Reliance AGM 2022: Keynotes of the virtual address | Business Upturn

Reliance AGM 2022: Keynotes of the virtual address

RIL plans to invest ₹75,000 crores in the oil-to-chemical industry over the next five years.

Reliance Industries Ltd, led by Mukesh Ambani, began its Annual General Meeting (AGM) on Monday at 2 p.m. In his keynote address, Mukesh Ambani stated that Reliance will invest Rs 2 lakh crore to roll out 5G services in India. Jio 5G will be available in Delhi, Mumbai, Chennai, and Kolkata by Diwali this year. He went on to say that RIL has prepared the world’s fastest 5G rollout plan. “By Diwali, we will have launched Jio5G in multiple key cities.” “By December 23, we will have 5G in every town in India,” Mukesh Ambani stated. In 18 months, the company plans to connect 100 million households to high-speed fixed broadband.

Reliance will continue to invest in the O2C business in order to increase capacity in existing product lines and add new value chains in order to maximise oil-to-chemicals conversion. Reliance commits Rs 75,000 crore in O2C investment over the next three years to create integrated streams of value-added chemicals and green materials from the feedstock.


Jio also announced partnerships with Meta, Google, Qualcomm, and Microsoft. It plans to introduce more ‘ultra-affordable’ 5G phones with Google, though no details or timeline were provided. In addition, the company will collaborate with Qualcomm on some in-house 5G solutions. It also announced Jio AirFiber, which will provide cloud computing on 5G networks.

JioMart is also collaborating with WhatsApp to provide a seamless shopping experience. Users will be able to buy groceries and pay for them directly from the chat.

Reliance’s consolidated revenue increased by 47% to Rs 7.93 lakh crore ($104.6 billion). Reliance’s annual consolidated EBITDA has reached a critical level of Rs 1.25 lakh crore.