Reliance AGM 2022: 10 Key highlights

Mukesh Ambani addressed the shareholders through video conferencing on Jio’s website at the 45th Annual General Meeting of Reliance Industries Limited (RIL) on Monday.

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The key highlights of the AGM are:

1. During the AGM, Mukesh Ambani identified the youngest son Anant as a leader of the new energy business in the succession plan at Reliance. He introduced his daughter Isha as leader of Reliance group’s retail business. Ambani had previously named son Akash as chairman of the group’s telecom arm, Reliance Jio.

2. Jio introduced the ‘world’s largest, ‘standalone’ Jio 5G services. Jio’s pan-India fibre-optic network is over 11 lakh km in length – enough to go around Planet Earth 27 times.

3. Mukesh Ambani claimed that Reliance added 223K new jobs in India.

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4. Reliance is committed to investing Rs 2000 billion investment in 5G network expansion. Jio True 5G will have a broadband speed of 1 gigabyte per second, making it faster than many other networks.

5. Jio will be partnering with Meta, Google, Microsoft and Intel for cutting-edge technology and cloud data. Jio is collaborating with Qualcomm for the latest 5G adoption.

6. 5G networks are likely to introduce first in 13 major cities such as Bengaluru Delhi, Gandhinagar, Chandigarh, Ahmedabad, Gurugram, Mumbai, Pune, Hyderabad, Chennai, Jamnagar, Kolkata, and Lucknow.

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7. Mukesh Ambani said Reliance has continued to make all-around progress across its businesses. The company has become India’s first corporate to cross $100 billion in annual revenues.

8. Reliance Retail on achieving a record of Rs 2 lakh crore turnover and an EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 12,000 crore. Today, Reliance Retail is among the Top-10 Retailers in Asia.

9. Reliance Industries Ltd (RIL) has set a target of achieving net-zero carbon by 2035 and is investing over $10 billion (Rs 75,000 crore) in building the most comprehensive ecosystem for New Energy and New Materials in India.

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10. Reliance group’s media business achieved its highest growth last year on the back of strong engagement, resulting in record subscriptions and advertising revenues.