Introduction: The 46th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL) held on August 28, 2023, was a platform for Chairman Mukesh Ambani to share the company's impressive achievements and ambitious future plans. In his address, he emphasized Reliance's role as a pioneer in the new India and highlighted significant milestones and innovations.
Key Highlights of Reliance AGM 2023:
1. Record-Breaking Financial Performance: Mukesh Ambani began by underlining Reliance Industries' robust financial performance. The company reported consolidated revenues of ₹9,74,864 crore, with an EBITDA of ₹1,53,920 crore in FY23. The net profit for the year was ₹73,670 crore. These figures reflect Reliance's formidable presence in the Indian business landscape.
2. Job Creation: Ambani proudly announced that Reliance set new records in job creation, adding 2.6 lakh jobs in FY23. This commitment to employment growth underscores Reliance's contribution to the Indian economy.
3. Board Appointments and Resignation: During the AGM, it was revealed that Isha Ambani, Akash Ambani, and Anant Ambani were recommended to be appointed as Non-Executive Directors of the company, pending shareholder approval. Nita Ambani resigned from the board, focusing her energies on guiding and enabling the Reliance Foundation for a greater impact on India.
4. Reliance Jio's 5G Expansion: Mukesh Ambani shared exciting news about Reliance Jio's 5G services. He stated that they are on track to cover the entire country by December of the current year. Ambani highlighted that nearly 85% of India's operational 5G cells are on Jio's network, showcasing the company's rapid progress in this transformative technology.
5. Jio AirFibre Launch: In another significant announcement, Ambani revealed the upcoming launch of Jio AirFibre on Ganesh Chaturthi, which falls on September 19. This move is set to revolutionize broadband services in India.
6. Jio Smart Home Services: Reliance introduced Jio Smart Home services, recognizing that over 80% of data consumption in India occurs indoors. This innovation aims to redefine how people experience and manage their homes, offering new levels of convenience and connectivity.
7. Reliance Retail's Milestones: Reliance Retail achieved impressive milestones, crossing 100 crore transactions and receiving over 78 crore footfalls in FY23. The number of registered customers grew to 25 crore, highlighting Reliance's significant market presence.
8. Battery Giga Factory by 2026: Ambani also outlined the company's priority to establish a battery Giga factory by 2026. This facility will manufacture battery chemicals, cells, packs, and energy storage solutions, including a battery recycling facility.
9. Embracing Artificial Intelligence: Mukesh Ambani stressed the importance of harnessing artificial intelligence (AI) for innovation, growth, and national prosperity. RIL is committed to building capabilities for innovations in AI, with the aim of leading the development of India-specific AI models and AI-powered solutions.
Conclusion: Reliance AGM 2023 showcased a company at the forefront of technological innovation and economic growth in India. Mukesh Ambani's vision for Reliance's future is marked by achievements, groundbreaking initiatives, and a commitment to leveraging emerging technologies for the betterment of India and its people. As Reliance continues to push boundaries, it remains a key player in shaping the nation's destiny.