RIL AGM updates: India destined to be among top three economies globally, says Mukesh Ambani

Reliance Industries held its second virtual annual general meeting. Mukesh Ambani said he was far happier about the company's humanitarian efforts this year than the business success. Nita Ambani outlined Reliance Foundation's efforts to tackle Covid-19. RIL's consolidated revenue was Rs 5.4 lakh crore, consolidated EBITDA was Rs 98,000 crore, and almost 50 per cent of EBITDA was contributed by consumer businesses.

India will conquer the Covidcrisis — sooner rather than later. Post Covid, India will emerge stronger. It will be a Better India, a Resurgent India, a more Equal India, and a far more Self-Confident India: Mukesh Ambani

India is destined to emerge as one of the top three economies in the world. And as your company in its Golden Decade transforms itself as New Reliance, it is destined to play a proud role in the emergence of a New India: Mukesh Ambani

In last 10 years, Reliance invested $90 bn in creating substantial wealth for the nation and value for shareholders. In the coming decade, Reliance has the capacity to catalyse investments of over $200 bn directly and through partners: Mukesh Ambani

Aim to be among top 10 retailers globally: Mukesh Ambani

We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years: Mukesh Ambani

JioMart registered over 6.5 lakh peak orders in a single day. Over 3 lakh merchant partners from 150 cities were enabled and empowered. Expansion is underway to onboard 1 cr merchant partners over next 3 years: Mukesh Ambani

Reliance Retail added 1,500 new stores: Mukesh Ambani

Despite challenging conditions, Reliance Retail added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking our store count to 12,711. Our apparel business sold nearly five lakh units per day and over 18 crore units during the year. This is equivalent to dressing the entire population of UK, Germany and Spain once: Mukesh Ambani

'Jio to make India 5G-yukt'

Jio is uniquely positioned to quickly and seamlessly upgrade to 5G. To develop 5G ecosystem, we are working with global partners to develop a range of 5G devices. Jio is not just working to make India 2G-mukt, but also 5G-yukt: Mukesh Ambani

With Microsoft we have operationalized an initial 10 MW capacity of JIO-AZURE Cloud Datacentres in Jamnagar and Nagpur. We are currently onboarding the initial group of pilot customers: Mukesh Ambani

JioFiber has acquired over 2 mn new premises over the past year

JioFiber has acquired over 2 mn new premises over the past year. With a cumulative base of 3 mn active home and business users JioFiber has become the largest and the fastest-growing fixed broadband operator in India: Mukesh Ambani

Jio and Facebook

With Facebook, we have launched an initial set of integrations between WhatsApp and JioMart on a trial basis and the response from WhatsApp and JioMart customers is encouraging along with lots of valuable feedback: Mukesh Ambani

Google and Reliance Jio forge new 5G partnership

A new 5G partnership between Google Cloud and Jio will help more than a billion Indians connect to faster internet, support businesses in digital transformation and lay the foundation for the next phase of India’s digitisation: Sundar Pichai at 44th AGM

At a time when so many aspects of our lives and work are moving online, it’s even more important to make technology accessible and helpful for everyone. This goal is at the heart of our partnership with Reliance Jio: Sundar Pichai, Google CEO, said at the 44th AGM

Jiophone Next is powered by an optimized version of Android OS jointly developed by Jio and Google. It is ultra-affordable and packs cutting-edge features. It will be available in the market from Ganesh Chaturthi, September 10: Mukesh Ambani

I am pleased to announce that Google and Jio teams have jointly developed a truly breakthrough smartphone – JIOPHONE NEXT. It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio: Mukesh Ambani

During recent spectrum auctions, we invested Rs 57,123 cr to acquire a significant additional spectrum, making Jio the largest operator of 4G spectrum in India. We have operationalized nearly 100 per cent of this additional spectrum: Mukesh Ambani

Reliance Jio today is world’s second largest mobile data carrier handling over 630 crore GBs a month. This is 45 per centgrowth in data consumption in the last year alone — a testament to the rapid pace at which India is digitising: Mukesh Ambani

In spite of Covid,Reliance Jio sustained its track record of robust performance. It became the first operator outside China to cross 400 million mobile subscribers in a single country: Mukesh Ambani

Reliance will put Gujarat and India on world solar and hydrogen map. All our products will proudly proclaim ‘Made in India, by India, for India and for the world’, taking forward Prime Minister Narendra Modi's call for 'Aatmanirbhar Bharat'. Suryadev has blessed India with almost limitless solar energy: Mukesh Ambani

We will invest an additional Rs 15,000 cr in value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in New Energy business will be Rs 75,000 cr in 3 years: Mukesh Ambani

Reliance will create a fully integrated, end-to-end renewables energy eco-system. Over the next 3 years, we will invest over Rs 60,000 crore in these initiatives: Mukesh Ambani

We plan to build four Giga Factories to manufacture and integrate all critical components of New Energy ecosystem – solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory: Mukesh Ambani

We have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. It will be amongst the largest such integrated renewable energy manufacturing facilities in the world: Mukesh Ambani

Ambani's three affirmations

First: As one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape

Second: Reliance will provide leadership on the combined strength of our balance-sheet, talent, technology and proven project execution capabilities

Third: Reliance will make its New Energy business a truly global business: Mukesh Ambani

India’s GDP per capita is $2,000 while the world average is $12,000. India’s power consumption per capita is only one-third of global consumption. This Wealth Disparity and Energy Disparity is unacceptable: Mukesh Ambani

Green and clean energy of Mukesh Ambani

Last year I had announced our 15-year commitment to become net carbon zero by 2035. Today I am happy to present to you our ambitious strategy and roadmap for implementing this vision. The global New Energy agenda needs to move from dialogue to action, from commitment to urgent implementation on the ground. It is not enough to be carbon neutral; the world needs to achieve absolute reductions in emissions soon: Mukesh Ambani

Mukesh AmbaniwelcomedH.E. Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as Independent Director. "His joining our Board is also the beginning of internationalisation of Reliance," Ambani said.

We are by far the leader in each category — grocery, electronics and apparel. Our O2C biz faced unprecedented challenges by severe economic contraction at the beginning of year. Yet we were probably the only company globally that operated at near full capacity and was profitable in every quarter.

I look forward to welcoming Saudi Aramco on our board and hope to expeditiously formalise the deal this year: Mukesh Ambani

Reliance Jio adds 37.9 million subscribers

Reliance Jio had a net addition of 37.9 million subscribers during the year. We now serve over 425 million consumers on our network. We have revenue market leadership in 19 out of 22 circles: Mukesh Ambani

We rewarded the shareholders with the largest and the most successful Rights Issue ever by an Indian company. Our retail shareholders have made 4x returns in just one year on their rights shares: Mukesh Ambani

RIL raised $44.4bn – largest ever capital raised by any company in a year globally. This capital raise is a strong vote of confidence by global investors in India’s growth potential: Mukesh Ambani

As India’s largest enterprise, RIL’s contribution to Indian economy remains unmatched – 6.8 per centof India’s merchandise exports, 75,000 new jobs, Rs 21,044 cr of customs and excise, Rs 85,306 cr of GST and VAT, and Rs 3,213 cr of Income Tax: Mukesh Ambani

Even in a challenging environment, RIL’s performance continued to be outstanding; Consolidated revenue was Rs 540,000 cr, consolidated EBITDA was Rs 98,000 cr, and almost 50 per centof EBITDA was contributed by consumer businesses: Mukesh Ambani

Watch the AGM live

Reliance Foundation has and will continue to stand with every Indian. Together we shall overcome, as we always have. Stay healthy and stay hopeful: Nita Ambani

We have set u 115 vaccination centres. We have made the process easy with the Jio Digital Health Hub. We hope to partner with other corporate and local authorities to help vaccinate all Indians by the end of this year. We are vaccinating Reliance's employees, including retired employees and their families: Nita Ambani

When Covid-19 hit, we were transformed to a virtual working environment overnight. At Reliance, we made sure no salaries, no bonuses are cut: Nita Ambani

As a community, we owe each and every frontline worker a huge debt. The medical fraternity is the real hero of this pandemic: Nita Ambani

Across India, we created a total capacity of 2,000 beds for Covid care, equipped with uninterrupted oxygen supply and free of cost: Nita Ambani

Reliance's missions to tackle Covid-19

Reliance Foundation launched five Missions to fight Covid – Mission Oxygen, Mission COVID Infra, Mission Anna Seva, Mission Employee Care, and Mission Vaccine Suraksha: Nita Ambani

Reliance Foundation also partnered with USAID to launch the Women Connect India Challenge this year. A partnership that aims to empower more and more Indian women with digital access and opportunity: Nita Ambani

On Women’s Day in March this year, we launched a digital platform for women called Her Circle, which is an inclusive, collaborative, interactive, and socially-conscious digital movement: NitaAmbani

We took this time to develop Jio Institute.Jio Institute is a world-class platform for innovation and lifelong learning.

Despite the pandemic, Jio Institute will begin its academic year, this year itself: Nita Ambani

While our top priority was Covid-19 this year, we assured that other developmental works including education and sports for all, continued. Our 14 schools turned to digital schools: Nita Ambani

Nita Ambani addresses the meeting

The Covid-19 pandemic is a humanitarian crisis. It has tested spirit of humanity but our spirit has shown bright. We have come together and fought this battle with immense empathy and compassion. Reliance Foundation has stood shoulder to shoulder with the people of India: Nita Ambani at 44th AGM

We know, had our grandfather been here today. He would be proud. This is the Reliance he always dreamed of.

Each person did their very best to be of service to the country and community. Our retail store workers, telecom engineers, staff-- the frontline workers. They ensured fuel supply, digital connectivity and other services: Isha, Akash Ambani at the 44th AGM

Akash and Isha Ambani address the meeting

Every single employee has participated in Reliance's fight against Covid-19. One common unifying thread that runs through everything we've done at Reliance is that we care. We care about the country, the employees, community, the planet and the people. This is the true Reliance spirit.

Our business performance since the last AGM has exceeded. But what has given me far greater happiness is Reliance's humanitarian efforts during the Covid crisis: Mukesh Ambani

We are in the middle of a humanitarian crisis. Suffering of any member of our Reliance family, is the suffering of all of us. I now request a minute of silence for the departed souls: Mukesh Ambani

It gives me great pleasure to welcome all shareholders to the meet. This is the second year in a row I miss the warmth and intimacy of a face-to-face AGM: Mukesh Ambani

Mukesh Ambani is now addressing the virtual AGM.

JioMart was launched in May last year with plans to be operational across 200 cities in India. The e-commerce venture of Reliance's retail arm offers free express grocery delivery from neighborhood mom-and-pop stores. The company's plans for it will also be watched.

Merchant biz, digital commerce drove Reliance's revenue in FY21

The digital commerce and merchant partnerships business has gained significant traction in the wake of Covid-induced disruptions and accounted for about 10 per cent of Reliance Retail's FY21 revenue of Rs 1,53,818 crore.

According to the latest annual report of Reliance Industries, the digital commerce and merchant partnerships business contributed nearly 10 per cent of revenues, "significantly stepped up from near zero in the preceding year".

Reliance Retail has reported a revenue of Rs 1,53,818 crore and a pre-tax profit of Rs 9,842 crore in FY21.

Reliance Jio speeds ahead

Reliance Jio continues to maintain leadership in 4G segment with 20.7 megabit per second average download speed, while Vodafone Idea topped the chart in upload segment with 6.7 mbps data speed in May, according to the latest data published by the telecom regulator Trai.

Reliance Jio 4G network speed marginally increased but it was more than three times higher than that of the nearest competitor Vodafone Idea, which showed an average download speed of 6.3 mbps.

Jio now has 426.2 million subscribers from 306.7 million subscribers two years ago while JioFiber in over 2.5 million homes till March 2021.

Mukesh Ambani drew nil salary in FY21

Mukesh Ambani drew no salary from his flagship firm Reliance Industries Ltd in the fiscal year ended March 31 as he voluntarily gave up remuneration in light of the pandemic hitting the business and the economy.

In its latest annual report, Reliance said Ambani's remuneration for financial year 2020-21 was "nil."

In the previous fiscal year, he drew a Rs 15 crore salary from the company - the same as in the previous 11 years.

RIL March quarter performance

The companyreported more than doubling of its March quarter net profit as consumer businesses of retail and telecom as well as petrochemicals saw sequential recovery on improved spreads offsetting continued weakness in refining business.

Consolidated net profit of Rs 13,227 crore in January-March compared with Rs 6,348 crore earned a year back, the company said in a statement.

The fourth quarter net profit included Rs 797 crore exceptional item due to gain on sale of US shale assets.
Revenue was up 13.6 per cent to Rs 1,72,095 crore.

Reliance's plan to tackle Covid-19

Reliance Industries Ltd. is working on a new Covid-19 drug and cheaper testing kits. Thecompany is exploring use of a tapeworm drug, Niclosamide, as a cure for Covid-19, according to its annual report. Its diagnostic kits -- R-Green and R-Green Pro -- have been approved by India’s apex medical research body and it has designed a process to make sanitisers at one-fifth the market cost, Reliance said in a report.

Reliance is also trying to address ventilator shortages across Indian hospitals seen earlier this year by using 3D technology and a “special snorkeling mask”.

New investors on board RIL in the last year will be watched

According to a report by HSBC Global Research on June 17, investors will also watch for "new investors" that have joined RIL's digital and retail business at subsidiary level in the past year. Global players like Google, Facebook, Microsoft, Qualcomm etc have also come into partnerships with the company.Investors will watch what direction these partnerships will take.

Reliance shares rocky on Thursday ahead of meet

As the market edged higher on Thursday, helped by gains in heavyweight information technology and financial stocks, shares of Reliance Industries were slightly lower (0.1%) ahead of its annual general meeting.

Reliance's Green business

Mukesh Ambani said there is no option for businesses but to go green and every unit of Reliance Industries would have to pivot as the conglomerate moves towards net-zero.

"We have no option as a society, as a business but to really adopt a sustainable business model," he said speaking at the Qatar Economic Forum.

And embracing a model of clean energy is a pre-requisite.

Every unit making up the oil-to-telecom conglomerate Reliance would have to pivot as the conglomerate moves toward net-zero, he said.

"We at Reliance have adopted this wholeheartedly and transforming each one of our business lines to be sustainable, circular, recyclable and fully transparent environment, social, and governance standards," he said.

RIL's 5G road ahead

Amida push for indigenous 5G solutions in India, as the world's second-largest telecom market gears up for fifth-generation mobile networks that would enable connecting virtually everything together including machines, objects, and devices at ultra-high speeds,Mukesh Ambani-led Reliance Jio is accelerating the rollout of digital platforms and indigenously-developed next-generation 5G stack.

More on this may be expected from today's meet.

Saudi Aramco rep on Reliance board?

Saudi Aramco chairman and Governor of the Kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, may be inducted on the board of Reliance Industries Ltd, a precursor to a $15 billion deal, reports said. An announcement of Al-Rumayyan's induction on the RIL board or the board of the newly carved oil-to-chemical (O2C) unit may come today.

What to expect from the meet

Key announcements regarding the company's 5G roadmap, plans with Saudi Arabia's oil major Aramco, announcements related to Covid-19, affordable gadgets like a smartphone in development with Google and JioBook, among others.