Reliance AGM 2023 highlights: all major announcements and highlights

29 Aug 2023 , 09:45 AM

During the 46th Annual General Meeting (AGM) of Reliance Industries (RIL), Chairman Mukesh Ambani made a number of significant announcements, ranging from Jio True 5G to Jio Smart Home Services, as well as revisions to the company’s board structure.

According to Mukesh Ambani, it is a ‘New Reliance,’ a modern-age technology-driven corporation with distinct potential.

The following is a quick summary of the major declarations made throughout the event:

Jio Bharat Launch: Mukesh Ambani announced the launch of the Jio Bharat smartphone, which would cost Rs 999. JioPay allows smartphone users to access services like as live TV, streaming videos and music, digital photography, and UPI payments.

Jio AirFiber Launch: Jio AirFiber will be introduced on September 19, the celebration of Ganesh Chaturthi. The telco hopes to reach 100 million homes with Jio AirFiber, which provides a fiber-like experience using 5G technology.

Jio Smart Home: JioHome is a mobile app that lets you navigate your television using the Jio Set-top Box. It also comes with a soft gamepad for use with the JioGames app, a media player, and a network manager. It’s a one-app solution for your smart home.

Changes in Reliance Board: Mukesh Ambani has declared that he will remain Chairman and Managing Director of Reliance Industries for the next five years.

Concurrently, Nita Ambani announced her departure, with her focus turning to the Reliance Foundation’s operations. Isha, Akash, and Anant join the company’s board of directors.

Other Announcements: 

• Ambani also emphasized four important frontiers into which Reliance Industries is venturing. ‘Four frontiers-consumer segment powered by Jio 5G and JioBharat, home segment turbocharged by airfiber, business segment with large untapped potential, Jio platforms for global expansion,’ he explained.
• Ambani welcomed the Qatar Investment Authority, which invested $1 billion for a 1% ownership share in Reliance Retail. This investment is worth Rs 8.28 lakh crore to Reliance Retail.
• One of the primary initiatives, according to Isha, is to modernize historic Indian businesses while retaining their original promise. Campa Cola, Sosyo, and Lotus were purchased and revitalized.
• Reliance and BP have increased gas output from the KGD6 Block from almost zero to over 20 million standard cubic meters per day (MMSCMD) in FY23.
• In FY23, Reliance’s consolidated revenue was Rs 9,74,864 crore.
• Jio crossed over 450 million customers.
• In addition, Rs 15,000 crore would be spent on the value chain and collaborations. It intends to build 100 compressed biogas facilities during the next five years.

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