Highlights from RIL’s 46th AGM: Here's what’s in store for the future | Business Upturn

Highlights from RIL’s 46th AGM: Here’s what’s in store for the future

The article covers the key highlights and announcements from the 46th Annual General Meeting (AGM) of Reliance Industries Limited (RIL) held on August 28, 2023. Some of the major announcements include the launch of JioAir Fibre on September 19, 2023, Jio Financial Services’ foray into the insurance segment, and the induction of Isha, Anant, and Akash Ambani into the board of directors of Reliance Industries. The AGM was held just weeks after the listing of Jio Financial Services on India’s stock exchanges.

During the 46th Annual General Meeting of Reliance Industries, Chairman Mukesh Ambani made several significant announcements. These included the launch of Jio True 5G and Jio Smart Home Services, as well as changes to the company’s board structure. Ambani described the company as a “New Reliance,” a technology-driven entity with unique capabilities.

Ambani also drew parallels between the company’s vision and Prime Minister Narendra Modi’s concept of an unstoppable India. He cited the success of the Chandrayaan 3 mission as an example of this spirit. These were some of the key highlights from the event.


  1. Reliance Chairman’s speech: Mukesh Ambani, the Chairman of Reliance Industries Limited (RIL), addressed the shareholders at the 46th Annual General Meeting (AGM) of the company. In his speech, he expressed optimism about India’s growth story and unveiled the company’s ambitious plans for the future.
  2. Affordable Jio Bharat Smartphone: Mukesh Ambani announced the introduction of an affordable smartphone called Jio Bharat, priced at just Rs 999. The phone offers various services, including live TV, video and music streaming, digital photography, and UPI payments through JioPay. It also provides unlimited calls.
  3. Jio AirFiber Launch: Reliance Jio plans to launch Jio AirFiber on September 19, aiming to extend its reach to 100 million homes. Jio AirFiber offers a fiber-like experience using 5G technology, providing last-mile connectivity to underserved areas.
  4. Jio Smart Home: JioHome is a mobile app that allows users to navigate their television connected to the Jio Set-top Box. It also serves as a gaming controller, media player, and network manager for smart home devices.
  5. Changes in Reliance Board: Mukesh Ambani confirmed his continuation as Chairman and Managing Director for the next five years. Nita Ambani resigned from her position to focus on the operations of the Reliance Foundation. Isha, Akash, and Anant Ambani have joined the company’s board.
  6. AI Expansion: Reliance Industries is venturing into four significant frontiers, including the consumer segment powered by Jio 5G and JioBharat, home segment with Jio AirFiber, business segment, and Jio platforms for global expansion. They also plan to provide AI services to everyone.
  7. Reliance Retail: Reliance Retail is now the only Indian retail company in the global top 100. Qatar Investment Authority invested $1 billion for a 1% equity stake, valuing Reliance Retail at Rs 8.28 lakh crore. The company has seen significant growth and expansion in the past year.
  8. FMCG Business: Reliance Retail aims to modernize traditional Indian brands while preserving their original promises. They have acquired brands like Campa Cola, Sosyo, and Lotus, with plans to scale them up in India and globally.
  9. Jio Financial Services: Jio Financial Services is entering the insurance sector and forming a joint venture with BlackRock for asset management. They plan to target the growing mutual funds market in India and introduce innovative features like blockchain-based platforms and Central Bank Digital Currency.
  10. Oil and Gas: Reliance and BP have increased gas production from the KGD6 Block, with plans to enhance production further. Ambani highlighted the importance of gas as a transition fuel for clean and sustainable energy.
  11. Financial Performance: Reliance Industries reported impressive financial results, with consolidated revenues of Rs 9,74,864 crore in FY23. They also contributed significantly to India’s merchandise exports and made substantial CSR spending.
  12. Reliance Jio: Reliance Jio surpassed 450 million subscribers and is actively deploying 5G infrastructure, with plans to deploy one million 5G cells across India by December 2023.
  13. Battery Giga Factory: Reliance plans to set up a battery giga factory by 2026 to manufacture battery chemicals and cells for energy storage solutions. They will also invest in value chain development and partnerships.
  14. Green Hydrogen: Reliance is investing in a solar and wind energy storage integrated manufacturing ecosystem to deliver cost-efficient renewable power. They have a roadmap for achieving targeted cost-efficient electrolysers and green hydrogen production.

These announcements reflect Reliance Industries’ ambitious plans for expansion, innovation, and sustainability across various sectors of the economy.