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    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet

    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet

    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet
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    Summary

    Reliance Industries (RIL) AGM LIVE: Billionaire Reliance Industries chairman Mukesh Ambani is currently addressing the 45th annual general meeting (AGM) of RIL shareholders. Among key announcements, Reliance Jio 5G launch is set by Diwali in the four metros and a pan India launch is targeted to be completed by next year-end. Ambani also said that RIL has added 2.32 lakh jobs with Reliance Retail becoming one of the largest employers in the country. Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for the new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before".Track CNBC-TV18.com's blog for all the latest updates from the RIL AGM today:

    Live Updates

    And that's a wrap on our live coverage of today's Annual General Meeting of Reliance Industries Limited. Thank you for joining us, readers. Good night.

    Reliance AGM: All you need to know about RIL’s retail biz
    NOTE TO VIEWERS Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet
    Signs of succession: Mukesh Ambani introduces daughter Isha as Reliance Retail leader
    At Reliance Industries Ltd's 45th annual shareholders meeting, Ambani introduced Isha as leader of retail business as he invited her to speak on integrating WhatsApp with the retail business.
    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet

    RIL AGM reaction: Gagan Sidhu, Director of CEEW's Centre for Energy Finance

    Gagan Sidhu feels RIL's focus on power sector transition, mobility transition and green hydrogen transition will go a long way towards India achieving net zero carbon emissions. 

    "They account for about 70 percent of emissions. We at CEEW had conducted a study last year where we estimated the investment requirement for India to achieve that net-zero target by 2070, and that was something in the order of $10 trillion. So if we average it out over the next 50 years, we are talking about $200 billion each year in investment for these three transitions.”

    Prakash Diwan, markets expert, says the AGM overall was "spectacular". He was particularly inmpressed with the range of expansion and growth trajectory outlined by Mukesh Ambani. 

    "I haven't come across a company so boldly setting a target to double itself in terms of valuein just 5 years. The roadmap from here is so impressive that if there is any company that can become truly global in terms of applications beyond what we have seen in the IT services; as a brand, as a technology provider, as an enabler to the parts of the rest of the world, I think it's going to be Reliance."

    Jio's 'True 5G' will boost cloud computing

    Jioinfocomm Chairman Akash Ambani on Monday, during Reliance Industries Limited's Annual General Meeting, announced JioAirFiber, a wireless, ultra-fast broadband. One of the major benefits of JioAirFiber will be cloud computing — users can use the high speed and low latency to connect to a cloud computer, which will save them the cost of upgrading their PCs or laptops on a regular basis. Plus, Ambani said, users will only have to pay as per their usage.

    Read more on JioAirFiber here.

    Growth path for Jio becomes even more clearer, says Axis Securities' Naveen Kulkarni

    "Telecom looks fairly interesting because Jio has already bought out a lot of spectrum for 5G services and interestingly the Chairman put out clearly that they will be using multiple bands including the 700 MHz band for coverage. Jio has reached a certain market share in terms of subscriber base and product penetration but with the kind of investments that we are looking at 5G and with newer aspects coming which is machine-to-machine communication, more and more broadband communication, I think the growth path for Jio becomes even more clearer. I think these are good steps that the company is taking to create immense value in this part of the business."
     

    Read more on Jio's 5G launch plan in key metros by Diwali — to invest Rs 2 lakh crore for pan-India coverage by end of 2023

    RIL AGM reaction: Somesh Kumar, Leader Power & Utilities at EY India

    "So huge investments being planned in the renewable energy, green energy sectors. These announcements will drive the whole industry, will drive the whole ecosystem and make sure that the cost come down and also these are embedded into the system very well."

    Reliance Industries plans on establishing 20 GW of solar energy generation capacity by 2025.

    Read more about RIL's new energy plans here

    RIL 45th AGM: Top 10 highlights

    NOTE TO READERS Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet

    RIL AGM reaction: Probal Sen, Energy Analyst at ICICI Securities

    On oil to chemical business: “The number was definitely a surprise for us after the kind of capex expansion that had already happened in the petrochemical and O2C space, and with the increasing focus on new energy businesses... So, the next five years will also be fairly interesting to look at how they can convert these kinds of investments into earnings growth as well and build on top of what is already appear a leading earnings growth trajectory for the next couple of years - that is already there in the street estimates.”

    During his keynote speech to the 45th AGM, RIL Chairman Mukesh Ambani had said that the company will invest Rs 75,000 crore and expand capacities in existing and new value chains over the next 5 years.

    "I am pleased to share that over the next 5 years, we will invest Rs 75,000 crore and expand capacities in existing and new value chains," Ambani said in his speech.

    Read more here

    RIL O2C business could grow by around 12-15% going forward, says Deven Choksey of KRChoksey

    “The kind of roadmap of investment of around Rs 75,000 crore over next 4 years’ time, it suggests that the current O2C business which is in the vicinity of Rs 50,000-60,000 crore EBITDA, could possibly continue to grow in the vicinity of around 12-15 percent going forward on a sustainable basis.”

    Read more on RIL's O2C business and other details from RIL chairman Mukesh Ambani's AGM speech

    Value in RIL at every point, says Enam Holdings Manish Chokhani

    "There is always value in Reliance at every point because it is a company, which is constantly growing and constantly changing its orbit. Even on 5G, if you saw the recent bids, which were made, they were more than 2 times the amount that bandwidth taken by Reliance as compared to even Airtel and the areas in which they are seeking to use it will range from education and healthcare to industry, to sports, to the whole gamut. It effectively gives you broadband through the air as opposed to the Jio fiber, which you had to take into your homes. So it just kick-starts everything.

    RIL AGM gave some direction in terms of its 5G strategy, says Balaji Subramanian, Vice President of IIFL Securities

    On 5G rollout: “The 5G rollout, at least in the four metros will be done by Diwali and that is an incremental piece of information, but as of now we don't have any details on the pricing of the pack, 5G packs and there were expectations on some announcements regarding a 5G handset from Jio. So we didn't get to hear any of that."

    Ambani details succession plan -- retail to Isha, energy to Anant

    Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide handson leadership as before".

    Chat-based experiences like this will be the go-to way people & businesses communicate in the years to come

    Mark Zuckerberg on Meta & Jio Platforms collaboration to launch JioMart on WhatsApp

    Reliance O2C unit delivers another year of superlative performance: Mukesh Ambani at 45th AGM

    Reliance Industries Ltd (RIL) saw another year of superlative performance for its oil-to-chemical (O2C) business with more than Rs 5 lakh crore in annual revenue, Chairman and Managing Director Mukesh Ambani said at the conglomerate's 45th annual general meeting (AGM) on Monday.

    Reliance Retail all set to launch a fast-moving consumer goods business

    Reliance Industries Ltd's (RIL's) retail arm, Reliance Retail, is all set to venture out into the fast-moving consumer goods business after making tremendous growth in the retail business. “The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs. As part of our commitment to India's rich culture and heritage, we will soon start marketing quality goods produced by tribals and other marginalised communities across India,” Isha Ambnani said during RIL's 45th AGM on Monday.

    RIL Foundation touches lives of over 63 million people across 60,000 villages

    At the 45th AGM, Isha Ambani said, "Reliance Foundation has touched the lives of over 63 million people, across 60,000 villages and urban locations across India. In Rural Transformation, we have helped over 14.5 million people earn better livelihoods and lead better lives. In Disaster Management, our teams have tackled 47 natural calamities, providing support to over 1 million people across 19 states and 3 Union Territories. In Healthcare, Sir H.N. Reliance Foundation Hospital has earned the reputation as one of the best in the world. And we have accelerated the rollout of our remote health consultations."

    Mukesh Ambani at AGM: Aim to start production of battery packs by 2023, says Mukesh Ambani, Chairman & MD of Reliance Industries. Adds the battery pack will produce 5 GWh by 2024 & 50 GWh by 2027

    RIL aims to build and enable 100GW solar energy by 2030, says Mukesh Ambani

    Addressing shareholders at the 45th AGM, RIL chairman Mukesh Ambani said, "Last year, I 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 work done so far has reaffirmed my conviction in solar energy and has provided further impetus to our investment thesis to establish four Giga Factories. First, for photovoltaic panels; Second, for energy storage; Third, for Green Hydrogen; And Fourth, for fuel cell system. Today, I would like to announce our new Giga Factory for Power Electronics."

    RIL O2C crosses Rs 5 lakh crore in annual revenues

    Addressing shareholders at the 45th AGM, RIL chairman Mukesh Ambani said, "For our O2C business, 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 maximize Oil to Chemicals integration and convert our advantageous feedstock streams to high-value chemicals and green materials. I am pleased to share that over the next 5 years, we will invest Rs 75,000 crore and expand capacities in existing and new value chains."

    Reliance Oil & Gas production jumps 9 times and revenue crosses a billion dollars, says Mukesh Ambani

    Addressing shareholders at the 45th AGM, RIL chairman Mukesh Ambani said, "Let me congratulate our Oil & Gas team for a spectacular turnaround, with production jumping nine times and revenues crossing a billion dollars. With 19 million standard cubic meters per day of production in ultra-deepwater fields, KG-D6 is contributing 20 percent of India's domestic gas production. With the commissioning of the MJ Field by the end-2022, KG-D6 will increase its contribution to nearly 30 percent of India's gas production. This will help meet India's growing demand indigenously, leading to import savings of nearly $9 billion/ annum. Natural gas is a major source of clean and affordable energy for India, particularly in times of significant global energy crisis."

    Reliance announces JioAirFiber, an ultra high-speed wireless broadband service

    Jio True 5G is basically a standalone 5G network, which the company says will accelerate digital transformation in India. A key component of this is the ultra-high-speed fixed-broadband service, which the company has named JioAirFiber.

    Reliance Retail adds moer than 1.5 lakh jobs; employee base jumps to over 3.6 lakh: Isha Ambani

    Addressing shareholders at the 45th AGM, Isha Ambani said, "We opened over 2,500 stores in the year to take our store count to over 15,000, spanning an operational area of 42 million sq-ft. We built an extensive supply chain network with modular design and best-in-class automation. We doubled our warehousing and fullment space to 670 million cu-ft, linking supply locations with demand centres across the country. We generated employment for more than 1,50,000 during the year, taking our employee base to over 3,60,000."

    Reliance AGM 2022: From Jio 5G roadmap to 232,000 jobs — top announcements by Mukesh Ambani
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    Reliance Industries AGM highlights: Mukesh Ambani shares Jio 5G rollout date, succession plan and more to shareholders at 45th meet

    Reliance Retail serves over 200 million registered customers, equal to UK population, says Isha Ambani

    Addressing shareholders at the 45th AGM, Reliance Retail's Isha Ambani said, "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. We welcomed 520 million walk-ins to our stores, a growth of 18% YoY, and 4.5 billion visits to our digital platforms, up 2.3x YoY. 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. JioMart, delivering in over 260 towns, was rated India's Number One trusted brand for online grocery. JioMart works on a hyperlocal delivery model, and is India's largest deployment of omni-channel capabilities."

    Reliance Retail records Rs 2 lakh crore turnover and among Asia's top 10 retailers, says Mukesh Ambani

    Addressing shareholders at the 45th AGM, RIL chairman 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 of Rs 12,000 crore. Today, Reliance Retail is among the Top-10 Retailers in Asia."

    RIL media businesses post highest growth last year, says Mukesh Ambani

    Addressing shareholders at the 45th AGM, RIL chairman Mukesh Ambani said, "Our 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. Moneycontrol is among the world's most popular subscription products. Our news brands are innovating with novel story-telling methods across platforms, building deeper relationships with audiences – wherever they are and whatever device they use."

    RIL announces partnership with Qualcomm

    RIL chairman Mukesh 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."

    5G launch by Diwali in four metros and pan-India coverage by December 2023: Mukesh Ambani

    Addressing shareholders at the 45th AGM, RIL chairman Mukesh Ambani said," to build our pan-India True 5G network, we have committed a total investment of 2 lakh crore. Jio has prepared an ambitious 5G roll-out plan which will be the  fastest in the world."

    He added, "Within the next two months, by Diwali, we 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."

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