RIL AGM 2022: Reliance Industries Chairman Mukesh Ambani on Monday said the company has made all-around progress across its businesses and it has become India’s first corporate to cross $100 billion in annual revenues. He has announced Jio 5G services and said it will be available in Delhi, Mumbai, Kolkata, and Chennai by Diwali. Reliance will also launch its FMCG business this year.
Addressing the company’s 45th annual general meeting, RIL Chairman Mukesh Ambani said, “I want to announce the next leap forward that Jio is creating in digital connectivity, especially in fixed broadband. And that is JIO 5G services. Using 5G technology, we can dramatically reduce latency or lag, and deliver breakthrough increases in broadband speed, network capacity, and the number of connected users.”
He added that Jio will deploy the latest version of 5G called Stand-Alone 5G with zero dependence on the existing 4G infrastructure.
During RIL AGM, Reliance Retail Director Isha Ambani said this year, the company will launch its fast-moving consumer goods (FMCG) business. “The objective of this business is to develop and deliver high quality, affordable products which solve every Indian’s daily needs.”
With Meta, Jio will also launch JioMart on WhatsApp.
Mukesh Ambani also said, “Today, I would like to announce our new Giga Factory for Power Electronics. One of the key components linking the entire value chain of Green Energy is affordable and reliable power electronics. We are building significant capabilities in design and manufacturing of power electronics and software systems, integrating with our capabilities of telecommunications, cloud computing and IoT platform.”
Jio 5G Rollout
He added that within the next two months, by Diwali, Reliance will launch Jio 5G across multiple key cities, including the metropolises of Delhi, Mumbai, Kolkata, and Chennai.
“Subsequently, we plan to increase the Jio 5G footprint month after month. By December 2023, which is less than 18 months from today, we will deliver Jio 5G to every town, every taluka, and every tehsil of our country,” Ambani said.
Speaking at the AGM, Jio Chairman Akash Ambani also announced JioAirFiber. “An even more exciting possibility of Jio 5G is the ultra-high-speed fixed-broadband. Since you get fiber-like speeds over the air without any wires, we are calling it JioAirFiber. With JioAirFiber, it will be really easy to quickly connect your home or ofce to gigabit-speed internet.”
He said the company has developed a JioAirFiber Home Gateway, which is a wireless, simple, single-device solution. Get it, plug it in, turn it on, and that’s it.
“You now have a personal Wi-Fi hotspot in your home, connected to ultra-high-speed internet using True 5G. On top of that, because it’s an end-to-end wireless solution, there are no wires coming into your house, creating an eyesore,” Akash Ambani said.
“I am pleased to announce one more exciting partnership with Qualcomm, which is not only a global semiconductor and communications technology major but also one of the valued investors of Jio Platforms. To share a few words on this partnership, I have with me today, my dear friend, Qualcomm CEO Cristiano Amon,” Mukesh Ambani said.
During RIL AGM, Amon said that as an ecosystem enabler, Qualcomm actively supports innovative Indian semiconductor and hardware startups.
“I’m excited to be working together on cloud-native, scalable, and flexible 5G infrastructure, in both mmWave and sub-6GHz, to develop an ecosystem that can extend beyond India,” the Qualcomm CEO said.
RIL’s Finances
Mukesh Ambani said Reliance has continued to make all-round progress across its businesses. The company has become India’s first corporate to cross $100 billion in annual revenues.
“Reliance’s consolidated revenues grew 47 per cent to Rs 7.93 lakh crore, or $104.6 billion. Reliance’s annual consolidated EBITDA crossed a crucial milestone of Rs 1.25 lakh crore. And in true We Care spirit, Reliance Foundation continued to benefit millions of people across the country,” he said.
RIL’s Digital Services
Mukesh Ambani said that over the past year, Jio has further consolidated its position as India’s Number One digital service provider.
“Today, we have 421 million mobile broadband subscribers on our 4G network. And they consume, on an average, nearly 20 GB of broadband data every month, nearly doubling their consumption from the year before.”
He added that inspired by the Digital India vision of Prime Minister Narendra Modi, the country has seen the emergence and scale-up of multiple world-class national platforms which have brought enormous benefits and
convenience to ordinary citizens.
RIL’s Retail Business
Mukesh Ambani said, “Let me congratulate the entire leadership team of Reliance Retail on achieving a record of Rs 2 lakh crore turnover and an EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 12,000 crore. Today, Reliance Retail is among the Top-10 Retailers in Asia”
He also said the company has set higher benchmarks for serving the community. In 2022, Reliance was the largest taxpayer, direct and indirect taxes jumped by about 108 per cent. Reliance added 2.32 lakh jobs. Digital services business – JIO – number digital service provider 421 million subscribers. “We are inspired by our dynamic PM.”
Oil & Gas Business
Mukesh Ambani said that the production jumped nine times and revenues have crossed a billion dollars. “With 19 million standard cubic meters per day of production in ultra-deepwater fields, KG-D6 is contributing 20 per cent of India’s domestic gas production.”
He added that with the commissioning of the MJ Field by end-2022, KG-D6 will increase its contribution to nearly 30 per cent of India’s gas production. This will help meet India’s growing demand indigenously, leading to import savings of nearly $9 billion per annum. Natural gas is a major source of clean and affordable energy for India, particularly in times of significant global energy crisis.
Oil to Chemical business
Mukesh Ambani said this was yet another year of superlative performance. It crossed Rs 5 lakh crore in annual revenues. The Ebitda crossed Rs 50,000 crore.
“We are committed to maximise oil to chemicals integration and convert our advantageous feedstock streams to high-value chemicals and green materials.”
New Energy
Reliance Industries Ltd (RIL) has set a target of achieving net-zero carbon by 2035 and is investing over $10 billion (Rs 75,000 crore) in building the most comprehensive ecosystem for New Energy and New Materials in India to secure the promise of a sustainable future for generations to come.
Mukesh Ambani said Reliance has extensively started consuming biomass as fuel to produce green energy at scale. “Within a span of just one year, we have replaced almost 5 per cent of energy consumption at our Dahej and Hazira sites by green power and green steam. Within one year, the renewable energy consumption at Reliance jumped by 352 per cent.”
He added that the company launched its New Energy business last year. He added that decarbonising the global economy will require multi-decade investments in Green and Clean Energy to the tune of $5 trillion per year globally.
Ambani said he had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. “Our aim is to establish and enable at least 100GW of solar energy by 2030.”
The RIL chairman said the work done so far has reafirmed its conviction in solar energy and has provided further impetus to RIL’s investment thesis to establish four giga factories — photovoltaic panels, energy storage, green hydrogen and fuel cell system.
“In addition to solar energy, we are also actively progressing on bio-energy, offshore wind and other non-conventional forms of renewable energy, and will continue to expand our manufacturing ecosystem,” he said.
Media Business
Mukesh Ambani said the Reliance group’s media business achieved its highest growth last year on the back of strong engagement, resulting in record subscriptions and advertising revenues.
“Our national channels, CNN-News18, CNBC-TV18, and News18 India are consistently ranked Number 1.”
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