Reliance AGM 2023 today: Here are the key takeaways from last year’s meet

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With the 46th annual general meeting (AGM) of Reliance Industries Ltd (RIL) scheduled to be held today, investors are eagerly waiting for Mukesh Ambani’s address. The chairman of RIL will address the shareholders at 2 pm via videoconferencing.


According to experts, the key decisions to look out for include the listing plans of Reliance Retail and Reliance Jio. The investors will also be keen on any announcement related to Jio Financial Services Ltd (JFSL), which listed on the Indian bourses on August 21.


Moreover, the company’s expansion plans for the 5G network and Jio AirFiber will also be keenly noticed.


But ahead of RIL AGM 2023, it is necessary to take a look back at the key announcements made by Ambani at RIL AGM 2022.


RIL AGM 2022: Key announcements made by Mukesh Ambani in last year’s meet


Ambani announced Reliance Jio’s target of a Diwali launch for 5G in top cities, including Chennai, Delhi, Kolkata and Mumbai, before expanding across India by December 2023.


The telecom major said it would deploy standalone 5G, which won’t depend on its existing 4G infrastructure.


Jio announced its foray into private 5G networks, adding that it is working with Google to develop ultra-affordable 5G smartphones for India.


Akash Ambani, who replaced his father as the Chairman of Jio, announced the launch of the Jio AirFiber service and the JioAirFiber Home Gateway device – a wireless WiFi hotspot connected to Jio’s 5G. It promised fibre-like Gigabit-speed internet over the air without any wires.


JioFiber customers could opt to use a new service called the Jio Cloud PC, which offers virtual PCs hosted in the cloud. Targeted at students, gig-workers and small businesses, customers will pay only to the extent they use the cloud PC.


The telecom major said it will expand its partnership with Qualcomm to develop cloud-based 5G solutions for India.


Isha Ambani, executive director of Reliance Retail Ventures, demonstrated the JioMart integration on WhatsApp.


It enabled users in India to browse through JioMart’s entire catalogue, add items to the cart and make the payment to complete the purchase, all without leaving the WhatsApp platform.


Isha Ambani further announced that Reliance will launch its FMCG business as it takes its private label brands to general trade.


Ambani said Reliance will invest $9.4 billion in the oil-to-chemicals business over five years to expand capacities in existing and new value chains.

Also Read: Stake sale, IPO plans for retail units in focus for Ambani’s AGM speech


Reliance also announced its aim to strengthen its polyester and Vinyl chains by building new facilities, expanding existing units, and setting up a carbon fibre plant.


Expanding on the previous plan to invest over $10 billion to build four giga factories at Jamnagar for solar cells and modules, fuel cells, batteries and green hydrogen, Ambani announced a plan to set up a fifth giga factory for power electronics.


Ambani announced his family succession plan for the group when he listed the separate businesses his three children will lead.


Akash was made the head of the digital business housed in Jio, and his twin sister Isha was tasked to lead the retail business. Their younger sibling, Anant, joined the new energy business. Ambani said the siblings have inherited his father and RIL founder Dhirubhai Ambani’s mindset.