Reliance 46th AGM: Important Key Points
Mukesh Ambani, the chairman of Reliance Industries Limited (RIL), recently emphasized India's exceptional transformation as a beacon of hope on the global stage. He highlighted that India is poised to become a leading nation in a rapidly evolving multi-polar world. The country's journey towards prosperity, strength, and confidence is exemplified by its G20 theme, 'One Earth, One Family, One Future'. RIL's Impact on Employment: In the fiscal year 2023, Reliance Industries Limited achieved a significant milestone by creating 2.6 lakh new jobs across its diverse business sectors. The total number of on-roll employees now stands at approximately 3.9 lakh. Mukesh Ambani proudly stated that the company's contributions extend even further by creating numerous indirect livelihood opportunities.
Changes in RIL's Leadership: The RIL Board has recommended the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Directors. While stepping down from the Board, Nita Ambani will continue to serve as the Chairperson of the Reliance Foundation. Reliance JIO: Advancements in 5G Technology Mukesh Ambani proudly announced that Reliance Industries is rapidly expanding its 5G network infrastructure. With nearly 85% of India's operational 5G cells already integrated into Jio's network, the company is adding a new 5G cell every 10 seconds. The ambitious goal is to have almost 1 million operational 5G cells by December. Reliance's journey towards 5G began last October, and within just 9 months, Jio's 5G network has covered over 96% of the census towns in India. The company is well on its way to nationwide coverage by December 2023, setting a global record for the fastest 5G rollout. Reliance Retail: Remarkable Valuation Surge & Other Achievements
Reliance Retail's valuation has surged from Rs 4.28 lakh crore in 2020 to Rs 8.28 lakh crore today. In the fiscal year 2023, Reliance Retail achieved impressive revenue of ₹2,60,364 crore, with an EBITDA of ₹17,928 crore and a net profit of ₹9,181 crore. The company's performance has earned it a place among the top 100 global retailers.
FY23 marked a significant year for Reliance Retail, crossing milestones such as 100 crore transactions and more than 78 crore footfalls. The registered customer base also grew to 25 crore, reflecting Reliance Retail's widespread influence and success.
Jio Financial Services: Innovative Step into Insurance Reliance Industries' financial services arm, Jio Financial Services (JFS), is venturing into the insurance sector. JFS aims to offer user-friendly life, general, and health insurance products through a seamless digital interface. The company will leverage predictive data analytics to create tailored products and partner with global players for a unique customer experience.
RIL's Commitment to Green Energy
Mukesh Ambani reiterated RIL's focus on the Dhirubhai Ambani Green Energy Giga Manufacturing Complex in Jamnagar. The priority is to establish an integrated solar PV manufacturing ecosystem, contributing to the nation's clean energy goals.
Ambitious Battery Giga Factory Plans
RIL's plans include setting up a battery Giga factory by 2026, encompassing battery chemicals, cells, packs, and energy storage solutions. The facility will also include a battery recycling unit, aligning with the company's commitment to sustainability. In conclusion, Reliance Industries' 46th AGM highlighted the company's unwavering commitment to innovation, sustainability, and growth. With transformative initiatives across diverse sectors, RIL continues to shape India's future on both the national and global fronts. 💰Join our WhatsApp Group for Trading/Investment ideas and Market Updates👇