NEW DELHI: Reliance Industries held its 45th Annual General Meeting (AGM) on Monday. This is the third time that RIL has virtually conducted its AGM.
Over the years, Mukesh Ambani’s annual speech to investors has evolved into a highly anticipated statement about his $ 222 billion empire.
Speaking to shareholders today, Ambani said there is severe economic stress in many parts of the world, but India has shown good resilience.
“There is uncertainty due to heightened geopolitical tensions and global risks. In the midst of the global crisis, India stands as a beacon of growth and stability,” he said.
In a long-awaited succession plan, the head of RIL introduced his daughter Isha as the leader of his conglomerate’s retail business as he details succession planning at India’s most valuable company.
Additionally, Ambani said his youngest son Anant will be the leader of the company’s new energy business.
Here are the key points of RIL’s AGM:
* Rs 2 lakh crore investment in Jio 5G
Reliance Jio plans to invest Rs 2 lakh crore for its 5G network, Ambani told AGM.
The company plans to launch high-speed services in key Diwali cities and across India by December 2023.
Jio, the nation’s largest telecom operator, has implemented a standalone 5G stack rather than upgrading the existing 4G network, to deliver ultra-high-speed internet, he said.
“To build our true pan-Indian 5G network, we have committed a total investment of Rs 2 lakh crore. Jio has prepared the fastest and most ambitious 5G deployment plan ever for a country of our size. Within the next two months. This is from Diwali, we will be rolling out Jio 5G in more key cities, including the metropolitan cities of Delhi, Mumbai, Chennai and Calcutta, “he said.
The company stressed that it is fully ready for 5G deployment in the shortest period of time, supported by the presence of fiber nationwide, an all-IP network with no legacy infrastructure, an indigenous 5G stack and strong global partnerships across the country. technological ecosystem.
* WhatsApp-JioMart partnership
Meta and Jio Platforms have launched an end-to-end shopping experience, where users can purchase from the JioMart e-commerce platform via WhatsApp chat.
The new experience will allow customers to browse the JioMart catalog, add products to the cart and make purchases within WhatsApp
The launch is part of a strategic partnership between Meta and Jio Platforms to accelerate India’s digital transformation and provide people and businesses of all sizes the opportunity to connect in new ways and fuel economic growth in the country.
Demonstrating the process for users, Reliance Retail Chief Isha Ambani said, “Throughout the year, we have strengthened our brand presence by launching several new products in the categories of commodities, home, personal care and merchandise in general. In addition, we have launched our WhatsApp- JioMart Partnership. ”
He also added that RIL’s digital commerce platforms – Reliance Digital and JioMart provide a complete omnichannel network, enabling us to deliver 93% of online orders from stores within 6 hours.
* Qualcomm partnership
Having partnered with leading global technology companies such as Meta, Google, Microsoft, Ericsson and others, Reliance has now announced its latest partnership with Qualcomm.
This partnership between Qualcomm and Jio will develop 5G solutions for India, Mukesh Ambani said.
Speaking at Reliance Industries’ 45th AGM, he said the company is partnering with Google to develop ultra-affordable 5G smartphones and Google Cloud.
It has now partnered with Qualcomm to develop a 5G solution for India that can be taken to the rest of the world, he added.
* Reliance Retail to launch the FMCG business
Reliance Retail will launch its FMCG business this year, said Reliance Retail Ventures Ltd director Isha Ambani.
The goal of this activity will be to develop and supply products and solve the daily needs of every Indian, with high quality products at affordable prices, he said addressing the annual general meeting of Reliance Industries.
“This year we will launch our FMCG business,” he said.
Additionally, Reliance Retail will begin marketing products manufactured by Indian artisans.
“As part of our commitment to India’s rich culture and heritage, we will soon begin marketing quality products produced by tribal and other marginalized communities across India,” said Isha Ambani.
* Rs 75,000 crore of investment in petrochemicals
RIL will invest Rs 75,000 crore over the next five years to expand petrochemical capacity, its president Mukesh Ambani said.
The investments will include the creation of a PTA plant, expansion of polyester capacity, triple the capacity of the vinyl chain and a chemical unit in the United Arab Emirates.
* New energy deals
Announcing Reliance’s new energy business, Mukesh Ambani said, “The sheer scale of this responsibility and opportunity has made our new energy business far more ambitious, far more transformative and far more global in scope than anything Reliance has ever had. done before “.
Today announced the new RIL giga factory for power electronics.
Last year, Ambani announced the creation of the pf Dhirubhai Ambani Green Energy Giga complex in Jamnagar to set up 4 gig factories.
“For the production of solar photovoltaics, we have acquired REC Solar. Our 10 GW photovoltaic cell and module factory in Jamnagar, based on REC technology, will start production by 2024 and will increase to a capacity of 20 GW by 2026. “said Ambani.
This will be the first of its kind of “quartz-module” structure globally from quartz, metallurgical silicon, polysilicon, ingots and wafers and integrate them with cells and modules, he added.
(With input from agencies)
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