Reliance Industries Ltd Chairman Mukesh Ambani made a series of key announcements at its 46th annual general meeting (AGM) held on 28 August, including changes in the company’s board structure to Jio True 5G and Jio Smart Home services, among others. 

The chairman even highlighted the company’s quarterly report for the April-June quarter of the current fiscal year, with the company’s consolidated revenue at Rs 9,74,864 crore, the EBITDA at Rs 1,53,920 crore, while the net profit was Rs 73,670 crore during the quarter. 

The company has also set new records in creating employment as it added 2.6 lakh jobs during the current fiscal year. 

Reliance Board Changes:

• Nita Ambani has announced her resignation from her post as she sought to be relieved of her charge to devote more time towards the company’s non-profit arm, Reliance Foundation.
• Isha Ambani, Akash Ambani, and Anant Ambani will be joining the board as non-executive directors.
• Mukesh Ambani has confirmed that he will remain Chairman and Managing Director for the upcoming five years. 

Deliverance of AI for everyone, everywhere

• Mukesh Ambani said Jio promised broadband connectivity to everyone, everywhere and has delivered on its promise. Today, Jio promises AI to everyone, everywhere, and we shall strive to provide it. 
• “We stand committed to create up to 2000 MW of AI-ready computing capacity,” he added.

Reliance Jio

• The company surpassed the 450 million subscribers mark. 
• It has 50 million active 5G cells and adds 1 new 5G cell every 10 seconds. 
• 85% of the total operational 5G users are from Jio.

Jio Bharat Launch 

• The chairman has announced the launch of affordable Jio Bharat smartphones at Rs 999.
• The smartphone will offer unlimited calls and enhance connectivity for its users. 
• The smartphone can also be used to stream live TV, videos, music, and UPI payments through JioPay.

Jio AirFiber 

• The telecom arm plans to reach 100 million homes with Jio AirFiber, that offers a fibre-like experience through 5G technology. 
• The AirFiber is set to launch on the occasion of Ganesh Chaturthi, 19 September. 

Reliance Retail

• The company’s retail segment crossed 100 crore transactions and over 78 crore footfalls. 
• The retail venture opened 3,300+ new stores last year, taking the total to 18,040 in Tier II, III, and smaller towns.
• The company posted a revenue of Rs 2.6 lakhs, net profit of Rs 9,181 crore, and EBITDA of Rs 17,928 crore in FY23.
• Reliance Retail is one of the largest employers in the country, with 2.5 lakh on-roll employees. 

Jio Smart Home Services 

• RIL announced the launch of Jio Smart Home services to “redefine our homes”.
• Akash Ambani, Chairman of Reliance Jio Infocomm, said, “Over 80% of data consumption in India happens indoors. I’m thrilled to introduce Jio Smart Home services, which is poised to redefine how we experience and manage our homes.”

Jio Financial Services

• The company will enter the insurance sector. 
• Blackrock and Jio Financial Services to form a 50:50 Joint venture to create an asset management firm called Jio BlackRock.

Achieving net carbon zero by 2035

• The company aims to achieve net zero carbon by 2035 through renewable and bioenergy. 

Battery gigafactory by 2026

• Reliance to spend Rs 60,000 crore in the next three years to construct four gigafactory. 
• The company will set up a battery giga factory by 2026 to manufacture battery chemicals and cells. 
• It will include a battery recycling facility. 

Hydrogen & bio-energy platforms

• Mukesh Ambani said, “I can also confidently now say that we have a roadmap towards achieving our targeted cost of electrolysers, and in turn, Green Hydrogen.”