On Thursday, the Reliance Industries Ltd’s (RIL) 44th Annual General Meeting (AGM) was held. The event had been scheduled virtually in the wake of COVID-19 pandemic. Mukesh Ambani, Asia’s richest person, makes some important announcements about the RIL’s upcoming ventures at the most awaited event Reliance’s AGM. Mukesh Ambani started the conference at 2:05 pm on Thursday, and mentioned how throughout the pandemic, the Reliance Family rose up to the occasion with a sense of national duty and efforts.
The business and financial success since the last AGM had exceeded expectations and to which Mr. Ambani added that the humanitarian efforts of RIL during the COVID-19 pandemic gave him far more happiness than their business performance.
Mukesh Ambani mentioned that even during a challenging environment, RIL’s performance was outstanding, the consolidated revenue was Rs. 540,000 cr, EBITDA was Rs. 98,000 cr and almost 50 per cent of EBITDA had been contributed by consumer businesses. He added that as India’s largest enterprise, RIL’s contribution to the Indian economy remained unmatched.
Mr. Ambani said that the Reliance Jio serves over 425 million consumers on their network and have a revenue market leadership in 19 out of 22 circles. Mr. Ambani said that their O2C biz faced challenges by the severe economic contradiction at the beginning of year, yet they were probably the only company globally that operated at full capacity and had been profitable in every quarter.
He added that the BP and Reliance had commenced production in KGD6 basin, and their JV brought two of their three toughest deep water gas projects to production, and that this had been accomplished in record time and has set a new global benchmark for the capital costs.
Mukesh Ambani welcomed H.E Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as Independent Director. He said the joining of Mr. Yasir would begin the internationalisation of Reliance.
He added that in the previous year he announced their 15 year commitment to become a net carbon zero by 2035 and today they presented their ambitious strategy and roadmap for implementing the vision. He said that the wealth disparity and energy disparity was unacceptable, and India’s GDP per capita was $2,000 while the world average was $12,000 and India’s power consumption per capita was only one third of the global consumption. He also said that they plan to build 4 Giga Factories to manufacture and integrate all the critical components of the New Energy Ecosystem.
He said that they would invest an additional of Rs. 15,000 cr in value chain, partnerships and future technologies. In 3 years, the overall investment in New Energy business would be of Ra 75,000 cr.
He mentioned that they will build two additional divisions to further strengthen their ecosystem, the first would be a dedicated Renewable Energy Project Management and Construction Division and the second division would be a Renewable Energy Project Finance Division. He said that Reliance had also been evolving a vision for New Materials and Green Chemicals, and they would kickstart it by strategically investing in India’s first world scale carbon fiber plant for supporting their hydrogen and solar ecosystems.
Mukesh Ambani also said that Reliance Jio became the first operator outside China to cross 400 million mobile subscribers in a single country. And was the world’s 2nd largest mobile data carrier handling over 630 crore GB’s a month, it was a 45 per cent growth in data consumption in the last year.
Mr. Ambani added that they had invested Rs.57,123 crore to acquire the significant additional spectrum which made Jio the largest operator of 4G spectrum in India.
Mukesh Ambani announced that Google and Jio teams had jointly developed JIOPHONE NEXT, which is a fully featured smartphone, which is powered by an optimised version of Android OS and is ultra affordable. It would be available in the market from Ganesh Chaturthi, 10th September.
Sundar Pichai said that at a time where many aspects of their lives was moving online so it was more important to make technology accessible and help everyone. The new 5G partnership between Google Cloud and Jio would help more than a billion of Indians to connect with faster internet; support businesses in digital transformation and lay foundation for the next phases of India’s digitisation.
Sundar Pichai said the they were proud to play a part in India’s upcoming wave of technological innovation, which would help connect 1.3 billion Indians to the opportunities that the internet creates and was meaningful to them at Google. He added that they had operationalised an initial 10 MW capacity of Jio-Azure Cloud Data centres in Jamnagar and Nagpur with Microsoft, and were currently onboarding the initial group of pilot customers.
Mukesh Ambani said that JioFiber had acquired over 2mn new premises in the past year and with the cumulative base of 3mn active users, JioFiber had become the largest and fastest growing broadband operator in India.
Mr. Ambani said that Jio had taken tremendous strides in maturing the 5G technology and the “Made in India” solution was comprehensive, complete and globally competitive, he also said that they were working on developing the 5G ecosystem and had been working with global partners to develop a range of 5G devices. He added that despite the challenging conditions, Reliance Retail continued to deliver and they added 1500 new stores adding up their store count to 12,711.
Mukesh Ambani mentioned that there apparel business had sold nearly five lakh units per day and over 18 crore units during the year, which was equivalent to dressing the whole population pf UK, Germany, and Spain. He also said that they sold over a billion units of groceries and about 30 lakh units per day. The Reliance retail sold over 4.5 crore units of electronics in the previous year, and over 120,000 units per day.
Mukesh Ambani said that the JioMart had regurgitation over 6.5 lakh peak orders in a single day, and from 150 cities over 3 lakh merchant partners has been enabled and empowered. The expansion had been in underway to onboard 1 cr merchant partners over the next 3 years.