PremiumReliance Industries AGM 2022: Billionaire Mukesh Ambani-led Reliance Industries conducted its 45th annual general meeting (AGM) on Monday, 29 August. The annual general meeting of oil-to-telecom conglomerate RIL - was conducted via video conferencing for the third consecutive year. RIL chairman and managing director Mukesh Ambani made a slew of announcements.
Reliance Jio has confirmed that it is working with Alphabet-owned Google to launch an affordable 5G smartphone in India. During his speech at the annual general meeting (AGM), 2022, Mukesh Ambani said that the telco in collaboration with Google is developing ‘ultra-affordable 5G smartphones’ for India. However, he did not reveal the name of the phone. Full report here
A clear hint at his succession plan for the Reliance Industries, its chairman and managing director Mukesh Ambani said at the company's 45th AGM that “at a time when a bright future is beckoning Reliance, what gives me optimism is our huge reservoir of young, dynamic and best-in-class talent. Our next-gen leaders are confidently taking over the reins across businesses." READ FULL REPORT HERE
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “A highlight of the AGM was Mukesh Ambani's emphasis on succession planning. He concluded his address by seeking everyone's blessings for the Gen next taking over the reins confidently."
" With Akash heading Jio, Isha heading Retail and Anant heading Energy the plans are clearly spelt out. Mukesh Ambani's promise to double the value of the company by 2027 is reassuring. His commitment to India and faith in the India Growth Story remains as strong as ever," Vijayakumar said.
RIL chairman Mukesh Ambani today laid bare the succession plan at the country's most valuable firm, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit.
He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". FULL REPORT
Shares of Reliance Industries settled 0.72% lower at ₹2,600.00 apiece on the BSE, after the conclusion of the 45th annual general meeting 2022.
"Our next-gen leaders are confidently taking over the reins across businesses. Akash and Isha have assumed leadership roles in Jio and Retail respectively. Anant has also joined our New Energy business with great zeal," says Mukesh Ambani.
Reliance Foundation is working on a 10-year blueprint, said Isha Ambani. "We are working on a 10-year blueprint that will make our Foundation bigger and more impactful. I will share the plans with you in the coming year. I would once again like to thank my mother for her dedication and energising leadership to the entire team at Reliance Foundation," she added.
Our New Energy business will help India become a net exporter of green energy. Most importantly, Reliance aspires to make India a world leader in new energy manufacturing and a credible alternative to China: Mukesh Ambani
Will commence transition from grey hydrogen to green hydrogen by 2025, says Ambani
For solar PV manufacturing, we have acquired REC Solar. Our 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024 and scale up to 20GW capacity by 2026: Mukesh Ambani
Last year, I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories. Today, I would like to announce our new Giga Factory for Power Electronics: Mukesh Ambani
Reliance has commenced its journey to become net carbon zero by 2035 with a set of concrete actions. Within one year, the renewable energy consumption at Reliance jumped by 352%, says Mukesh Ambani.
At Reliance AGM 2022, Mukesh Ambani said, "I am pleased to share that over the next 5 years, we will invest ₹75,000 crore and expand capacities in existing and new value chains. In Polyester value chain, Vinyl value chain and New Materials."
“Let me congratulate our Oil & Gas team for a spectacular turnaround, with production jumping 9x and revenues crossing $1bn. With the commissioning of the MJ Field by end-2022, KG-D6 will contribute ~30% of India’s gas production," says Mukesh Ambani.
We have accelerated New Commerce initiative, powered by spirit of inclusion. Since launch 2-yr ago, we have grown merchant partner base to 20lakh+. We add about 1,50,000 partners a month, and are on course to reach 1 crore merchants in 5 yrs: Isha Ambani
During the year, we strengthened our own brands’ presence by launching several new products across categories of Staples, Home, Personal Care and General Merchandise. Further, we launched our WhatsApp-JioMart partnership: Isha Ambani
Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year. Jio Mart, delivering in over 260 towns, was rated India’s 1 trusted brand for online grocery: Isha Ambani
We opened over 2,500 stores in the year to take our store count to over 15,000, with area of 42 mn sq-ft. We doubled warehousing space to 670 mn cu-ft. We generated employment for more than 1,50,000, taking employee base to 360,000: Isha Ambani
- Over 200 million registered customers
- Over 520 million walk-ins to our stores
- Digital commerce platforms 6 lakh orders delivered everyday
"Today, I announce exciting partnership with Qualcomm," Mukesh Ambani announced at the 45th AGM.
Meta - immersive technology and metaverse
Google - 5G smartphones and Google cloud cababilities
Microsoft - coloud-enabled business application
Intel - cloud-scale data centres and cutting-edge applications
Using Jio AirFiber, customers can opt to use a virtual PC – Jio Cloud PC. No upfront investments, no upgrades. A super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business, says Kiran Thomas, President, RIL.
Jio True 5G delivers breakthrough increases in broadband speed and drastically lowers latency. We don’t get 1 Gbps even on many of the fixed broadband networks in our country, says Akash Ambani.
Jio 5G gives ultra-high fiber-like speed over the air without any wires. We are calling it Jio AirFiber. With JioAirFiber, it will be real easy to quickly connect your home or office to Gigabit-speed Internet, he said.
The three-fold advantage of Stand-Alone 5G architecture, largest and best mix of spectrum, and Carrier Aggregation means Jio 5G will be able to offer an unparalleled combination of coverage, capacity, quality, and affordability: Mukesh Ambani
- Key cities will include -- Delhi, Mumbai, Chennai, Kolkata
- By December 2023, jio will be delievered5g to every town, tehsil of the country
Jio will deploy latest version of 'stand-alone 5g': Ambani
Reliance Jio's high-quality, redundant and always-available fibre-optic network is backbone of data traffic from India's every corner. Jio’s pan-India fibre-optic network is over 11 lakh km in length – enough to go around Planet Earth 27 times: Mukesh Ambani
The next generation of Indians are set to achieve more than all the post-Independence generations have collectively achieved so far. And RIL is set to make a far greater contribution to India’s prosperity and progress than we have done so far: Mukesh Ambani
RIL added 3.2 lakh jobs across all its businesses, says Ambani
- Reliance continues to be the largest taxpayer in India
- Growth of 75% in exports
- India stands as beacon of growth and stability
- Govt's moves have helped India emerge better
- RIL set to make a far bigger contribution to India's prosperity than we have done so far
The 5 imperatives that PM Modi articulated will make India a developed nation by 2025.
Mukesh Ambani begins formal address at 45th Annual General Meeting
Shares of Reliance Industries were trading 1.07% higher at ₹2,646.10 apiece on the BSE ahead of the 45th annual general meeting 2022.
Reliance Industries' 45th AGM is scheduled to begin shortly. Considering the previous annual general meetings, experts say this year's AGM will see some major announcements.
Reliance Industries shares have rallied 0.069% to trade at 2,620.55 apiece on the BSE at 1:34 pm today.
At today's event, RIL is expected to make announcements for the 5G network services launch in India. Reliance Jio Infocomm was the highest bidder in the recently held spectrum auction with the acquisition of 24,740 MHz.
Ambani has signalled that succession planning atop Reliance will be expedited at last year's shareholder meeting and reiterated it explicitly in December. His three children, Isha, Akash and Anant, already hold various directorships in the group's unlisted firms and are becoming more visible in their leadership.
One key takeaway from RIL’s FY22 annual report is that capital expenditure (capex) surged 82% year-on-year (y-o-y) to ₹1.45 trillion.
What’s more, overall investments would continue to inch up, which is likely to keep the company’s debt elevated. RIL is focusing on expanding its footprint in the green energy value chain.
RIL's 45th Annual General Meeting will be broadcasted on a virtual reality platform as well as on five social media platforms as it takes another leap in digitally connecting people for its AGM.
The shareholders can watch the live streaming of the meeting on Jio Meet. It can also be viewed on YouTube on Reliance Updates and Flames of Truth.
On Facebook, the RIL AGM can be watched on the pages of Reliance Industries Limited and Reliance Jio.
The live streaming of the event will also be happen on Twitter – Flame of Truth and Reliance Jio.
The meeting can also be seen on the Koo app in the profile of Reliance Updates.
The Annual General Meeting (AGM) of shareholders of Reliance Industries Limited is much more than a mere meeting between the management and investors of one of India’s most valuable company by market capitalisation–it is a storied part of the rise of the equity cult wealth creation in India. Read full report here
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