Reliance AGM 2023 LIVE Updates: Gas is a key transition fuel in India’s quest for clean energy, says Mukesh Ambani

15:18 (IST)

Reliance AGM 2023 LIVE Updates

Embarked transitioning O2C business into sustainable, green business, says Mukesh Ambani

We have embarked transitioning O2C business into a sustainable and green business.

The key pillars of this transition are – One, we are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy.

Two, we are accelerating Circularity and consumer integration.

Three, with technology and innovation, our Refinery at Jamnagar will be progressively operated as a ‘Chemicals and Materials Feedstock Production’ engine’.

15:15 (IST)

Reliance AGM 2023 LIVE Updates

Gas is a key transition fuel in India’s quest for clean, sustainable energy, says Mukesh Ambani

Gas is a key transition fuel in our nation’s quest for clean and sustainable energy. With our valued partner bp, we have revived gas production from KGD6 Block from near zero a few years back to about 20 MMSCMD in FY23, added Mukesh Ambani.

We commissioned one of most complex and cost-efficient deepwater projects – the MJ Field, in KGD6 Block. This includes a state-of-the-art FPSO, which is among the largest and most complex in the world with a gas production capacity of 14MMSCMD, says Ambani.

We are well on our way to enhance production to 30 MMSCMD, which will be 30% of India’s gas production and 15% of its current gas demand. This gas is a major source of clean energy saving up to $7 billion per annum in imports for the country, stated Ambani.

Our O2C business operated in a highly volatile global scenario. Despite all the challenges and a new one-time tax in the form of Special Additional Excise Duty (SAED), our O2C EBITDA for FY23 improved by 17.7% to a record high of Rs 62,075 cr, added Ambani.

15:12 (IST)

Reliance AGM 2023 LIVE Updates

JFS will prove to be an invaluable addition to RIL, says Mukesh Ambani

Just like Jio and Retail, JFS will prove an invaluable addition to RIL ecosystem of consumer businesses, says Mukesh Ambani.

He gave three reasons to be confident about JFS's success.

One, the digital-first architecture will give it an unmatched head start. Two, RIL has capitalised JFS with net worth of Rs 1,20,000 crore - one of world’s highest capitalised financial service company at inception. Three, JFS is blessed with very strong board, led by Shri KV Kamath, a veteran and most respected banker.

15:07 (IST)

Reliance AGM 2023 LIVE Updates

JFS will ensure ubiquitous offering for both consumers, merchants, says Mukesh Ambani

In payments, JFS will ensure ubiquitous offerings for both consumers and merchants, further driving digital adoption, says Mukesh Ambani.

JFS products will explore path-breaking features such as blockchain-based platforms and CBDC, he added.

15:05 (IST)

Reliance AGM 2023 LIVE Updates

Proud of forthcoming Joint Venture with Jio Financial Services, says Larry Fink, Chairman & CEO of BlackRock

For 35 years, Black Rock’s mission has been to make investing easier and more affordable for millions of investors around the world. That’s why I am so proud of our forthcoming JV in India with Jio Financial Services, says Larry Fink, Chairman & CEO of BlackRock.

Black Rock is a large investor in India. Global investors recognize that India is at cutting edge of  Digital Transformation, in large part because RIL and Jio built a digital and consumer ecosystem unparalleled anywhere else in world, states Larry Fink.

JFS brings digital capabilities and local market knowledge, and BlackRock brings global investment and risk management expertise. Together, we will aim to transform India’s asset management industry adds Larry Fink.

15:03 (IST)

Reliance AGM 2023 LIVE Updates

JFS has announced a Joint Venture with Black Rock

JFS has announced a Joint Venture with Black Rock to set up asset management business that will provide simple and trustworthy investment solutions. The Joint Venture will deliver tech-enabled, affordable and innovative investment solutions.

15:02 (IST)

Reliance AGM 2023 LIVE Updates

Delighted to introduce our newest group company, JFSL, says Mukesh Ambani

I am delighted to introduce our newest group company, JFSL, of which all of you are proud shareholders, says the Reliance Chairman.

JFS is born to accelerate replication of India’s dazzling growth story in Bharat. It will increase fin services penetration with digital-first approach that simplifies fin products, reduces cost, and expands reach, stated Mukesh Ambani.

Every shareholder of RIL has received shares in JFS on a 1:1 basis. This is like a mini bonus for our long-term investors, he added.

14:59 (IST)

Reliance AGM 2023 LIVE Updates

JioMart on-boarded 25,000+ artisans, weavers and micro-entrepreneurs

JioMart on-boarded 25,000+ artisans, weavers and micro-entrepreneurs. 1.6 lakh products of artisans from 150+ cities are available on our platforms. We work with 2500+ handloom weavers, covering 50 craft clusters.

14:58 (IST)

Reliance AGM 2023 LIVE Updates

Launch of JioMart on WhatsApp has been a phenomenal success, says Isha Ambani

New Commerce business grew phenomenally on back of our omni-channel capabilities. The launch of JioMart on WhatsApp has been a phenomenal success with 9X growth of JioMart customers on WhatsApp since launch in 2022.

14:58 (IST)

Reliance AGM 2023 LIVE Updates

FMCG business launched to provide world-class products at affordable prices, says Isha Ambani

We launched FMCG business to provide world-class products at affordable prices. This business entered several categories through multiple brands and strategic partnerships like Campa Cola, Sosyo, and Lotus.

14:56 (IST)

Reliance AGM 2023 LIVE Updates

Reliance Retail is one of the largest employers in India, says Isha Ambani

Reliance Retail is one of the largest employers in the country, with nearly 2.5 lakh on-roll employees. We will continue to play a pivotal role in creating employment opportunities for the aspirational Indian youth.

14:56 (IST)

Reliance AGM 2023 LIVE Updates

Built retail business on principle of 4 Cs, says Isha Ambani

We have built retail business on principle of 4 Cs – Collaboration, Consumer engagement, Creativity, and Care.

Collaboration: We reached milestone of partnering >30 lakh merchants.

Consumer engagement: We serve 98% of India’s PIN codes

Creativity: We spend time understanding what customers want and create new products, formats, and platforms.

Care: We consider our business a success only when it leads to shared prosperity for millions of stakeholders

14:54 (IST)

Reliance AGM 2023 LIVE Updates

A testament to commitment of making retail inclusive, states 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.

14:53 (IST)

Reliance AGM 2023 LIVE Updates

FY23 has been a landmark year for Retail Business, says Isha Ambani, Director, Reliance Retail

FY23 has been a landmark year for our Retail Business. Reliance Retail crossed the milestone of 100 cr transactions, received >78 cr footfalls. The registered customers grew to 25 crore

Our digital and New Commerce sales contributed ~₹50,000 cr, accounting for a fifth of revenues. We have invested over $10 bn in last 2yrs, focusing on integration, growing in-house brands, and improving supply chain.

14:51 (IST)

Reliance AGM 2023 LIVE Updates

Reliance Retail posted revenue of ₹2,60,364 cr in FY23

Reliance Retail posted revenue of ₹2,60,364 cr in FY23. We delivered an EBITDA of ₹17,928 cr and a net profit of ₹9,181 cr. Reliance Retail is only Indian retailer in the global Top 100, and one of fastest growing retailers in the world, says Mukesh Ambani.

14:50 (IST)

Reliance AGM 2023 LIVE Updates

Network18 made great progress to becoming top news network in India

Network18 made great progress to becoming top news network in India. It is going deeper locally and growing wider internationally. Our homegrown digital news platforms, MoneyControl and Firstpost, are setting benchmarks globally, stated Mukesh Ambani.

14:49 (IST)

Reliance AGM 2023 LIVE Updates

For the first time, IPL was streamed free on Jio Cinema, states Mukesh Ambani

For the first time, IPL was streamed free on Jio Cinema. It created a global record with a staggering 45 cr viewers tuning in. More people watched IPL on digital devices than on linear television, marking a tectonic shift states Mukesh Ambani.

14:48 (IST)

Reliance AGM 2023 LIVE Updates

Jio promises AI to everyone, everywhere, and we shall deliver, vows Ambani

Seven years ago, Jio pledged to broadband connectivity to everyone, everywhere. We have delivered. Today Jio promises AI to everyone, everywhere. And we shall deliver, states Mukesh Ambani.

14:46 (IST)

Reliance AGM 2023 LIVE Updates

Global AI revolution is reshaping the world around us, states Mukesh Ambani

A global AI revolution is reshaping the world around us. Jio Platforms wants to lead in developing India-specific AI models and AI-powered solutions across domains, thereby delivering benefit of AI to Indians, businesses and govt, stated Mukesh Ambani.

India has scale, data and talent but we also need AI-ready digital infrastructure that can handle AI's immense computational demands added Ambani.

We stand committed to create up to 2000 MW of AI-ready computing capacity, stated the Chairman.

14:44 (IST)

Reliance AGM 2023 LIVE Updates

Four frontiers for Reliance Jio’s growth, says Mukesh Ambani

I see 4 frontiers for Reliance Jio’s growth namely the consumer segment, the home segment, the business segment and the opportunity for global expansion. Collectively, these frontiers provide Jio an opportunity for multi-fold growth in coming years, he added.

14:43 (IST)

Reliance AGM 2023 LIVE Updates

Announcing Jio True5G Developer platform, Jio True5G Lab, says Akash Ambani

We are announcing Jio True5G Developer platform, a comprehensive platform combining our 5G network, edge computing, and a spectrum of applications and services, says Akash Ambani.

We are also announcing Jio True5G Lab, a facility designed to accelerate industry transformation. The inaugural Jio True5G Lab will be located at Reliance Corporate Park.

14:42 (IST)

Reliance AGM 2023 LIVE Updates

Other brands to also create Jio Bharat phones

To accelerate our mission of 2G-mukt Bharat, we are opening up both the OS and the platform we developed to other like-minded partners. In addition to RIL, now brands like Karbonn are also creating Jio Bharat phones.

14:40 (IST)

Reliance AGM 2023 LIVE Updates

Jio Bharat's UPI integration streamlines Direct Benefit Transfer from government, says Kiran Thomas

Jio Bharat's UPI integration streamlines Direct Benefit Transfer from government, with easy balance checks and real-time notifications, says Kiran Thomas. Our ₹123/m plan includes unlimited voice and 14 GB data, 30% cheaper than others, adds Thomas.

14:39 (IST)

Reliance AGM 2023 LIVE Updates

Jio Bharat is a gateway to digital independence, states Akash Ambani

Jio Bharat is a gateway to digital independence for those who can't afford smartphones, states Akash Ambani. Priced comparably to 2G featurephones, Jio Bharat is a 4G-enabled phone, adds Ambani.

14:38 (IST)

Reliance AGM 2023 LIVE Updates

Real-time applications become accessible in every home with Jio Home Broadband, says Kiran Thomas, President, Reliance Jio

With Jio Home Broadband’s ultra-low latency and service-awareness, real-time applications become accessible in every home says Kiran Thomas, President, Reliance Jio. It will allow services like JioCloudPC to revolutionize both affordability and performance, he added.

14:36 (IST)

Reliance AGM 2023 LIVE Updates

Entertainment is changing rapidly worldwide, states Akash Ambani

Entertainment is changing rapidly worldwide, shifting from linear to interactive. Jio is accelerating this trend in India. Our Set-Top Box supports JioCinema and JioTV+, with leading global streaming apps, he added.

14:35 (IST)

Reliance AGM 2023 LIVE Updates

Jio Set-Top box is gateway to a world of entertainment, says Kiran Thomas

Jio Set-Top box is gateway to a world of entertainment, from TV channels to streaming content, to large-screen games, to digital apps, says Kiran Thomas.

The Jio Smart Home app includes eRemote for Jio Set-Top Box, adds Thomas.

The smartphone as a gamepad added Thomas.

14:32 (IST)

Reliance AGM 2023 LIVE Updates

Thrilled to announce Jio Smart Home Services, says Akash Ambani, Chairman, Reliance Jio

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, says Akash Ambani, Chairman of Reliance Jio.

Our extensive Jio Fiber service already serves 10+ mn customers, with thousands getting connected each month. With Jio AirFiber, we are expanding our addressable market to 200+ mn homes and other premises added Akash Ambani.

14:29 (IST)

Reliance AGM 2023 LIVE Updates

Jio 5G holds potential to transform all sectors of economy

Jio Platforms is already providing end-to-end professional and managed services for all businesses of RIL group, including Telecom, Retail, Media, and Fin Services. It is ideally placed to offer these services outside RIL group, says Mukesh Ambani

Jio 5G holds potential to transform all sectors of economy, like Agriculture, Education, Healthcare, MSME sector. With Jio 5G, we are renewing our promise to build a brighter and inclusive digital future.

14:26 (IST)

Reliance AGM 2023 LIVE Updates

Mukesh Ambani announced the launch of Jio AirFiber on Ganesh Chaturthi

Today, I'm delighted to announce that Jio AirFiber will launch on the auspicious occasion of Ganesh Chaturthi on 19th September, giving us another avenue for customer value and revenue growth, said Mukesh Ambani.

Through optical fiber, we can currently connect around 15,000 premises daily. But with Jio AirFiber, we can supercharge this expansion with up to 150,000 connections per day, added Mukesh Ambani.

14:25 (IST)

Reliance AGM 2023 LIVE Updates

Jio Fiber crossed 10 million subscribers despite COVID-19 disruptions, says Mukesh Ambani

In a few years, despite COVID-19 disruptions, Jio Fiber crossed 10 mn subscribers, each of whom consumes, 280+ GB of data per month ─ which is 10x than our per-capita mobile data consumption, says Mukesh Ambani.

Reliance Jio's optic fiber infrastructure spans over 1.5 mn km across India. This immense scale puts us in a league of our own, far ahead of competition. Our extensive optic fiber presence puts us in close proximity to 200+ mn premises added the Reliance Chaiman.

14:23 (IST)

Reliance AGM 2023 LIVE Updates

Jio Bharat launched to eliminate digital divide, says Mukesh Ambani

250 mn users in India remain stuck in 2G era, unable to access digital services. To eliminate this digital divide, we launched Jio Bharat, a revolutionary 4G phone, priced at ₹999, which is less than a 2G featurephone, says Mukesh Ambani.

14:22 (IST)

Reliance AGM 2023 LIVE Updates

Can see Jio leveraging Made-in-India tech to drive value creation growth, says Mukesh Ambani

We’ve become one of largest filers of global patents for digital technologies, affirming our transformation to a tech company. I can see Jio leveraging Made-in-India tech to drive value creation growth, both at home and abroad says Mukesh Ambani.

14:20 (IST)

Reliance AGM 2023 LIVE Updates

Jio undisputed leader in India’s 5G revolution, states Mukesh Ambani

Jio is only company that offers complete ecosystem of connectivity, devices, support and value-added services ensuring nationwide availability and adoption of 5G devices. This makes Jio undisputed leader in India’s 5G revolution.

We have transformed from implementers to creators of cutting-edge technologies. When we launched 4G in 2016, we relied on global partners for equipment. Our 5G rollout is powered by Jio’s own 100% in-house developed 5G stack

14:19 (IST)

Reliance AGM 2023 LIVE Updates

Already leading 5G adoption in India, says Mukesh Ambani

With over 50 mn 5G customers, we are already leading in 5G adoption in India. And we are the only company with the capacity to smoothly transition our entire 4G customer base to 5G, with minimal additional capital expenditure.

With the growing adoption of Jio 5G, we are seeing an increasing trend of high-ARPU, post-paid customers choosing Jio as their preferred network. Our net port-ins via MNP was 5x that of our nearest competitor.

14:18 (IST)

Reliance AGM LIVE Updates

Jio 5G already present in over 96% of the census towns states Mukesh Ambani

We began 5G rollout last October. In 9 months, Jio 5G is already present in over 96% of the census towns. And we are on track to cover entire country by Dec ’23. This makes Jio 5G the fastest-ever 5G rollout anywhere in the world, states Mukesh Ambani

Today, nearly 85% of total 5G cells operational in India are in Jio’s network. At our current pace, we are adding one 5G cell to our network every 10 seconds, and we will have nearly 1 million 5G cells operational by December.

14:16 (IST)

Reliance AGM LIVE Updates

Reliance Jio witnessed another year of outstanding growth, says Mukesh Ambani

Reliance Jio witnessed another year of outstanding growth, posting all-time high revenue of ₹1,19,791 cr and EBITDA of ₹50,286 cr. Jio’s overall customer base has now crossed 450 mn subscribers, reflecting a y-o-y revenue growth of over 20%

Per-user data consumption on Jio’s network has surged, with the average user now consuming over 25 GB every month. This translates to monthly data traffic of 1100 cr GBs, representing a 45% year-on-year growth

Reliance Jio was launched seven years ago with an ambitious mission: to transform India into a Premier Digital Society. Jio has been main catalyst of New India’s spectacular digital transformation. Now our ambitions go beyond the shores of India

14:14 (IST)

Reliance AGM LIVE Updates

Delighted to report another year of all round performance, says Mukesh Ambani

I am delighted to report yet another year of stellar all-round performance. Reliance’s consolidated revenues stood at ₹9,74,864 cr. Reliance’s EBITDA for FY23 was ₹1,53,920 cr, while the net profit was ₹73,670 cr.

Reliance’s exports jumped 33.4% to ₹3.4L cr, accounting for 9.3% of India’s merchandise exports. RIL’s contribution to national exchequer stood at ₹1,77,173 cr. RIL made the highest CSR spending of ₹1,271 cr’.

RIL set new records in creating employment with addition of 2.6 lakh jobs across all businesses. The total number of our on-roll employees is ~3.9 lakh. The number of indirect livelihood opportunities we created is many times larger.

14:11 (IST)

Reliance AGM LIVE Updates

New Reliance a forerunner of New India, says Mukesh Ambani

New Reliance has been a forerunner of the New India. This is evident from the fact that Reliance has invested $150+ billion in last 10 yrs — higher than any other corporate in India, and comparable to the leading businesses across the world.

Our ceaseless spirit of innovation is seen in we offering products and services of highest quality at prices among lowest in world. RIL’s businesses and philanthropic initiatives have enhanced quality of life of mns of Indians, added Mukesh Ambani.

14:11 (IST)

Reliance AGM LIVE Updates

We care for our beloved motherland India, says Mukesh Ambani

From the mantra ‘Vasudhaiva Kutumbakam’ we have derived and developed our We Care philosophy. We care for planet. We care for humanity. We care for our beloved motherland, India. And, we care for all our partners, employees and shareholders.

14:10 (IST)

Reliance AGM LIVE Updates

India will rise as a leading nation, says Mukesh Ambani

India will rise as a leading nation in increasingly multi-polar world. India’s transformation as a prosperous, strong and confident nation is a beacon of hope for world. This is reflected in India’s G20 theme 'One Earth, One Family, One Future’.

14:09 (IST)

Reliance AGM LIVE Updates

Mukesh Ambani congratulates ISRO scientists for Chandrayaan-3

Mukesh Ambani congratulates the scientists of the Indian Space Research Organisation for the success of Chandrayaan-3. 

14:08 (IST)

Reliance AGM LIVE Updates

On the 77^th Independence Day, PM said this is a new India, says Reliance Chairman

On 15th Aug, we celebrated our 77th Independence Day. As Hon’ble PM Shri Narendra Modi said in his address to the nation: “This is a New India full of self-confidence. Ye Bharat na rukta hai, na thakta hai, na haanfta hai aur na hi haarta hai.”

14:05 (IST)

Reliance AGM LIVE Updates

Mukesh Ambani begins his speech at 46th AGM

Reliance Chairman Mukesh Ambani begins his address to shareholders at the Reliance 46th Annual General Meeting. 

14:03 (IST)

Reliance AGM LIVE Updates

Mukesh Ambani starts speaking at the 46th AGM of Reliance Industries Limited

Welcome to the 46th Annual General Meeting of Reliance Industries Limited (Post IPO) https://t.co/kjZbMzKOnJ— Flame of Truth (@flameoftruth) August 28, 2023

13:57 (IST)

Reliance AGM LIVE Updates

46th Annual General Meeting of Reliance Industries Limited to start today

Reliance Industries Limited, led by Mukesh Ambani, will conduct its 46th annual general meeting on August 28, 2023. Investors are expecting substantial surprises during this year’s AGM, as they have in prior years.

Notably, this event is significant since it is RIL’s first AGM following the listing of Jio Financial Services (JFSL) shares on several stock markets.

13:45 (IST)

Congress LIVE Updates

Congress in election mode, holds key state unit meeting in Rajasthan

Rajasthan Congress Screening Committee President Gaurav Gogoi, along with other party officials, met in Jaipur ahead of the state assembly elections on Monday.

The meeting was also attended by State Unit President Govind Singh Dotasara and co-incharge Amrita Dhawan.

13:34 (IST)

Haryana Nuh LIVE Updates

Devotees being taken to Shiv temples by police to perform 'Jal Abhishek'

VIDEO | Devotees being taken to Shiv temples in Nuh, Haryana by police to perform 'Jal Abhishek'. pic.twitter.com/oZKjPSJrtI— Press Trust of India (@PTI_News) August 28, 2023

13:05 (IST)

Kerala LIVE Updates

Congress-led UDF MLAs, MPs decline to accept free Onam kits in Kerala

The opposition Congress-led United Democratic Front (UDF) warned on Monday that its MLAs and MPs will not take the free Onam kit provided by the state-run Kerala State Civil Supplies Corporation, or SupplyCo as it is colloquially known.

Leader of the Opposition in the Assembly VD Satheesan claimed that owing to the state's financial difficulties, all impoverished people were not receiving the kits, and thus the people's representatives from the UDF would not accept it either.

"However, not all of the poor persons have received the free kits. Therefore, the UDF MLAs and MPs will also not accept the free kit which is not being given to the common and poor persons. Supplyco has been informed about this," he said.

13:03 (IST)

Haryana Nuh LIVE Updates

Situation is normal in the area, says Haryana Mamata Singh, ADG, Law & Order

#WATCH | Nuh: Haryana Mamata Singh, ADG, Law & Order says, "The situation is normal in the area. Force deployment has been done in the area to maintain a peaceful environment...The Internet services have been suspended in the area...We will remove all restrictions once everything… pic.twitter.com/U63my1YshD— ANI (@ANI) August 28, 2023