- Date : 30/08/2022
- Read: 3 mins
RIL’s 45th AGM announcements!
Reliance Industries, India’s largest company, held its 45th AGM on 29th August 2022. Many announcements were awaited, especially the plan for 5G launch by its subsidiary company Reliance Jio. It was streamed live on many social media websites. RIL’s AGM is a much-awaited event in the investment community, just like Warren Buffet’s AGMs.
The performance of the company was impeccable. It became the first Indian company to cross a turnover of $100 billion per year. The revenue was up 47% at $104.6 billion. The annual EBIDTA crossed a massive Rs 1.25 lakh crores for the first time. The company added a massive 2.32 lakhs, and Reliance Retail is now one of the biggest employers in India. Many important announcements were made, like the 5G rollout, succession plan, affordable smartphones, IPO of Reliance Retail and Reliance Jio, etc.
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The company has announced at its AGM that the 5G services will be rolled out by Diwali in cities like Delhi, Mumbai, Kolkata and Chennai. The company is aiming for a pan India 5G rollout by December 2023. The company intends to spend Rs 2 Lakh crores on building a pan-India 5G network. JioAirFiber will offer ultra-high-speed fixed broadband. With JioAirFiber, the customers can opt for a virtual PC which will be called Jio Cloud PC. The upfront investment will be zero, and there will be no upgrade charges as per the announcements.
Other important announcements
Jio is developing an ultra-affordable smartphone in partnership with Google for 5G services. Also, Isha Ambani announced that Reliance Retail would enter the FMCG segment and launch its own brand in the space. The company aims to deliver high-quality products at affordable prices. The company is also investing in the O2C business (Rs 75,000 crores over the next 5 years). The demand for carbon fibre is expected to remain high, and it is expected to be the growth lever for RIL.
Also, JioMart and Whatsapp are tied up for payment and orders, where a payment can be made via WhatsApp pay. The company has also announced a Giga factory for power electronics. The company has acquired REC solar to enter solar manufacturing. Their 10GW capacity will be operational at Jamnagar by 2024, and it will be scaled up to 20 GW by 2026. The company has also announced ambitious targets for battery manufacturing- Start of production by 2023 to 5GWh by 2024 and 50 GWh by 2027.
The twins, Akash and Isha Ambani, will head telecom and retail segments. Anant Ambani, his youngest son, will get the new energy unit which spans solar, battery and hydrogen investments. But Mukesh Ambani is not retiring, and he intends to continue to work.