From Jio Financial Services to Succession Plan – Here are the top 10 things from Mukesh Ambani’s 2023 AGM speech

On 28 August, Chairman Mukesh Ambani in the 46th AGM of RIL announced a slew of plans for the conglomerate with an aim to bolster India’s growth in the global economy. RIL has cumulatively invested $150 billion in the last 10 years, the biggest by any Indian corporate, its chairman and managing director Mukesh Ambani said. Apart from such amazing announcement, here are top 10 things that you must know from the AGM:

1. Reliance AGM Unveils Ambitious Green Initiatives:

The company unveiled a bold vision for a sustainable future. Reliance is determined to achieve net carbon neutrality by 2035, with a focus on diverse energy platforms including solar, wind, battery, hydrogen, and bio-energy. An imminent priority involves establishing a battery giga factory by 2026, alongside plans to install 100 GW of renewable energy capacity by 2030. The commitment extends to building a comprehensive solar photovoltaic manufacturing ecosystem and establishing 100 Compressed Biogas (CBG) plants within five years, solidifying Reliance’s position as a pioneering force in sustainable energy.

2. The O2C Business to achieve milestones after teaming up with BP:

Teaming up with BP, the KG-D6 block’s gas production has soared from nearly zero to approximately 20 million cubic meters per day in FY 2022-23. The journey continues with plans to elevate gas production to 30 million standard cubic meters per day, which will contribute 30% of India’s total gas production and meet 15% of its current gas demand. Committed to a greener future, Reliance is accelerating its efforts towards net carbon neutrality by 2035. Through the strategic implementation of Renewables and Bioenergy, the company is poised to achieve both sustainable and environmentally responsible business growth under the visionary leadership of Mukesh Ambani.

3. Jio Financial service to enter the Insurance market:

Jio Financial Services is poised to redefine the insurance landscape by venturing into the industry with potential global partnerships. Reliance’s visionary approach has endowed JFS with a substantial net worth of Rs 1,20,000 crore, creating one of the world’s most well-capitalized financial service platforms from its inception. Collaborating with industry giant BlackRock, JFS is set to introduce cutting-edge digital-first investment solutions in India. Larry Fink, CEO of BlackRock, emphasizes that the partnership aims to revolutionize the financial sector by democratizing access to affordable investment solutions throughout India. As JFS continues to innovate, its strategic collaborations promise to shape the future of financial services on a global scale.

4. Reliance’s Retail segment to boost the topline as India’s per capita income soars:

Reliance Retail’s remarkable performance in FY23 stands as a testament to its unparalleled success. Boasting an annual revenue of Rs 2,60,364 crore, the company achieved a remarkable YoY growth of 30%. This accomplishment was further highlighted by an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore. FY23 marked a turning point for Reliance Retail as it welcomed over 78 crore footfalls in its stores and amassed a customer base exceeding 25 crore. Embracing the digital shift, the company’s digital sales soared, accounting for a substantial one-fifth of its revenues, amounting to over Rs 50,000 crore. Mukesh Ambani’s visionary foresight places Reliance Retail in a promising trajectory, poised to become the fastest-growing revenue and EBITDA generator as India’s per-capita economy journeys from $2,500 to $10,000.

5. Jio Unveils True 5G Innovations – A Developer Platform and Cutting-Edge Lab:

In a groundbreaking move, RIL introduces the True 5G developer platform, a revolutionary initiative empowering businesses with network slice control, on-demand activation, and deployment of applications across Jio’s multi-access edge-compute locations. This transformative platform also facilitates seamless access to an array of partner applications within a single suite. In addition, the Jio True 5G lab is set to launch, propelling industry evolution through the utilization of the Jio True 5G suite. These strategic unveilings mark a pivotal step towards unleashing the full potential of 5G technology and shaping the future of connectivity. Speaking on the same Akash Ambani said:

“Today, we are also announcing the Jio True5G Lab, a facility designed to accelerate industry transformation using Jio True5G. In this facility, our technology partners and enterprise customers can develop, test, and co-create multiple industry-specific solutions. The inaugural Jio True5G Lab will be located at the Reliance Corporate Park, acting as the nerve centre for shaping India’s 5G future,”

6. Jio Smart Home services to redefine our homes:

Reliance Industries Limited (RIL) takes a giant leap into the future with the unveiling of Jio Smart Home services. Leveraging the power of JioFiber and Jio AirFiber, this innovative offering encompasses a range of devices designed to redefine our living spaces. The centerpiece is the Jio Set-Top box, an all-encompassing hub that delivers TV channels, digital apps, streaming content, and immersive large-screen games. The introduction of the Jio Smart Home app further enhances the experience, providing an electronic remote control for the set-top box. Acknowledging the dominance of indoor data consumption in India, Akash Ambani, Chairman of Reliance Jio Infocomm, expressed his enthusiasm for the transformative potential of Jio Smart Home services, poised to reshape how we perceive and manage our homes.

7. Mukesh Ambani to be the MD and Chairman for the next 5 years:

Mukesh Ambani’s daughter Isha Ambani, and his sons Akash and Anant Ambani will be joining the RIL board as non-executive directors. Their appointments received a nod from the board of directors in the meeting held earlier in the day, and would come into effect following the approval from shareholders. Further Neeta Ambani steps down from the board of management seat but would continue to be a permanent invitee to all the board meetings. A shock wave was witnessed by the investors as  Mukesh Ambani declared that he would be stepping down as the chairman and managing director of Reliance industries after a term of 5 years.  

8. Jio AirFiber to be launched on the occasion of Ganesh Chaturthi on 19 September:

Reliance Jio will launch its AirFiber service on the occasion of Ganesh Chaturthi on 19 September, announced Mukesh Ambani in his speech at the 46th Annual General Meeting on Monday. With this, the company plans to provide 1,50,000 connections per day. The company claims to expand Jio’s network to over 200 million users. The company claims that it has around 10 million JioFiber customers and the network is spread across 1.5 million kms.

“Jio AirFiber uses a pan India 5G network to bypass the need of last mile fibre. With Jio AirFiber we can supercharge internet expansion to 150,000 connections per day,” claimed Mukesh Ambani in his AGM speech.

9. The company goes big on Jio:

Mukesh Ambani, the chairman of Reliance Industries, announced that Jio, the company’s telecommunications division, is set to deploy one million 5G cells by December 2023. Further, Ambani has unveiled an intriguing update – the launch of the Jio Bharat economical smartphone, available at a mere cost of Rs 999. This device is furnished with a variety of functions intended to address a diverse array of user requirements. Users have the opportunity to partake in live TV, seamlessly stream multimedia content, indulge in digital photography, and effortlessly conduct UPI transactions via JioPay.

10. Reliance Foundation ties up with Melinda Gates Foundation

In partnership with the Bill and Melinda Gates Foundation, the company launched a special initiative to empower one million women entrepreneurs across India. Over the next three years, this initiative will support and engage women in farm and non-farm income generating activities, helping them achieve an annual income of at least ₹1 lakh.

“The Gates Foundation and Breakthrough Energy are excited to partner with Reliance. I believe there is no problem too big for the innovators of India and the world. I look forward to making continued progress against some of the world’s greatest challenges together—and helping many more people live healthy, productive lives,” he added.