Reliance Industries AGM, key takeaways – 5G rollout, succession and future

Chairman of Reliance Industries, Mukesh Ambani, on Monday made a series of significant and impactful announcements, during the 45th Annual General Meeting of the multinational conglomerate company.

Mukesh Ambani who begin his speech by addressing shareholders of the company talked in detail about the importance of Azadi Ka Amrit Mahotsav.

He said that amidst global uncertainties and economic volatility, India is standing as a beacon of hope and stability. Ambani also thanked prime minister Narendra Modi for giving the nation a clear road map for the next 25 years.

Mukesh Ambani opined that high inflation rates and disruption of the global supply chain have led to large-scale uncertainties worldwide.

Annual revenue crosses $100 billion

After addressing the issues faced by businesses and economies around the globe, he announced that Reliance Industries has crossed the milestone of 100 billion dollars annual revenue becoming first corporate in the country to achieve so.

Jio 5G by Diwali

The first major announcement in the Annual General Meeting was that of the 5G services going to be launched by Reliance industries.

Mukesh Ambani said that Jio will be rolling out its 5G services in major cities such as Delhi, Mumbai, Chennai, and Kolkata by Diwali this year. According to him, Reliance Jio is planning to bring all towns in India under 5G coverage by December 2023.

He also said that Jio will invest nearly 2 lakh crore Indian rupees to build pan India standalone 5G network. Having a standalone 5G network will ensure that the new services are not dependent upon 4G in any manner and can be utilised by customers in efficient manner using various spectrums owned by Reliance Jio.

Ultra speed with Jio AirFiber

Jio AirFiber, a new initiative launched by Reliance Jio will ensure that customers get internet speeds similar to fibre connections wirelessly. The Jio AirFiber will enable users to make use of ultra high speed 5G network in fixed broadband.

Chairman also announced that Jio will be partnering with American tech giant Google LLC to develop smartphone supported by 5G connectivity at ultra affordable prices.

Isha Ambani, head of Reliance Retail

After the announcement regarding rollout of 5G services, Isha Ambani, daughter of Mukesh Ambani took the stage to announce the introduction of Reliance Retail to FMCG sector in India.

Isha Ambani who is currently serving as director in Reliance Retail is soon to take position as head of the retail arm of Reliance Industries. Isha Ambani informed the shareholders that FCMG business under Reliance Retail will develop and deliver high quality affordable products to Indian consumers. She also announced the partnership between Jio Mart and WhatsApp which will make it easier for users to purchase products online using messaging system.

More investments in Green Energy

Mukesh Ambani also made several important announcements regarding green energy and future plans of Reliance in business of sustainable energy.

He announced that the company will soon be setting up a new Giga Factory for Power Electronics. The 10GW solar PV cell and module factory at Jamnagar which was set up recently would commence production by 2024.

During the speech, Ambani said that the company is aiming to initiate transition from Grey Hydrogen to Green Hydrogen by 2025.

Succession plan of Mukesh Ambani

Along with notable business plans for the future, Mukesh Ambani also announced his succession plans for the most valuable company in India.

Akash Ambani, who is currently chairman of Reliance Jio Infocomm Ltd will continue leading the Telecom arm of Reliance.  Reliance Jio Infocomm Ltd is a subsidiary of Jio Platforms which is still headed by Mukesh Ambani.

Mukesh Ambani on Monday announced that Isha Ambani will lead the retail arm of Reliance Industry, Reliance Retail. Ish along with Akash Ambani has been on board of Reliance Retail since 2014.

Anant Ambani, the youngest son of Mukesh Ambani would be heading the energy businesses under Reliance Industries. This will include new green energy and hydrogen energy entities.