Reliance AGM 2023 highlights: Mukesh Ambani to continue as Chairman-MD for 5 more years

Reliance Industries Ltd will continue to operate its refineries and petrochemical projects profitably, even as fossil fuel demand wanes due to a gradual global shift to clean energy, Chairman Mukesh Ambani said on Friday.

"We have already put in place a comprehensive strategy to ensure that all our investments and all our assets remain not just safe, but actually become profitable even as fossil fuel demand wanes," Ambani said at the group's annual shareholder meeting.

He said Reliance will switch to 100% green energy for captive consumption to cut energy costs, and upgrade the output of its refineries into value added chemicals.

Several marquee global strategic and financial investors have shown strong interest in Reliance Retail, which has raised USD 1 billion from Qatar's sovereign agency recently, RIL Chairman Mukesh Ambani said on Monday adding that if it were listed on stock exchanges based on current valuation, the retail venture would be among the top four listed entities.

In less than three years, valuation of Reliance Retail has been doubled and the pace of this value creation is "unmatched globally", said Ambani addressing RIL shareholders.

"Several marquee global strategic and financial investors have shown strong interest in Reliance Retail. I will update you about our progress with them in due course," he said.

JioCinema, over-the-top (OTT) media streaming service by Reliance, which earlier this year disrupted the sector by free live streaming of IPL cricket matches, has now become India's largest digital entertainment destination, RIL Chairman Mukesh Ambani said on Monday.

JioCinema delivered industry-leading engagement metrics, registering a strong growth in paid subscribers, said Ambani, adding, it created a global record with a staggering 45 crore viewers tuning in to the platform during IPL.

"JioCinema has now become India's largest digital entertainment destination for blockbuster movies, OTT originals, the biggest reality shows, and exclusive content from leading global studios like HBO and NBCU," said Mukesh Ambani while addressing RIL shareholders.

Mukesh Ambani said he will spend the next five years of his chairmanship of India’s most valuable company grooming his children to transform Reliance Industries Ltd. into a digital and green energy behemoth.

The three children of Asia’s richest man were appointed as non-executive directors, while his wife, Nita, will step down from the board, “to devote more of her time to the Reliance Foundation” charity where she serves as founding chairperson, the company said in a statement on Monday. During Reliance’s annual general meeting, Ambani told shareholders that Nita will still continue to attend all board meetings as a permanent invitee.

Jio Financial Services, the newest addition to the growing empire of Reliance Industries Ltd, has been capitalised with a net worth of ₹1.2 lakh crore to create one of the world's highest capitalised financial services platforms at inception, chairman Mukesh Ambani said on Monday.

Speaking at company's annual general meeting, he said JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India.

"JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC," he said. "JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products."

Reliance Industries Chairman and Managing Director Mukesh Ambani on Monday announced that the company will launch Jio AirFiber this Ganesh Chaturthi (September 19).

He was addressing its 46th Annual General Meeting of Reliance Industries.

Reliance aims to tap the untapped segment with an addressable market of over 200 million Indian homes.

Reliance Industries' retail unit is attracting "strong interest" from other top investors after raising $1 billion from Qatar Investment Authority, its billionaire chairman Mukesh Ambani said on Monday.

Reliance Retail, which aims to list on the stock market, raised $1 billion from Qatar Investment Authority at a $100 billion valuation last week, three years after a wave of fundraising where the unit attracted investors such as KKR, Silver Lake and TPG.

"In less than three years, the valuation of Retail has almost doubled, notwithstanding the intervening COVID-19 pandemic," Ambani, Asia's richest person, said during the company's annual general meeting.

Reliance Industries Ltd, the owner of world's largest single-location oil refining complex, will set up 100 CBG plants to convert agri-waste into gas, its chairman Mukesh Ambani said on Monday.

Speaking at the company's annual shareholder meeting, he said after setting up two demo units for compressed biogas (CBG) at Jamnagar, Reliance has commissioned the first commercial scale CBG plant at Barabanki in Uttar Pradesh in a record time of just 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, consuming 5.5 million tonnes of agro-residue and organic waste, thereby mitigating nearly 2 million tonnes of carbon emissions, and producing 2.5 million tonnes of organic manure annually," he said.

Asia's richest man Mukesh Ambani began executing a succession plan for his energy-to-technology conglomerate Reliance Industries, appointing his three children Isha, Akash, and Anant to the board of the company on Monday.

Till now, the three children were involved only at operating business-level and none were on the board of India's largest listed company.

The board of Reliance met ahead of the company's annual general meeting to approve the appointment of twins Isha and Akash as well as Anant, as the "non-executive directors of the company," the firm said in a stock exchange filing.

Mukesh Ambani says will continue as chairperson-MD for till 2028. Nita Ambani to remain on RIL board as a permanent invitee.

Reliance Foundation chairperson Nita Ambani announces Nita Mukesh Ambani Junior School; to be headed by daughter Isha Ambani.

We are focused on the execution of the Dhirubhai Ambani Green Energy Giga manufacturing Complex At Jamnagar. Our first priority is to deliver a fully-integrated, end-to-end solar photovoltaic cells manufacturing ecosystem: Mukesh Ambani

We are well on our way to enhance our 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. At a time when global energy supplies and prices are witnessing unprecedented volatility and uncertainty, this gas is a major source of clean energy saving up to $7 billion per annum imports for our country: Mukesh Ambani

Jio Financial Services will accelerate replication of India’s dazzling growth story. In payments, JFS will ensure ubiquitous offering for both consumers and merchants, further driving digital adoption. JFS products will explore path-breaking features such as blockchain based platforms and CBDC: Mukesh Ambani

We have built retail business on principle of 4 Cs – Collaboration, Consumer engagement, Creativity, and Care. We reached milestone of partnering >30 lakh merchants. We serve 98% of India’s PIN codes: 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: Isha Ambani

1. The consumer segment, powered by Jio 5G and Jio Bharat

2. The home segment, turbo charged by Jio AirFiber

3. The business segment, with its large untapped potential

4. Jio Platforms global expansion

Also Read | Reliance AGM: Jio AirFiber to be launched on Sept 19. 5 things to know

At 46th AGM, Jio chairperson Akash Ambani announces Jio True 5G Developer Platform, and True 5G Lab.

RIL Board recommends Isha, Akash and Anant Ambani on the Board. Nita Ambani to step down from the Board, and continue as the chairperson of Reliance Foundation: Company release  Read more

Today, Jio 5G is present in 96% of India's towns. Also, since being launched in 2016, Jio's subscriber count stands at over 450 million. This is a revenue growth of 50%, as well as a average consumer use of 25GB per month: Mukesh Ambani

RIL's existing workforce stands at 3.9 lakh on-roll employees, reveals Mukesh Ambani at the 46th annual general meeting.

As our PM, Narendra Modi said, this is a new India full of self confidence. This India is unstoppable, tireless and does not gasp for breath. This India does not give up. Heartiest congratulations (to ISRO) for Chandrayaan: Mukesh Ambani

RIL chairperson Mukesh Ambani will speak shortly as the event is slated to begin at 2pm.

Those waiting for the event have to wait for around 30 more minutes as the AGM is scheduled to begin at 2pm.

“I will take up your inputs with our board of directors on the question of IPO for Jio and Retail. The principles on timing and valuation of IPOs remain unchanged. I have outlined the plans for both businesses. Jio is embarking on an aggressive launch of our 5G service, and retail is on a path of exponential growth. I will update you on the IPO in my speech next year,” the RIL chairman had said.