Reliance Industries’ chairman and managing director 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.

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"RIL is a new age company of distinctive technologies," Ambani said, as he spelt out RIL’s tech focus, adding that the firm is a producer, deployer and democratiser of technology.

Ambani pointed out that Reliance had cumulatively invested more than $150 billion in the past 10 years. Chairman of the oil-to-telecom-retail conglomerate noted that 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.

Reliance Industries also released a statement alongside announcing that the company’s board had recommended the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the Board of Directors. Their appointment will take effect from the date they assume office after approval by the shareholders. Meanwhile, the board also accepted the resignation of Nita Ambani from the board. She will continue as the Chairperson of Reliance Foundation.

Here’s what Mukesh Ambani said about each of Reliance’s businesses at the 46th AGM

Jio

-Jio 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.

-Jio's overall customer base has now crossed 450 million subscribers, reflecting year-on-year revenue growth of over 20 percent. 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.

- JioAirFiber will launch on September 19. It will use Jio 5G network to bypass the need for last-mile fibre connectivity; JioAirFiber can supercharge 5G rollout at homes. The company will launch the Jio Router and Jio Set top box as part of the Jio Fibre rollout.

- Ambani shared five frontiers for Jio’s growth:

*The consumer segment, powered by Jio 5G and Jio Bharat.

*The home segment, turbocharged by Jio AirFiber.

*The Business segment, with its large untapped potential.

*Jio Platforms’ opportunity for global expansion.

*To stay globally competitive, India must harness AI for innovation, growth, and national prosperity.

“Within the RIL Group, we are rapidly augmenting our talent pool and capabilities to swiftly assimilate the latest global innovations in AI, especially the recent advances in Generative AI. Looking ahead, Jio Platforms wants to lead the effort in developing India-specific AI models and AI-powered solutions across domains, thereby delivering the benefit of AI to Indian citizens, businesses and government alike,” he said.

Ambani said RIL is committed to creating up to 2000 MW of AI-ready computing capacity, across both Cloud and Edge locations. "And we will do this while adopting sustainable practices and a greener future," he added.

Reliance Retail

- Isha Ambani said FY23 had been a landmark year for the retail business with stores receiving more than 78 crore footfalls while the registered customer base growing to nearly 25 crore.

- Reliance Retail posted an annual revenue of Rs 2,60,364 crore in FY23, registering a year-on-year growth of 30 percent. It delivered an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore.

-Reliance Retail is among the top 10 most visited digital retailers in the world. It is also the only Indian retailer in the global Top 100 and one of the fastest-growing retailers in the world.

- Reliance Retail currently serves over 98 percent of India’s PIN Codes.

- The retail arm’s digital and new commerce sales contributed nearly Rs 50,000 crore.

- Reliance Retail will be the group's fastest-growing business in terms of revenue and EBITDA, said chairman Mukesh Ambani.

Jio Financial Services

- Ambani announced that JFS will enter the insurance segment to offer life, general, and health insurance products. JFS plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services.

- Every shareholder of RIL has received shares in JFS on a 1:1 basis following the recent demerger of the financial services business. This is equivalent to a mini bonus for the firm's long-term investors.

- JFS has announced a JV with BlackRock to set up an asset management business that will provide simple and trustworthy investment solutions in India. BlackRock is the world’s largest asset management company, managing assets worth over $11 trillion.

Oil to chemicals and new energy biz

- Ambani announced RIL's oil-to-chemical business is well on its way to achieving net carbon zero by 2035.

- He added that the firm’s concurrent priority was to set up a battery Giga factory by 2026. This factory will manufacture battery chemicals, cells and packs, leading all the way up to containerised energy storage solutions, and will include a battery recycling facility to deliver an integrated ecosystem.

- The firm aims to enable the installation of at least 100 GW of renewable energy generation by 2030, he said.

Reliance Foundation

- Nita Ambani said RIL's flagship Dhirubhai Ambani International School continues to be amongst the top IB schools globally, and the number one international school in India for ten consecutive years.

- RIL now looks forward to the opening of the Nita Mukesh Ambani Junior School. The school will be led by Isha. This new school is envisioned as a model school of the future with an Indian soul, Nita said.

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First Published:Aug 28, 2023 2:12 PM IST