Reliance AGM Update: Reliance aspires to make India a credible alternative to China in new energy manufacturing

13:56 (IST)

Reliance AGM Live Update: 

Watch the speech here:

https://t.co/ZbnEC1KcfG— Flame of Truth (@flameoftruth) August 29, 2022

15:56 (IST)

Reliance AGM Live Update: 

Reliance share price settles 0.72 per cent lower after AGM 2022

Shares of Reliance Industries settled 0.72 per cent lower at ₹2,600.00 apiece on the BSE, after the conclusion of the 45th annual general meeting 2022.

15:52 (IST)

Reliance AGM Live Update: 

Mukesh Ambani concludes his speech by thanking everyone for their consistent support

I thank the Central and State Govts, shareholders, investors, lenders, suppliers and customers for their consistent and resolute support. I thank all my colleagues on the Board for their oversight, their support and immense encouragement, concludes Mukesh Ambani

15:49 (IST)

Reliance AGM Live Update: 

Will dedicate ourselves to making RIL more robust, says Mukesh Ambani

Even as I continue to provide hands-on leadership as before, my existing team of leaders and I, along with our Board of Directors, will dedicate ourselves to making RIL more robust, more resilient, more purpose-driven, and truly future-ready. So that, in the near term, Reliance more than doubles its value by the end of its Golden Decade in 2027, and thereafter continues to grow ever more rapidly, says Mukesh Ambani.

15:48 (IST)

Reliance AGM Live Update: 

Create a robust architechture for tomorrow's RIL, says Mukesh Ambani

I have always believed that interests of an institution must always override those of any individual or family. We will create a robust architecture for tomorrow’s RIL to ensure that it remains a united, well-integrated and secure institution, says Mukesh Ambani

15:31 (IST)

Reliance AGM Live Update: 

Confident that tomorrow’s Reliance will have a better army of leaders, says Mukesh Ambani

When I see them, I see Dhirubhai Ambani’s pioneering spirit in action. I feel supremely confident that tomorrow’s Reliance will have a better army of leaders, as should happen in any dynamic organisation that empowers its young leaders: Mukesh Ambani

15:30 (IST)

Reliance AGM Live Update: 

Our next-gen leaders are confidently taking over the reins across businesses, says Mukesh Ambani

Our next-gen leaders are confidently taking over the reins across businesses. Akash and Isha have assumed leadership roles in Jio and Retail respectively. Anant has also joined our New Energy business with great zeal: Mukesh Ambani

15:29 (IST)

Reliance AGM Live Update: 

Going to give our very best in coming years, says Mukesh Ambani

Aware of this enormous responsibility and opportunity, our existing leadership and I, under the guidance of the Board of Directors, are going to give our very best in coming years to enrich RIL’s Leadership Capital and Institutional Culture: Mukesh Ambani

15:27 (IST)

Reliance AGM Live Update: 

New India will have increasingly higher expectations from Reliance, says Mukesh Ambani

New India will have increasingly higher expectations from Reliance. Reliance must quickly, and vastly, increase its contribution to the prosperity of India, and the wellbeing of all Indians: Mukesh Ambani

15:26 (IST)

Reliance AGM Live Update: 

We have nurtured RIL’s unique institutional culture, says Mukesh Ambani

We have nurtured RIL’s unique institutional culture, due to which its every business has been super-success. Maintaining this institutional culture to achieve perpetual growth is the hardest task before our existing and future leadership teams: Mukesh Ambani

15:26 (IST)

Reliance AGM Live Update: 

Reliance’s story reads like an unputdownable book, says Mukesh Ambani

When I look back, Reliance’s story reads like an unputdownable book with never-ending chapters of success. We have collectively succeeded in growing RIL only because each one in the Leadership Team has internalised Founder’s Mindset: Mukesh Ambani

15:25 (IST)

Reliance AGM Live Update: 

Personal privilege to have attended every single AGM of Reliance over the past 45 years, says Mukesh Ambani

It has been my personal privilege to have attended every single AGM of Reliance over the past 45 years. This year, 2022, is a happy milestone in my association with Reliance – I complete two decades of serving your company as its Chairman: Mukesh Ambani

15:24 (IST)

Reliance AGM Live Update: 

Feather in India’s cap as a National Institution: Mukesh Ambani

Today, Reliance has grown into one of the world’s largest and most valuable business enterprises.  It has become a feather in India’s cap as a National Institution: Mukesh Ambani

15:23 (IST)

Reliance AGM Live Update: 

Shall conclude with something that is very close to my heart, says Mukesh Ambani

I shall conclude with something that is very close to my heart, and is absolutely critical for the ever-expanding growth of Reliance in the decades to come: Mukesh Ambani

15:22 (IST)

Reliance AGM Live Update: 

Working on a 10-year blueprint that will make our Foundation bigger, says Isha Ambani

We are working on a 10-year blueprint that will make our Foundation bigger and more impactful. I will share the plans with you in the coming year: Isha Ambani

15:22 (IST)

Reliance AGM Live Update: 

Will launch the Nita Mukesh Ambani Junior School, says Isha Ambani

We welcomed the first batch of 120 students last month for post graduate programmes. And we will launch the Nita Mukesh Ambani Junior School as an expansion to Dhirubhai Ambani International School: Isha Ambani

15:21 (IST)

Reliance AGM Live Update: 

Reliance Foundation has touched the lives of over 63mn people, says Isha Ambani

Reliance Foundation has touched the lives of over 63mn people, across 60,000 villages and urban locations. In Rural Transformation, we have helped over 14.5 million people earn better livelihoods and lead better lives: Isha Ambani

15:20 (IST)

Reliance AGM Live Update: 

Have a long way to go, says Ambani

We have a long way to go. But we are approaching this business with utmost sincerity, dedication, commitment and focus: Mukesh Ambani

15:19 (IST)

Reliance AGM Live Update: 

Our New Energy business will help India become a net exporter of green energy, says Ambani

Our New Energy business will help India become a net exporter of green energy. Most importantly, Reliance aspires to make India a world leader in new energy manufacturing and a credible alternative to China: Mukesh Ambani

15:16 (IST)

Reliance AGM Live Update: 

Prepared to double the investment to scale up our manufacturing ecosystem: Mukesh Ambani

RIL's captive requirement provides a large base-load demand to accelerate ₹75,000cr commitment to establish New Energy manufacturing ecosystem. Once proven at scale, we are prepared to double the investment to scale up our manufacturing ecosystem: Mukesh Ambani

15:15 (IST)

Reliance AGM Live Update: 

Reliance is actively working on bio-energy, says Ambani

Reliance is actively working on bio-energy. I am happy to inform you that Reliance has inaugurated Phase I of its Bio-Energy Technology (BET) Centre at Jamnagar on 15 August, 2022: Mukesh Ambani

15:15 (IST)

Reliance AGM Live Update: 

One of the largest producers of Grey Hydrogen globally, says Ambani

We are one of the largest producers of Grey Hydrogen globally. We have partnered with Stiesdal to accelerate cost reduction and commercialisation of their Pressurised Alkaline Electrolyzer technology: Mukesh Ambani

15:13 (IST)

Reliance AGM Live Update: 

Aim to progressively commence transition from Grey Hydrogen to Green Hydrogen by 2025, says Ambani

We aim to progressively commence transition from Grey Hydrogen to Green Hydrogen by 2025, after proving our cost and performance targets: Mukesh Ambani

15:12 (IST)

Reliance AGM Live Update: 

We are one of the largest producers of Grey Hydrogen globally, says Mukesh Ambani

We are one of the largest producers of Grey Hydrogen globally. We have partnered with Stiesdal to accelerate cost reduction and commercialisation of their Pressurised Alkaline Electrolyzer technology: Mukesh Ambani

15:11 (IST)

Reliance AGM Live Update: 

Aim to start production of battery packs by 2023, says Mukesh Ambani

We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell to pack manufacturing facility by 2024, and further scale up to 50 GWh annual capacity by 2027: Mukesh Ambani

15:10 (IST)

Reliance AGM Live Update: 

Batteries are critical to promote Green Mobility, says Ambani

Batteries are critical to promote Green Mobility and stationary applications. We have formed strategic partnerships with Lithium Werks, Faradion and Ambri, each of them being an industry disruptor with superior chemistry, better performance: Mukesh Ambani

15:10 (IST)

Reliance AGM Live Update: 

Will invest in Glass and POE film manufacturing, says Mukesh Ambani

We will invest in Glass and POE film manufacturing – both having natural synergies with our Chemical and Materials business. It will provide supply security, unparalleled cost advantage, and ability to capture chain margins with max recycling: Mukesh Ambani

15:09 (IST)

Reliance AGM Live Update: 

First of its kind of ‘quartz-to-module’ facility globally

This will be first of its kind of ‘quartz-to-module’ facility globally from quartz, to metallurgical silicon, to polysilicon, to ingots and wafers and integrate them with cells and modules: Mukesh Ambani

15:08 (IST)

Reliance AGM Live Update: 

For solar PV manufacturing, we have acquired REC Solar, says Mukesh Ambani

For solar PV manufacturing, we have acquired REC Solar. Our 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024 and scale up to 20GW capacity by 2026: Mukesh Ambani

15:07 (IST)

Reliance AGM Live Update: 

Like to announce our new Giga Factory for Power Electronics, says Mukesh Ambani

Last year, I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories. Today, I would like to announce our new Giga Factory for Power Electronics: Mukesh Ambani

15:06 (IST)

Reliance AGM Live Update: 

New Energy business far more ambitious, far more transformational, says Ambani

The sheer magnitude of this responsibility and opportunity has made our New Energy business far more ambitious, far more transformational, and far more global in scope than anything Reliance has ever done before: Mukesh Ambani

15:06 (IST)

Reliance AGM Live Update: 

Offers unprecedented opportunities for multi-decade growth: Mukesh Ambani

Decarbonising the global economy will require multi-decade investments in Green and Clean Energy to the tune of $5 trillion per year globally. This also offers unprecedented opportunities for multi-decade growth: Mukesh Ambani

15:05 (IST)

Reliance AGM Live Update: 

Reliance has commenced its journey to become net carbon zero by 2035

Reliance has commenced its journey to become net carbon zero by 2035 with a set of concrete actions. Within one year, the renewable energy consumption at Reliance jumped by 352%: Mukesh Ambani

15:04 (IST)

Reliance AGM Live Update: 

Our scientists have also developed pathways to completely replace single-use plastics

Our scientists have also developed pathways to produce biodegradable and compostable plastics to completely replace single-use plastics: Mukesh Ambani

15:03 (IST)

Reliance AGM Live Update: 

Reliance has championed the cause of sustainability through circular economy, says Ambani

Reliance has championed the cause of sustainability through circular economy and is India’s leader in recycling of polyesters and plastics. We will more than double our bottle recycling capacity to 5 billion bottles a year: Mukesh Ambani

15:03 (IST)

Reliance AGM Live Update: 

Will commence ACN production next year, says Mukesh Ambani

We will commence ACN production next year and first phase of carbon fibre in 2025. We will integrate composites business with Carbon Fibre to produce Carbon Fibre composites. Carbon Fibre promises to be a multi decade growth engine for O2C: Mukesh Ambani

15:02 (IST)

Reliance AGM Live Update: 

Will build in phases India’s first and one of the world’s largest Carbon Fibre plants at Hazira, says Mukesh Ambani

I am pleased to share that over the next 5 years, we will invest ₹75,000 crore and expand capacities in existing and new value chains. In Polyester value chain, Vinyl value chain and New Materials. Consistent with our vision for New Materials, we will build in phases India’s first and one of the world’s largest Carbon Fibre plants at Hazira with a capacity of 20,000 MTPA, based on Acrylonitrile feedstock: Mukesh Ambani

15:00 (IST)

Reliance AGM Live Update: 

Yet another year of superlative performance for O2C business, says Mukesh Ambani

For our O2C business, this was yet another year of superlative performance. It crossed ₹5 lakh crore in annual revenues. The EBITDA crossed ₹50,000 crore: Mukesh Ambani

14:59 (IST)

Reliance AGM Live Update: 

KG-D6 will contribute ~30 per cent of India’s gas production: Mukesh Ambani

Let me congratulate our Oil & Gas team for a spectacular turnaround, with production jumping 9x and revenues crossing $1bn. With the commissioning of the MJ Field by end-2022, KG-D6 will contribute ~30% of India’s gas production: Mukesh Ambani

14:58 (IST)

Reliance AGM Live Update: 

Sold enough garments, enough to clothe population of US, Canada

AJIO Business, our New Commerce initiative gives merchant partners across 3,500 towns access to 8,000+ brands and a wide portfolio of our own brands. Last year, we sold over 43cr garments, enough to clothe population of US & Canada: Isha Ambani

14:57 (IST)

Reliance AGM Live Update: 

Rolled out JioMart Digital initiative during the year: Isha Ambani

We rolled out JioMart Digital (JMD) initiative during the year. It enables small merchants sell entire product portfolio of Reliance Retail on an assisted selling model, helping them deliver superior customer experience and growing their income: Isha Ambani

14:56 (IST)

Reliance AGM Live Update: 

Our digital commerce platforms provide comprehensive omni-channel network, says Isha Ambani

Our digital commerce platforms of reliancedigital.in and JioMart provide comprehensive omni-channel network, enabling us to deliver 93 per cent online orders from stores within 6 hours: Isha Ambani

14:53 (IST)

Reliance AGM Live Update: 

We strengthened our own brands’ presence, says Isha Ambani

During the year, we strengthened our own brands’ presence by launching several new products across categories of Staples, Home, Personal Care and General Merchandise. Further, we launched our WhatsApp-JioMart partnership: Isha Ambani

14:53 (IST)

Reliance AGM Live Update: 

Accelerated New Commerce initiative, powered by spirit of inclusion, says Isha Ambani

We have accelerated New Commerce initiative, powered by spirit of inclusion. Since launch 2-yr ago, we have grown merchant partner base to 20lakh+. We add about 1,50,000 partners a month, and are on course to reach 1 crore merchants in 5 yrs: Isha Ambani

14:52 (IST)

Reliance AGM Live Update: 

Have opened over 2,500 stores in the year, says Isha Ambani

We opened over 2,500 stores in the year to take our store count to over 15,000, with area of 42 mn sq-ft. We doubled warehousing space to 670 mn cu-ft. We generated employment for more than 1,50,000, taking employee base to 360,000: Isha Ambani

14:51 (IST)

Reliance AGM Live Update: 

Our digital commerce platforms continued their growth with nearly six lakh orders, says Isha Ambani

Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year. Jio Mart, delivering in over 260 towns, was rated India’s number one trusted brand for online grocery: Isha Ambani

14:50 (IST)

Reliance AGM Live Update: 

Served over 200 million registered customers, says Isha Ambani

We served over 200 million registered customers, equivalent to the collective population of the UK, France and Italy, at Reliance Retail’s physical stores and digital platforms: Isha Ambani

14:49 (IST)

Reliance AGM Live Update: 

Will establish a strong technology-enabled supply chain, says Mukesh Ambani

We will establish a strong technology-enabled supply chain, capable of moving products across geographies in India in the most efficient manner. Eliminating inefficiencies and waste will bring huge gains to customers, and to national economy: Mukesh Ambani

14:48 (IST)

Reliance AGM Live Update: 

Reliance Retail’s purpose is to serve millions of customers daily, says Mukesh Ambani

Reliance Retail’s purpose is to serve millions of customers daily with unlimited choice, outstanding value proposition, superior quality, and unmatched experience through our physical stores, or digital and omni-commerce platforms: Mukesh Ambani.

14:44 (IST)

Reliance AGM Live Update: 

Jio4G, JioFiber, and now Jio5G, are uniquely positioned for best quality, says Mukesh Ambani

Jio4G, JioFiber, and now Jio5G, are uniquely positioned for best quality, high value digital connectivity solutions. India can lead the world with digital solutions that solve humanity’s biggest problems in Sustainable Development: Mukesh Ambani