The 46th Annual General Meeting (AGM) of Reliance Industries witnessed a slew of major announcements by Chairman Mukesh Ambani, spanning from advancements in technology to transformations in the company’s structure.
The event marked the rise of a “New Reliance,” a contemporary technology-driven entity equipped with distinctive capabilities, drawing parallels to PM Narendra Modi’s vision of an unstoppable India. This relentless spirit was exemplified through accomplishments like the successful Chandrayaan 3 mission. Here’s a concise rundown of the significant revelations from the AGM:
Everything about the 46th Reliance AGM
Jio Bharat Launch
Mukesh Ambani introduced the Jio Bharat smartphone, priced at just ₹999. This affordable device offers a range of services including live TV, video and music streaming, digital photography, and UPI payments through JioPay. Users will benefit from unlimited calls, bolstering connectivity and communication. Akash Ambani, Chairman of Reliance Jio, highlighted that Jio Bharat serves as a gateway to digital independence for 2G users who couldn’t previously afford smartphones.
Jio AirFiber Launch
On September 19th, coinciding with Ganesh Chaturthi, Jio AirFiber is set to be launched. This innovative service aims to extend its reach to 100 million homes, delivering a fiber-like experience through 5G technology. This strategic move is expected to provide the final link in bridging connectivity gaps in untapped areas.
Jio Smart Home Services
JioHome, a mobile app, transforms television connected to the Jio Set-top Box into a multifunctional hub. The app integrates a soft gamepad for JioGames, a built-in media player, and a network manager. This versatile tool can be used as a remote control, gaming controller, channel and app browser, photo and video viewer, music player, and even a file uploader and downloader.
Changes in Reliance Board
Mukesh Ambani’s leadership as Chairman and Managing Director will continue for the next five years. In a notable shift, Nita Ambani will step down from her position to focus on the operations of the Reliance Foundation. This transition also sees Isha, Akash, and Anant Ambani joining the company’s board.
New Frontiers
Mukesh Ambani spotlighted four significant frontiers that Reliance Industries is venturing into: the consumer segment powered by Jio 5G and Jio Bharat, the home segment turbocharged by AirFiber, the business segment with untapped potential, and Jio platforms for global expansion. He emphasized the significance of AI, aiming to provide AI access to everyone, everywhere.
Reliance Retail and FMCG Business
Reliance Retail secured a spot as the only Indian retail company in the global top 100. Notably, Qatar Investment Authority invested $1 billion for a 1% equity stake in Reliance Retail, valuing it at ₹8.28 lakh crore. The retail giant achieved remarkable financial milestones in FY23, with significant contributions from digital and new commerce sales. Collaborations with renowned brands have led to the resurgence of traditional Indian brands like Campa Cola and Sosyo.
Jio Financial Services and O2C
Jio Financial Services announced its entry into the insurance sector, and a joint venture with BlackRock to create Jio BlackRock. Additionally, Reliance’s accomplishments in the oil and gas sector were highlighted, along with advancements in the O2C business, particularly the establishment of India’s first Carbon Fibre facility
Reliance Jio and Future Plans
Reliance Jio achieved the milestone of surpassing 450 million subscribers, with a significant rise in per-user data consumption. Ambani emphasized Jio’s pivotal role in 5G deployment, as evidenced by its rapid expansion of operational 5G cells. Reliance is poised to establish battery giga factories and invest in renewable energy solutions, including green hydrogen and integrated manufacturing ecosystems.
Reliance Foundation’s Impact
Dhirubhai Ambani International School maintained its position among the top IB schools globally and the leading international school in India. The foundation announced the opening of the Nita Junior School and its commitment to support 50,000 students through scholarships over the next decade. The Education and Sports for All program made a profound impact, reaching millions of youngsters and producing winning athletes.
