Reliance Industries Limited (RIL) made significant announcements during its annual general meeting (AGM) held on August 28, 2023, outlining its accomplishments and future strategies. Several key highlights from the AGM include:
Director Appointments: The RIL board proposed the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as non-executive directors. While Nita Ambani, a director since 2014, will step down from the board, she will continue as the chairperson of Reliance Foundation. Nita Ambani will also remain a permanent invitee to all RIL board meetings.
JioAir Fiber 5G Device: RIL introduced JioAir Fiber, an advanced 5G hotspot device capable of delivering ultra-high-speed internet without the need for physical wires. This device is designed to provide fiber-like 5G speeds for homes and offices, supporting up to 150,000 connections daily. It is set for launch on September 19, coinciding with Ganesh Chaturthi.
Reliance Retail’s Success and Plans: Reliance Retail, a major employer in India with around 2.5 lakh employees on the payroll, has experienced remarkable growth. The company’s valuation has surged from Rs 4.28 lakh crore in September 2020 to Rs 8.28 lakh crore. Global and strategic investors have shown keen interest in partnering with Reliance Retail.
Expansion into Insurance: Jio Financial Services (JFS) is venturing into the insurance sector, offering life, general, and health insurance products. JFS has partnered with Blackrock, a leading asset management company with over $11 billion in assets. This collaboration aims to provide technology-driven, affordable, and innovative insurance solutions. Blackrock Chairman Larry Fink praised Jio’s AI ambitions during the AGM.
Green Energy Goals: RIL has set an ambitious target of achieving 100 GW of renewable energy capacity by 2030. The company plans to establish a battery Giga factory by 2026 and a solar cell manufacturing unit by 2025 to support this objective. RIL’s commitment extends to investing in green hydrogen, biofuels, and carbon capture technologies.
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