Mukesh Ambani’s Reliance Industries Limited held its 46th annual general meeting in Mumbai. Famously, substantial Jio-related declarations were anticipated, with the event broadcast live on various platforms including the company’s website and social media. The virtual keynote at the AGM was initiated by Mukesh Ambani, who serves as the chairman and managing director of Reliance Industries.
Ambani revealed that JioFiber, a prominent name in India’s fiber broadband arena, has now surpassed 10 million subscribers. Expanding its reach into the plug-and-play hotspot domain, he introduced Jio AirFiber, scheduled for launch on September 19, 2023, coinciding with the auspicious Hindu occasion of Ganesh Chaturthi. AirFiber aims to accelerate Jio’s 5G rollout nationwide by obviating the necessity for final-mile fiber connections through its 5G wireless technology. Reliance envisions over 250 million users embracing Jio AirFiber, which is anticipated to facilitate 150,000 daily connections – a remarkable tenfold increase in speed compared to conventional physical fiber broadband connections.
“Our main concentration is on the rapid implementation of the Dhirubhai Ambani Green Energy Giga Manufacturing Complex in Jamnagar,” mentioned Mukesh Ambani. He further stated that their primary objective is to establish a comprehensive solar PV manufacturing system from start to finish. Ambani also highlighted that Reliance’s new goal is to establish a battery Giga factory by 2026, where battery chemicals, cells, packs, energy storage solutions, and even battery recycling will be incorporated.
Reliance has additionally unveiled the Jio True 5G Lab, a comprehensive facility designed to accelerate industry transformation. The inaugural Jio True5G Lab will be situated at Reliance Corporate Park. In collaboration with HP and Google, Reliance is also gearing up to introduce the Jio Cloud PC, an economical laptop expected to run on the Android OS. Mukesh Ambani also revealed Jio’s intentions to develop AI models tailored to India’s needs. He emphasized the importance of a robust AI-ready digital infrastructure to handle the substantial computational requirements of AI, stating, “India possesses scale, data, and talent. However, we require a digital framework capable of accommodating AI’s extensive computational needs. We are committed to establishing up to 2000 MW of AI-ready computing capacity.”
Adding to the array of announcements during the AGM, Reliance also revealed an exciting development – Jio Smart Home services.
These services will be accessible through the JioHome app, with the company employing AI to enhance the efficiency of the Wi-Fi network. Akash Ambani, Chairman of Reliance Jio, shared, “With over 80% of data consumption occurring indoors in India, I’m thrilled to introduce Jio Smart Home services, which are set to revolutionize how we interact with and manage our homes.” He further highlighted the reach of their Jio Fiber service, currently serving over 10 million customers, and emphasized that the introduction of Jio AirFiber would expand their potential market to include more than 200 million homes and various premises.
Moving on to Reliance’s Retail sector, Isha Ambani shared that its valuation has surged twofold to ₹8.28 lakh crore, marking a substantial increase from ₹4.28 lakh crore as of September 2020. This growth has positioned it as one of the leading employers nationwide. Evidently, numerous prominent global investors have displayed interest in Reliance Retail. Notably, its digital and new commerce sales have contributed around ₹50,000 crore in the fiscal year ending March 2023. Isha Ambani also highlighted the remarkable expansion efforts, stating, “In the past year, we established over 3,300 new stores, bringing the total to 18,040, encompassing an area of 6.56 crore square feet. A significant portion of these stores, about two-thirds, are located in Tier II, III, and smaller towns, demonstrating our commitment to inclusive retail.”
Significant Reliance Figures Unveiled
During the AGM, Mukesh Ambani shared remarkable statistics, including the revelation that the company is deploying one 5G cell every 10 seconds at the current rate. Jio observed a 45% surge in data traffic compared to the previous year. Additionally, the digital services arm achieved an unprecedented revenue milestone, amounting to ₹1.19 lakh crore for FY23.
Ambani delved into the details of Jio’s 5G advancements, disclosing that within the past nine months, Jio’s 5G services have been made accessible in 96% of towns. An ambitious goal of comprehensive nationwide 5G coverage, facilitated by 1 million 5G cells, is set to be realized by the year’s end. Impressively, Jio accounts for 85% of all operational 5G cells in the second-largest global internet market and boasts a user base of over 50 million 5G customers.
Highlighting their digital infrastructure achievements, Ambani conveyed, “Our dedication to establishing a digital public service infrastructure has been unwavering. Today, our aspirations extend beyond India’s borders.” He emphasized Jio’s transition from implementers to creators of innovative technology, powered by their in-house 5G stack. Jio’s expansion into the insurance industry through Jio Financial Services was also revealed, offering life, general, and health insurance via their digital platform.
Generational Shift in Board; Chairperson’s Resignation
In his address, Ambani disclosed that Reliance Industries invested a cumulative $150 billion over the past decade, a feat unparalleled in the corporate landscape of India. The company’s consolidated revenues for the year totaled ₹9,74,864 crore, with an EBITDA of ₹1,53,920 crore for FY23. Accompanying these achievements, Reliance reported a net profit of ₹73,670 crore for the same period. With a workforce of over 3.9 lakh employees, Reliance added an impressive 2.6 lakh jobs during the year. Nita Ambani’s transition from the Reliance Industries’ Board was announced, with Isha Ambani, Akash Ambani, and Anant Ambani set to join the Board of Directors in her stead.
