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Reliance Industries Limited, led by Mukesh Ambani, will conduct its 46th annual general meeting on August 28, 2023. Investors are expecting substantial surprises during this year’s AGM, as they have in prior years. Notably, this event is significant since it is RIL’s first AGM following the listing of Jio Financial Services (JFSL) shares on several stock markets. The Ambani conglomerate has frequently delivered big breakthrough pronouncements during the AGM in recent years. As a result, this event has taken on new significance on Dalal Street. The Qatar Investment Authority is scheduled to purchase a 1% interest in the conglomerate’s retail section, according to the company. The largest retail corporation in the country will be valued at $100 billion as a result of this acquisition. The value of Ambani’s retail business has more than tripled in three years, fueling talk of a future initial public offering (IPO) for Reliance Retail. Ambani previously stated ambitions to list the conglomerate’s telecoms and retail operations during RIL’s AGM in 2019. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Firstpost.
Reliance AGM 2023 LIVE Updates: Isha Ambani, Akash Ambani and Anant Ambani to join Reliance Board
Reliance AGM 2023 LIVE News Updates: Isha Ambani, Akash Ambani, Anant Ambani are set to be appointed non-executive directors of the oil-to-retail conglomerate, said Mukesh Ambani at Reliance AGM
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Reliance AGM 2023 LIVE Updates
Shall perform duties as CMD for 5 more years, says Mukesh Ambani
Mukesh Ambani stated, “I will continue to serve as Chairman and Managing Director of Reliance Industries for the next five years.”
The RIL Board of Directors suggested that Isha Ambani, Akash Ambani, and Anant Ambani be appointed to the Board of Directors. Ambani promised to mentor them in particular.
Reliance AGM 2023 LIVE Updates
Isha, Akash, Anant to join Reliance Board
Isha Ambani, Akash Ambani, Anant Ambani are set to be appointed non-executive directors of the oil-to-retail conglomerate, said Mukesh Ambani at Reliance AGM.
The Board of Directors also accepted the resignation of Nita Ambani from the Board.
Reliance AGM 2023 LIVE Updates
Bill Gates on Gates Foundation collaboration with Reliance Foundation
With the Bill & Melinda Gates Foundation, 1 million women entrepreneurs will be empowered. Nita Ambani stated at the 46th Annual General Meeting of Reliance Industries that education and sports had touched 22 million children.
Not only is India’s creativity in science and technology impressive, but so is its commitment to delivering such advancements to those in most need stated Bill Gates.
India has a track record of producing high-quality, low-cost pharmaceuticals and vaccines for the country and the world. Through our collaboration with Reliance, we hope to foster large-scale research and deployment of medications and point-of-care diagnostics, added Bill Gates.
Reliance AGM 2023 LIVE Updates
We celebrated 90th birth anniversary of our Founder Chairman, says Nita Ambani
We celebrated 90th birth anniversary of our Founder Chairman Dhirubhai Ambani, says Nita Ambani.
As a tribute, we made a commitment to support 50,000 students through RF UG and PG Scholarships over 10 years, Nita Ambani stated. She also added that 5100 scholarships will be awarded this year.
Reliance AGM 2023 LIVE Updates
Dhirubhai Ambani International School continues to be among the top IB schools globally says Nita Ambani
Our flagship Dhirubhai Ambani International School continues to be among Top IB Schools globally and No1 International School in India for 10 yrs. We eagerly look forward to opening Nita Mukesh Ambani Junior School, added Nita Ambani.
We are committed to scaling up efforts to build teachers’ capacity for delivering 21st Century learning to children, added Nita Ambani.
She also added that she was happy to share that they were establishing a world-class teacher leadership institute and awards.
Reliance AGM 2023 LIVE Updates
Nita Mukesh Ambani Cultural Centre was opened in Mumbai in April, says Nita Ambani
In April, we opened Nita Mukesh Ambani Cultural Centre in Mumbai, says Nita Ambani. It is ode to our great nation, a tribute to our heritage, and a dedication to all Indians, she added.
She also stated that their vision is to showcase best of India to world and bring best of world to India.
Reliance AGM 2023 LIVE Updates
RIL work in more than 54,000 villages, touched lives of more than 70 million Indians, says Nita Ambani
From Culture to Climate, Education and Sports to Women’s Empowerment, Healthcare to Livelihoods, Rural Transformation to Disaster Management, we work in more than 54,000 villages. We have so far touched lives of more than 70 million Indians, added Nita Ambani.
Reliance AGM 2023 LIVE Updates
Business and philanthropy complement and reinforce each other, states Nita Ambani, Chairperson of Reliance Foundation
I represent the beating heart of Reliance, our beacon of empowerment and transformation – the Reliance Foundation, says Nita Ambani, the Chairperson.
For us, business and philanthropy complement and reinforce each other as both are guided by same spirit of We Care, adds Nita Ambani.
Reliance AGM 2023 LIVE Updates
RIL uniquely positioned to offer practical solution to India’s ‘Energy Trilemma’ says Mukesh Ambani
RIL is uniquely positioned to offer a practical solution to India’s ‘Energy Trilemma’ – Energy Affordability, Sustainability and Security, says Mukesh Ambani.
RIL has golden chance to enable India to transform from a net energy importer to a net energy exporter adds Mukesh Ambani.
Reliance AGM 2023 LIVE Updates
We have become India’s largest BioEnergy producer, says Mukesh Ambani
We have become India’s largest BioEnergy producer, says Mukesh Ambani. He also added that Reliance commissioned first commercial scale CBG plant at Barabanki in UP.
We target to establish 100 CBG plants in next 5 yrs, consuming 5.5 mn tonnes of agro-residue and organic waste, he added.
Reliance AGM 2023 LIVE Updates
We have a roadmap to achieving our targeted cost of electrolysers, green hydrogen, says Mukesh Ambani
We have a roadmap to achieving our targeted cost of electrolysers, and Green H2, says Mukesh Ambani.
He also added that this will demonstrated at MW scale.
We will leverage our engineering capabilities, large-scale manufacturing, and localization to optimize this at giga scale he added.
Reliance AGM 2023 LIVE Updates
Concurrent priority is to set up battery giga factory by 2026, says Mukesh Ambani
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, says Mukesh Ambani.
Integration of energy storage with wind and solar power generation is critical to provide grid-connected, round-the-clock electricity. We are well on our way to prove this integration at mega-watt scale in the next few quarters at Jamnagar added Mukesh Ambani.
Reliance AGM 2023 LIVE Updates
Executing India’s first world-class Carbon Fibre facility in Hazira, says Mukesh Ambani
We are executing India’s 1st world-class Carbon Fibre facility in Hazira. It will include Carbon Fibre Reinforced Plastics, says Mukesh Ambani.
Our target is to be among the top 3 players globally in Carbon Fibre and Carbon Fibre Reinforced Plastic composites, added Ambani.
Ambani also added that they remain focused on fast-track execution of the Dhirubhai Ambani Green Energy Giga Manufacturing Complex at Jamnagar.
Reliance AGM 2023 LIVE Updates
Embarked transitioning O2C business into sustainable, green business, says Mukesh Ambani
We have embarked transitioning O2C business into a sustainable and green business.
The key pillars of this transition are – One, we are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy.
Two, we are accelerating Circularity and consumer integration.
Three, with technology and innovation, our Refinery at Jamnagar will be progressively operated as a ‘Chemicals and Materials Feedstock Production’ engine’.
Reliance AGM 2023 LIVE Updates
Gas is a key transition fuel in India’s quest for clean, sustainable energy, says Mukesh Ambani
Gas is a key transition fuel in our nation’s quest for clean and sustainable energy. With our valued partner bp, we have revived gas production from KGD6 Block from near zero a few years back to about 20 MMSCMD in FY23, added Mukesh Ambani.
We commissioned one of most complex and cost-efficient deepwater projects – the MJ Field, in KGD6 Block. This includes a state-of-the-art FPSO, which is among the largest and most complex in the world with a gas production capacity of 14MMSCMD, says Ambani.
We are well on our way to enhance production to 30 MMSCMD, which will be 30% of India’s gas production and 15% of its current gas demand. This gas is a major source of clean energy saving up to $7 billion per annum in imports for the country, stated Ambani.
Our O2C business operated in a highly volatile global scenario. Despite all the challenges and a new one-time tax in the form of Special Additional Excise Duty (SAED), our O2C EBITDA for FY23 improved by 17.7% to a record high of Rs 62,075 cr, added Ambani.
Reliance AGM 2023 LIVE Updates
JFS will prove to be an invaluable addition to RIL, says Mukesh Ambani
Just like Jio and Retail, JFS will prove an invaluable addition to RIL ecosystem of consumer businesses, says Mukesh Ambani.
He gave three reasons to be confident about JFS’s success.
One, the digital-first architecture will give it an unmatched head start. Two, RIL has capitalised JFS with net worth of Rs 1,20,000 crore – one of world’s highest capitalised financial service company at inception. Three, JFS is blessed with very strong board, led by Shri KV Kamath, a veteran and most respected banker.
Reliance AGM 2023 LIVE Updates
JFS will ensure ubiquitous offering for both consumers, merchants, says Mukesh Ambani
In payments, JFS will ensure ubiquitous offerings for both consumers and merchants, further driving digital adoption, says Mukesh Ambani.
JFS products will explore path-breaking features such as blockchain-based platforms and CBDC, he added.
Reliance AGM 2023 LIVE Updates
Proud of forthcoming Joint Venture with Jio Financial Services, says Larry Fink, Chairman & CEO of BlackRock
For 35 years, Black Rock’s mission has been to make investing easier and more affordable for millions of investors around the world. That’s why I am so proud of our forthcoming JV in India with Jio Financial Services, says Larry Fink, Chairman & CEO of BlackRock.
Black Rock is a large investor in India. Global investors recognize that India is at cutting edge of Digital Transformation, in large part because RIL and Jio built a digital and consumer ecosystem unparalleled anywhere else in world, states Larry Fink.
JFS 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 adds Larry Fink.
Reliance AGM 2023 LIVE Updates
JFS has announced a Joint Venture with Black Rock
JFS has announced a Joint Venture with Black Rock to set up asset management business that will provide simple and trustworthy investment solutions. The Joint Venture will deliver tech-enabled, affordable and innovative investment solutions.
Reliance AGM 2023 LIVE Updates
Delighted to introduce our newest group company, JFSL, says Mukesh Ambani
I am delighted to introduce our newest group company, JFSL, of which all of you are proud shareholders, says the Reliance Chairman.
JFS is born to accelerate replication of India’s dazzling growth story in Bharat. It will increase fin services penetration with digital-first approach that simplifies fin products, reduces cost, and expands reach, stated Mukesh Ambani.
Every shareholder of RIL has received shares in JFS on a 1:1 basis. This is like a mini bonus for our long-term investors, he added.
Reliance AGM 2023 LIVE Updates
JioMart on-boarded 25,000+ artisans, weavers and micro-entrepreneurs
JioMart on-boarded 25,000+ artisans, weavers and micro-entrepreneurs. 1.6 lakh products of artisans from 150+ cities are available on our platforms. We work with 2500+ handloom weavers, covering 50 craft clusters.
Reliance AGM 2023 LIVE Updates
Launch of JioMart on WhatsApp has been a phenomenal success, says Isha Ambani
New Commerce business grew phenomenally on back of our omni-channel capabilities. The launch of JioMart on WhatsApp has been a phenomenal success with 9X growth of JioMart customers on WhatsApp since launch in 2022.
Reliance AGM 2023 LIVE Updates
FMCG business launched to provide world-class products at affordable prices, says Isha Ambani
We launched FMCG business to provide world-class products at affordable prices. This business entered several categories through multiple brands and strategic partnerships like Campa Cola, Sosyo, and Lotus.
Reliance AGM 2023 LIVE Updates
Reliance Retail is one of the largest employers in India, says Isha Ambani
Reliance Retail is one of the largest employers in the country, with nearly 2.5 lakh on-roll employees. We will continue to play a pivotal role in creating employment opportunities for the aspirational Indian youth.
Reliance AGM 2023 LIVE Updates
Built retail business on principle of 4 Cs, says Isha Ambani
We have built retail business on principle of 4 Cs – Collaboration, Consumer engagement, Creativity, and Care.
Collaboration: We reached milestone of partnering >30 lakh merchants.
Consumer engagement: We serve 98% of India’s PIN codes
Creativity: We spend time understanding what customers want and create new products, formats, and platforms.
Care: We consider our business a success only when it leads to shared prosperity for millions of stakeholders
Reliance AGM 2023 LIVE Updates
A testament to commitment of making retail inclusive, states Isha Ambani
We opened 3,300+ new stores last year, taking the total to 18,040, covering 6.56 cr sq.ft. Two-thirds of these stores are in Tier II, III and smaller towns, which is a testament to commitment of making retail inclusive.
Reliance AGM 2023 LIVE Updates
FY23 has been a landmark year for Retail Business, says Isha Ambani, Director, Reliance Retail
FY23 has been a landmark year for our Retail Business. Reliance Retail crossed the milestone of 100 cr transactions, received >78 cr footfalls. The registered customers grew to 25 crore
Our digital and New Commerce sales contributed ~₹50,000 cr, accounting for a fifth of revenues. We have invested over $10 bn in last 2yrs, focusing on integration, growing in-house brands, and improving supply chain.
Reliance AGM 2023 LIVE Updates
Reliance Retail posted revenue of ₹2,60,364 cr in FY23
Reliance Retail posted revenue of ₹2,60,364 cr in FY23. We delivered an EBITDA of ₹17,928 cr and a net profit of ₹9,181 cr. Reliance Retail is only Indian retailer in the global Top 100, and one of fastest growing retailers in the world, says Mukesh Ambani.
Reliance AGM 2023 LIVE Updates
Network18 made great progress to becoming top news network in India
Network18 made great progress to becoming top news network in India. It is going deeper locally and growing wider internationally. Our homegrown digital news platforms, MoneyControl and Firstpost, are setting benchmarks globally, stated Mukesh Ambani.
Reliance AGM 2023 LIVE Updates
For the first time, IPL was streamed free on Jio Cinema, states Mukesh Ambani
For the first time, IPL was streamed free on Jio Cinema. It created a global record with a staggering 45 cr viewers tuning in. More people watched IPL on digital devices than on linear television, marking a tectonic shift states Mukesh Ambani.
Reliance AGM 2023 LIVE Updates
Jio promises AI to everyone, everywhere, and we shall deliver, vows Ambani
Seven years ago, Jio pledged to broadband connectivity to everyone, everywhere. We have delivered. Today Jio promises AI to everyone, everywhere. And we shall deliver, states Mukesh Ambani.
Reliance AGM 2023 LIVE Updates
Global AI revolution is reshaping the world around us, states Mukesh Ambani
A global AI revolution is reshaping the world around us. Jio Platforms wants to lead in developing India-specific AI models and AI-powered solutions across domains, thereby delivering benefit of AI to Indians, businesses and govt, stated Mukesh Ambani.
India has scale, data and talent but we also need AI-ready digital infrastructure that can handle AI’s immense computational demands added Ambani.
We stand committed to create up to 2000 MW of AI-ready computing capacity, stated the Chairman.
Reliance AGM 2023 LIVE Updates
Four frontiers for Reliance Jio’s growth, says Mukesh Ambani
I see 4 frontiers for Reliance Jio’s growth namely the consumer segment, the home segment, the business segment and the opportunity for global expansion. Collectively, these frontiers provide Jio an opportunity for multi-fold growth in coming years, he added.
Reliance AGM 2023 LIVE Updates
Announcing Jio True5G Developer platform, Jio True5G Lab, says Akash Ambani
We are announcing Jio True5G Developer platform, a comprehensive platform combining our 5G network, edge computing, and a spectrum of applications and services, says Akash Ambani.
We are also announcing Jio True5G Lab, a facility designed to accelerate industry transformation. The inaugural Jio True5G Lab will be located at Reliance Corporate Park.
Reliance AGM 2023 LIVE Updates
Other brands to also create Jio Bharat phones
To accelerate our mission of 2G-mukt Bharat, we are opening up both the OS and the platform we developed to other like-minded partners. In addition to RIL, now brands like Karbonn are also creating Jio Bharat phones.
Reliance AGM 2023 LIVE Updates
Jio Bharat’s UPI integration streamlines Direct Benefit Transfer from government, says Kiran Thomas
Jio Bharat’s UPI integration streamlines Direct Benefit Transfer from government, with easy balance checks and real-time notifications, says Kiran Thomas. Our ₹123/m plan includes unlimited voice and 14 GB data, 30% cheaper than others, adds Thomas.
Reliance AGM 2023 LIVE Updates
Jio Bharat is a gateway to digital independence, states Akash Ambani
Jio Bharat is a gateway to digital independence for those who can’t afford smartphones, states Akash Ambani. Priced comparably to 2G featurephones, Jio Bharat is a 4G-enabled phone, adds Ambani.
Reliance AGM 2023 LIVE Updates
Real-time applications become accessible in every home with Jio Home Broadband, says Kiran Thomas, President, Reliance Jio
With Jio Home Broadband’s ultra-low latency and service-awareness, real-time applications become accessible in every home says Kiran Thomas, President, Reliance Jio. It will allow services like JioCloudPC to revolutionize both affordability and performance, he added.
Reliance AGM 2023 LIVE Updates
Entertainment is changing rapidly worldwide, states Akash Ambani
Entertainment is changing rapidly worldwide, shifting from linear to interactive. Jio is accelerating this trend in India. Our Set-Top Box supports JioCinema and JioTV+, with leading global streaming apps, he added.
Reliance AGM 2023 LIVE Updates
Jio Set-Top box is gateway to a world of entertainment, says Kiran Thomas
Jio Set-Top box is gateway to a world of entertainment, from TV channels to streaming content, to large-screen games, to digital apps, says Kiran Thomas.
The Jio Smart Home app includes eRemote for Jio Set-Top Box, adds Thomas.
The smartphone as a gamepad added Thomas.