During its 46th Annual General Meeting (AGM), Reliance made a number of new announcements. One of these was the start date for its Jio AirFiber, which uses a 5G network to provide internet speeds similar to those of a broadband connection. The Jio AirFiber will go live on September 19, which is Ganesh Chaturthi. In the same way, the company talked about its new plan to upgrade more than 200 million 2G users to 4G with affordable devices like Jio Bharat, a 4G feature phone that can watch videos, make UPI payments, and more. The company also said that it is making its own 5G products and that by the end of 2023, it will have more than 1 million 5G cells. With Jio Smart Home services, the company is also working on ways to connect homes. Reliance is also working on AI models for India, and by 2026, they will also have set up a Giga plant for batteries.
were all put on the board of RIL: Ambani said that his children have been "actively involved" in the company's business for many years and that they are "well-qualified" to take on the duties of non-executive directors.
Continued growth and profits: Ambani said that RIL's sales grew by 30% year over year to Rs. 260,364 crore in FY23, while profits grew by 25% to Rs. 9,181 crore. He said that the company's progress was due to the fact that all of its businesses were doing well.
Innovation and sustainability: Ambani said that RIL is committed to investing in new technologies that will drive growth and sustainability. He talked about how the company was investing in 5G, clean energy, and digital tools.
Plans for growth: Ambani said that RIL wants to grow its businesses in retail, banking services, and energy. He said that the company will open 25,000 new retail stores and start offering new financial goods and services over the next five years. He also said that RIL plans to put a lot of money into green energy with the goal of becoming a net-zero carbon emitter by 2035.
Jio AirFiber: Reliance Industries Chairman Mukesh Ambani said that Jio AirFibre would be released on August 28, 2023, at the 46th Annual General Meeting (AGM) of the business. It is a high-speed internet service called fiber-to-the-home (FTTH) that will offer speeds of up to 1 Gbps. By the end of 2023, it will be sold in 1,000 towns across India.
RIL plans to build a Giga factory for batteries by 2026. The building will also have a unit for recycling batteries. The company is also working to make sodium ion cells commercially available and to connect energy storage to wind and solar power.
Jio's platform wants to build AI models for India and has promised to make 200 MW of AI-ready computing power.
RIL is working with HP and Google to make the Jio Cloud PC, a cheap laptop that is likely to run on Android OS.
JioBharat is a cheap 4G phone that costs Rs 999 and has features like live TV, video streaming, digital photos, and more to help these 2G network users switch to 4G.
Ambani said that Jio AirFiber will be "the best and most affordable fibre broadband service in the world." He also said that Jio Fiber will have many new benefits.
Ambani talked about RIL's strong performance and its dedication to growth and sustainability at the AGM, which was a good thing for the company.
Isha, Akash, and Anant Ambani were all named to the board of RIL. This shows that the company has faith in the next generation of the Ambani family, and it's likely that they will play a big role in the company's future.
RIL said in a release that the board of directors also accepted Nita Ambani's resignation from the Board. They said they respected her choice to use her time and energy to help the Reliance Foundation make an even bigger difference in India.
In FY23, Reliance Retail did more than 100 million sales and had more than 78 million customers walk through its doors. The number of people who signed up grew to 25 crore. Isha Ambani, Director of Reliance Retail, said, "We are giving value to more than 30% of India's population that we can reach." Mukesh Ambani, the Chairman of Reliance Industries, told shareholders on Monday that the value of Reliance Retail has risen to Rs 8.28 lakh crore, which is a big jump from its value of Rs 4.28 lakh crore in 2020. This shows that international investors are still interested in Reliance Retail.
Mukesh Ambani, the head of Reliance Industries, said that by December 2023, one million 5G cells will be set up by Jio, the company's telecommunications business. This was said by Ambani during his speech at Reliance Industries' 46th annual general meeting.
We now make more BioEnergy than anyone else in India. We opened the first CBG plant for business at Barabanki in UP. At the 46th RIL AGM, Mukesh Ambani said, "We plan to build 100 CBG plants in the next five years. These plants will use 5.5 million tones of agro-residue and organic waste."
We are well on our way to increasing production to 30 MMSCMD, which will be 30% of India's gas output and 15% of its current gas demand. Mukesh Ambani said that this gas is a big source of clean energy that will save the country up to $7 billion per year in imports.
Reliance AGM News: We started up the MJ Field in KGD6 Block, which is one of the most complicated and cost-effective offshore projects. Mukesh Ambani said that this includes a state-of-the-art FPSO, which is one of the biggest and most complicated in the world. It can produce 14 MMSCMD of gas.
Reliance AGM 2023: JFS will join the insurance market to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, possibly in partnership with global players. It will use predictive data analytics to build contextual products with partners and meet customer needs in a truly unique way.