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PremiumReliance AGM 2023 LIVE Updates: Reliance Industries Limited (RIL) held its 46th Annual General Meeting 2023 on Monday, i.e. 28 August 2023. The AGM was held through video-conferencing.
The Board of Directors of Reliance Industries, at its meeting held today, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company. The Board of Directors also accepted the resignation of Nita Ambani from the Board.
Jio AirFibre will be launched on Ganesh Chaturthi, announced Reliance Industries Chairman Mukesh Ambani at the Reliance AGM 2023. He also announced that Jio Financial Services will enter insurance segment.
Jio Chairman Akash Ambani announced the launch of Jio Smart Home Services and Jio True5G Developer Platform.
RIL AGM News: Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), stated in the 46th Annual General Meeting (AGM) 2023 that the establishment of a giga factory for batteries by 2026 is a concurrent priority for them.
In order to create a fully integrated ecosystem, the giga battery will produce battery chemicals, cells, and packs, all the way up to containerised energy storage systems. Read More
Reliance AGM 2023: Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Monday addressed the 46th Annual General Meeting of the company. Mukesh Ambani made some major announcements and shared the RIL's future vision with respect to growing technology and artificial intelligence. At the end of his speech, Mukesh Ambani also laid out 5 major goals of the company in the near future. Read More
The AGM held by Reliance was largely uneventful for the market. The key highlight was the succession plan. However, the company's stock experienced a decline due to the absence of clear timelines regarding the telecom and retail IPOs. Presently, the market's attention is shifting towards the global scenario, which exhibits some degree of stability. Nonetheless, lingering uncertainties on a global scale, particularly stemming from developments involving the US and China, continue to influence market sentiment.
Jio Financial Services will enter the insurance segment to offer life, general and health insurance products, said Mukesh Ambani, Chairman of Reliance Industries.
“Jio Financial Services will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players," Ambani said in his address to shareholders at Reliance Industries’ Annual General Meeting (AGM) on Monday. Read More
Reliance AGM 2023: Chairman and MD of Reliance Industries Limited, Mukesh Ambani began the speech of 46th Annual General Meeting by congratulating ISRO for its historic success of Chandrayaan-3 mission. In his speech, Mukesh Ambani said, “This is a new India full of self confidence." Read More
Reliance AGM 2023: Reliance Industries Limited (RIL) 46th Annual General Meeting saw some major technology announcements. RIL Chairman Mukesh Ambani called the company ‘New Reliance’ which will be a new age-technology-driven company with distinctive capabilities. In the Reliance AGM 2023, key announcements ranged from Jio True5G to Jio Smart Home Services. Read More
On the 46th RIL AGM, Reliance Industries Ltd appointed Isha Ambani, Akash Ambani, and Anant Ambani as directors to the board of the oil-to-telecoms conglomerate. In an exchange filing, RIL informed shareholders on Monday, "The Board of Directors of RIL, at its meeting held today, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company". Their appointment will take effect from the date they assume office after approval by the shareholders, the company added. Read More
1. Digital Tools Everywhere
2. Green Energy and Green Materials Everywhere
3. Financial Empowerment, Entrepreneurship, and Gainful Employment Everywhere
4. Healthy and Responsible Consumption Everywhere
5. Quality Education and Healthcare Everywhere
Reliance AGM 2023: Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Monday spoke about the AI revolution in the world while addressing the 46th Annual General Meeting of the company. While emphasizing on the need to harness AI for innovation, growth, and India's prosperity, Mukesh Ambani said that Jio will lead India-specific AI solutions.
“Withing the RIL Group, we are rapidly augmenting a talent pool and capabilities to swiftly assimilate the latest global innovations in AI especially the recent advances in generative artificial intelligence," Mukesh Ambani said. Read More
Reliance AGM LIVE: I shall perform duties as Chairman and Managing Director of Reliance Industries for 5 more years, said Mukesh Ambani.
RIL Board recommended the appointment of Isha Ambani, Akash Ambani and Anant Ambani on the Board of Directors. I shall especially mentor them, Ambani said.
Reliance AGM LIVE: Reliance Industries Limited (RIL) 46th Annual General Meeting saw some major technology announcements. RIL Chairman Mukesh Ambani called the company ‘New Reliance’ which will be a new age-technology-driven company with distinctive capabilities. In the Reliance AGM 2023, key announcements ranged from Jio True5G to Jio Smart Home Services. Read here
Reliance AGM LIVE: Reliance Jio will launch its AirFiber service on the occassion 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. Read full report here
Reliance AGM LIVE: Reliance Industries share price ended 1.11% lower at ₹2,442.55 apiece on the BSE. Jio Financial Services share price closed 0.28% lower at ₹211.65 apiece on the BSE.
Reliance AGM LIVE: Reliance Foundation to support 50,000 students over next 10 years, said Nita Ambani while announcing a new school named Nita Ambani Junior School led by Isha Ambani.
Moreover, Nita Ambani said that with Bill & Melinda Gates Foundation, Reliance Foundation was empowering 1 million women entrepreneurs.
We are discovering women-led businesses. With this we launch the 'Women Connect Challenge' India round 2 in partnership with the US, said Nita Ambani.
Reliance AGM 2023 LIVE: We have embarked on transitioning O2C business into a sustainable and green business. We are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy, said RIL Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Our concurrent priority is to set up our battery giga factory by 2026. It will manufacture battery chemicals, cells and packs, leading all way up to energy storage solutions, and will include a battery recycling facility. We will build leadership position by industrialising sodium ion cell production at Megawatt level by 2025, said RIL Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Reliance has commissioned the first commercial scale CBG Plant at Barabanki in Uttar Pradesh in 10 months. We will rapidly scale this up to 25 CBG plants across India. Our target is to establish 100 CBG plants in the next 5 years, said RIL Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Reliance Industries share price drops over 1% as Mukesh Ambani delivers speech at 46th Annual General Meeting (AGM) of Reliance Industries. Jio Financial Services share price also traded over half a percent lower.
Reliance AGM 2023 LIVE: Reliance Industries aims to set up a battery giga factory by 2026, announced RIL Chairman Mukesh Ambani
Reliance AGM 2023 LIVE: We have revived gas production from the KG-D6 block to about 20 million cubic meters per day in FY23. We are well on our way to enhance gas production to 30 million standard cubic meters per day, which will be 30% of India's gas production, and 15% of its current gas demand, said RIL Chairman Mukesh Ambani on O2C business.
Reliance AGM 2023 LIVE: Jio Financial Services brings digital capabilities and local market knowledge, and BlackRock brings global investment and risk management expertise. Together, we will aim to transform India’s asset management industry, said Larry Fink, CEO of BlackRock.
Reliance AGM 2023 LIVE: Jio Financial Services will enter the insurance segment. Jio Financial Services will accelerate replication of India’s dazzling growth story. In payments, Jio Financial Services will ensure ubiquitous offering for both consumers and merchants, further driving digital adoption. Jio Financial Services’ products will explore features such as blockchain based platforms and CBDC, says Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Jio Financial Services will enter insurance segment, announced Chairman Mukesh Ambani
Reliance AGM 2023 LIVE: Reliance Retail opened more than 3,300 new stores last year, taking the total to 18,040, covering 6.56 crore sq.ft, said Isha Ambani, Director, Reliance Retail.
Two-thirds of these stores are in Tier II, III and smaller towns, which is a testament to commitment of making retail inclusive, she added.
Reliance AGM 2023 LIVE: Reliance Industries Chairman highlighted the four frontiers for Reliance Jio’s growth:
-The consumer segment
-The home segment
-The Business segment
-Opportunity for global expansion
Collectively, these frontiers provide Jio an opportunity for multi-fold growth in coming years, said Mukesh Ambani.
Reliance AGM 2023 LIVE: We have built Reliance Retail business on the principle of 4 Cs – Collaboration, Consumer engagement, Creativity, and Care, said Isha Ambani. Collaboration: We reached the milestone of partnering with more than 30 lakh merchants. Consumer engagement: We serve 98% of India’s PIN codes.
Reliance AGM 2023 LIVE: Financial Year 2022-2023 has been a landmark year for our Retail Business. Reliance Retail crossed the milestone of 100 crore transactions and received more than 78 crore footfalls. The registered customers grew to 25 crore. We are delivering value to over 30% of India's addressable population, says Isha Ambani, Director, Reliance Retail.
Reliance AGM 2023 LIVE: Reliance Retail's valuation has increased from ₹4.28 lakh crore in 2020 to ₹8.28 lakh crore today. Reliance Retail posted revenue of ₹2,60,364 crore in FY23. We delivered an EBITDA of ₹17,928 crore and a net profit of ₹9,181 crore. Reliance Retail is the only Indian retailer in the global Top 100, and one of fastest growing retailers in world, said RIL Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Jio Platforms wants to lead in developing India-specific AI models and AI-powered solutions across domains, thereby delivering the benefit of AI to Indians, businesses and government.
India has scale. India has data. India has talent. But we also need AI-ready digital infrastructure that can handle AI's immense computational demands. We stand committed to create up to 2000 MW of AI-ready computing capacity, said RIL Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Jio Cinema has now become India’s largest digital entertainment destination. Jio Dive, AR/VR device has revolutionized sports viewing experience in India. More than 12 crore people watched the IPL final, with a peak concurrency of 3.2 crore.
Reliance AGM 2023 LIVE: Today, Jio promises Artificial Intelligence (AI) to everyone and everywhere, said RIL Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE: Our extensive Jio Fiber service already serves 10+ million customers, with thousands getting connected each month. With Jio AirFiber, we are expanding our addressable market to 200+ million homes and other premises, says Reliance Jio Chairman Akash Ambani.
Reliance AGM 2023 LIVE: We are announcing Jio True5G Developer Platform. The Jio True5G Lab facility will accelerate industry transformation, said Jio Chairman Akash Ambani.
Jio Chairman Akash Ambani announced the launch of Jio Smart Home Services. The Jio Smart Home Services is poised to redefine how we experience and manage our homes, said Akash Ambani.
Reliance AGM 2023 LIVE: Jio AirFibre will be launched on Ganesh Chaturthi, September 19, announced Chairman and Managing Director Mukesh Ambani at the Reliance AGM 2023.
Reliance AGM 2023 LIVE: Our 5G services are on track to cover the entire country by December this year. Nearly 85% of the total 5G cells operational in India are in Jio’s network. Per user data consumption has surged, with average consuming over 25 GB every month. We will have nearly 1 million 5G cells operational in our network by December, said Mukesh Ambani.
Reliance AGM 2023 LIVE: The Board of Directors of Reliance Industries, at its meeting held today, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company. Their appointment will take effect from the date they assume office after approval by the shareholders.
The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guide and enable Reliance Foundation to make even greater impact for India, RIL said in a release.
Reliance AGM 2023 LIVE Updates: Reliance Industries’ consolidated revenues stood at ₹9,74,864 crore, while EBITDA for FY23 was ₹1,53,920 crore. The net profit was ₹73,670 crore. Reliance set new records in creating employment. Reliance added 2.6 lakh jobs in FY23.
Reliance AGM 2023 LIVE Updates: This is a new India full of self-confidence. India will become a fully developed nation by 2047, said RIL Chairman Mukesh Ambani.
New Reliance has been a forerunner of the emerging new India. We have set seemingly impossible goals and achieved them, says Ambani added.
Reliance AGM 2023 LIVE Updates: Reliance Industries has cumulatively invested more than $150 billion in the last 10 years, says Chairman Mukesh Ambani.
Reliance AGM 2023 LIVE Updates: Reliance Industries Chairman Mukesh Ambani congratulates all the scientists of ISRO on the success of the Chandrayaan 3 mission.
Reliance AGM 2023 LIVE Updates: Reliance Chairman Mukesh Ambani begins his address to shareholders at the Reliance 46th AGM
Reliance AGM 2023 Live: You can watch Reliance Industries Chairman Mukesh Ambani’s speech at Reliance AGM 2023 Live here:
Reliance AGM 2023 Live: Key expectations from Reliance AGM 2023 by JM Financial are around any update on:
a) potential timeline for listing of Retail and Digital businesses; any potential strategic stake sale in O2C business
b) update on progress of various projects underway in Clean Energy business with timelines around project commissioning and potential earning potential from this projects
c) launch of affordable 5G smartphone along with attractive 5G tariff plans
d) any further update around succession plans
Reliance AGM 2023 Live: RIL has reiterated its capex commitment of $10 billion over 3 years in the New Energy business, and its readiness to double its investment, to achieve Net Carbon Zero target by 2035; it has also restated the business roadmap and reported rapid progress in the setting up of the 5 Giga factories, its FY23 Annual Report showed.
In regards to the O2C business, it highlighted that global petchem margins weakened during FY23 amidst lower demand from China while refining margin was strong due to rebound in global demand for transportation fuels aided by supply side concerns. As far as its Digital business is concerned, it reiterated the target for a pan-India 5G rollout by December 2023, make India 2G-mukt by enabling existing 250mn 2G feature phone users to transition to 4G and connecting 50mn MSME businesses through its Enterprise connectivity solutions; however, it has doubled its target of connecting homes from 50 million earlier to 100 million.
Reliance AGM 2023 Live: The FY23 annual report of Reliance Industries (RIL) throws up some interesting data points:
i) Capex of ₹1.4 trillion had grown by a material ₹423 billion in FY23
ii) Resultant, net debt expanded sharply to ₹1.05 trillion, despite a material ₹428 billion of increase in cash + equivalents for the year
iii) Net working capital (excluding cash) increased by ₹220 billion, driven by a sharp uptick in inventories
iv) FCF generation remains elusive, despite sharply higher profitability – FCF yield of negative 1.2% vs an average negative yield of 3.6% over FY21-22.
Reliance AGM 2023 Live: Reliance share price was trading flat ahead of the AGM today. RIL share price gained 0.15% to trade at ₹2,473.75 apiece on the BSE.
On NSE, RIL stock price was trading 0.22% higher at ₹2,473.70 per share.
Meanwhile, Jio Financial Services share price rallied 3.16% to ₹218.95 apiece on the BSE. On NSE, JFSL shares were trading 1.9% higher at ₹218.55 apiece.
Reliance AGM 2023 Live: Analysts expect some announcements regarding the retail business of Reliance, especially after a recent investment from QIA valued Reliance Retail Ventures at an enterprise value of ₹8.6 lakh crore. RRVL’s Executive Director Isha Ambani is expected to make announcements for the business’ future plans, analysts said.
Reliance Industries Ltd (RIL) recently announced that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, will invest ₹8,278 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of RIL. QIA’s investment will translate into a minority equity stake of 0.99% in RRVL on a fully-diluted basis.
At an estimated net debt of ₹332 billion in FY25, the RRVL’s enterprise value stands at ₹8.6 trillion and equity per share value stands at at ₹1,200, brokerage firm Motilal Oswal said.
Reliance AGM 2023 Live: “Market will be keenly watching for any indications on value unlocking in Reliance Retail and Telecom businesses. Also any announcements regarding the status of the mega green energy and battery projects also will be keenly watched," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Reliance AGM 2023 Live: From Jio IPO timeline to new energy space, market participants are eying a slew of announcements from RIL AGM today.
5G, AirFiber: RIL is expected to give updates on new attractive 5G prepaid plans. Any plans for the Jio 5G Smartphone like the JioBharat 4G phones announced will be eyed. The company is also likely to release the launch date of the Jio AirFiber and Jiobook laptops.
Jio Financial Services: The future business plans of the non-banking financial company, Jio Financial Services, is expected to be announced in the Reliance AGM today.
IPO Timelines: Investors are awaiting the timelines on the earlier announced value unlocking and listing of RIL’s telecom and retail business. The timelines for Jio IPO and Reliance Retail IPO will be watch out for.
Netflix Partnership: RIL is expected to give some updates on partnerships with Netflix on prepaid bundled packs.
New Energy Business: Reliance New Energy may also announce any update on investment in clean energy.
