Mukesh Ambani, Chairman of Reliance Industries Ltd (RIL) made a number of announcements during the 47th Annual General Meeting (AGM) held on August 29, 2024. The AGM, which was live-streamed across multiple platforms, comes days after India’s competition regulator gave the go-ahead for Reliance and Walt Disney Inc.’s ₹70,350-crore media business merger to be completed. The combined entity will be India’s biggest entertainment company.
More About the Reliance AGM 2024
At the meeting, Ambani underscored the strategic significance of RIL’s New Energy business and labeled it as Reliance’s new “jewel.” The company projected that in the next 5-7 years, this sector would be as important and profitable as its O2C (Oil to Chemicals) business. Ambani also outlined plans for the Dhirubhai Ambani Green Energy Giga Manufacturing Complex in Jamnagar, set to become the largest and most advanced facility of its kind by 2025.
Reliance is also slated to start manufacturing its own solar photovoltaic (PV) modules in India by the end of this year with an initial target capacity of 10 GW a year. The company will also set up Hazira as an integrated Carbon Fibre plant, which would be India’s first world-class facility and shall rank in the top three globally.
Reiterated Mukesh Ambani also stated that it has continued to make progress on its digital and retail initiatives. Reliance Jio also announced it will be providing free 100 GB AI-powered cloud storage to all its users as part of the Jio AI-Cloud Welcome Offer starting this Diwali. Another exciting beginning was JioBrain AI introduced by the company to drive AI inside all its processes and services, thus increasing real-time data insights and automation.
Ambani also reported that in the telecommunications sector, Jio True 5G has had a market share of over 130 million customers – making it one of the fastest-growing categories worldwide. The company added its Air Fiber service to more locations, planning on increasing coverage by one million homes every 30 days and over 20 million small and medium businesses.
The AGM also saw the introduction of new JioTV+ features, combining live TV, on-demand content, and popular apps in a single platform, and a new Jio Phonecall AI capable of recording, transcribing, and translating calls.
The AGM also saw the introduction of new JioTV+ features, combining live TV, on-demand content, and popular apps in a single platform, and a new Jio Phonecall AI capable of recording, transcribing, and translating calls. She also reiterated the goal to establish India as a global sporting powerhouse, emphasizing the need for a robust sports ecosystem and early training for children. Overall, the AGM highlighted Reliance’s ambitious plans across various sectors, underscoring its commitment to innovation and global growth.
FAQs
What is the key highlight of the Jio AGM 2024?
The key highlights include the launch of the Jio AI-Cloud Welcome Offer, JioBrain AI, and major developments in the New Energy sector.
When will the Jio AI-Cloud Welcome Offer be available?
The Jio AI-Cloud Welcome Offer will be available starting this Diwali.
