office without any wires.

Jio Financial Services will enter insurance sector with global partners, Ambani said. It will enter the insurance segment to offer life, general, and health insurance products.

Ambani said that Reliance Retail will be the group's fastest growing business in terms of revenue and EBITDA. Reliance Retail posted an annual revenue of Rs 2,60,364 crore in FY23. It registered a year-on-year growth of 30 percent.

It also delivered an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore.

Ambani also said that Reliance will set up a battery GIGA factory by 2026. The company will target 100 GW renewable energy capacity by 2030.