Month: August 2024

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Reliance sets its sights on transforming Jamnagar into the global energy hub, revealing ambitious plans for its new energy business.

At the 47th Annual General Meeting of Reliance Industries Limited, Chairman Mukesh Ambani announced that by 2025, Jamnagar will become the epicenter of the company’s new energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be established there, envisioned as the world’s largest, most advanced, modular, and integrated green energy ecosystem at a single location. Ambani also expressed confidence that this new energy business would become “big and profitable” within the next 5 to 7 years.

Mukesh Ambani expressed confidence that Reliance’s new energy business will become “big and profitable” in the next 5-7 years, driven by the following five factors:

1. Meeting Captive RE-RTC Requirements: The focus will be on fulfilling the large captive Renewable Energy-Round-the-Clock (RE-RTC) needs across Reliance Industries Limited’s group businesses over the next 5 to 7 years, significantly reducing energy costs.

2. Value-Accretive Offtake Agreements: Investments in green fuels projects will be supported by value-accretive offtake agreements with large global partners.

3. Positive Cash Flow from Day One: Ensuring that all projects are cash flow positive from the very beginning.

4. Next-Gen Products through Deep-Tech R&D: Development of next-generation products through advanced research and development (R&D) that will offer higher efficiency and reduced costs, leading to greater margin expansion.

5. Startup Growth Mindset: Building businesses with the mindset of startup growth companies, empowered by task force teams comprising best-in-class global talent.

Additionally, Ambani has planned an investment of up to Rs 75,000 crore to establish a manufacturing ecosystem aimed at maximizing margins.

“We are on track to fully commit and invest up to ₹75,000 crore to establish this manufacturing ecosystem, which will be extensively enabled by emerging technologies such as AI, IoT, Machine Learning, and Robotics,” said Mukesh Ambani. “Our comprehensive ownership and automation of the integrated value chains will enable us to maximize margins, surpassing those of stand-alone, non-integrated players.”

Reliance Industries Limited has announced several ambitious projects to advance its new energy business:

1. First Solar Giga Factory: The company will launch its solar giga factory this year, producing photovoltaic (PV) modules, cells, wafers, ingots, polysilicon, and glass at a single location. This facility will have the capacity to produce 20 GW of solar PV modules by the end of the year, converting sunlight into electricity.

2. Sodium-Ion and Lithium Battery Production: Reliance plans to industrialize sodium-ion cell production at the megawatt (MW) level by 2025 and start a pilot production line for lithium battery cells, aiming for a 50 MWh annual output by 2026.

3. Investment in New Fuels Business: The company announced a USD 10 billion investment over three years, beginning in 2021, to develop a new fuels business based on achieving 100 GW of renewable power capacity by 2030.

4. Giga Factories in Jamnagar: The plan includes establishing four giga factories in Jamnagar, Gujarat, dedicated to manufacturing renewable equipment, battery storage, fuel cells, and hydrogen.

5. Modular Expansion and Advanced Technology: The solar giga factory is designed for modular expansion at minimal cost and within a short time frame. Reliance has fully integrated and indigenized the Heterojunction Technology (HJT) from its wholly-owned subsidiary, REC Singapore, to develop first-generation bifacial solar panels with a cell efficiency exceeding 26%.

6. Electrolyser Manufacturing Facility: By 2026, Reliance plans to build a multi-GW electrolyser manufacturing facility on the west coast of India. This facility will produce green hydrogen and green fuels at the most economical cost, leveraging the company’s deep understanding of electrochemistry, industrial scalability, and integration with low-cost solar energy.

7. Adaptable and Expandable Factory: The electrolyser manufacturing facility will be fully adaptable, supporting various technologies such as Alkaline, Proton Exchange Membrane (PEM), and Anion Exchange Membrane (AEM). Built to Industry 4.0 standards, the facility will be expandable in a modular fashion to meet market demand.

These initiatives are part of Reliance’s broader strategy to transform Jamnagar into a leading global hub for renewable energy and green fuels.

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Reliance AGM 2024 : Mukesh Ambani addresses the 47th Annual General Meeting of Reliance Industries; stock rises by 2%.

Reliance AGM 2024 Live Updates: Key Highlights from Mukesh Ambani’s Address

Chairman Mukesh Ambani is addressing shareholders at the 47th Annual General Meeting (AGM) of Reliance Industries in Mumbai on August 29, 2024. Earlier today, the company announced to stock exchanges that it will consider a 1:1 bonus issue on September 5. Here are the top highlights from his speech:

Jio’s Milestones and Technological Advancements

– World’s Largest Mobile Data Company: Jio has now become the world’s largest mobile data company with 490 million users, each consuming over 30 GB of data per month on average.

– Global Network Traffic: Jio’s network carries nearly 8% of global mobile traffic, showcasing its immense scale and reach.

– Deep-Tech Innovations:Jio has emerged as a deep-tech innovator with a fully homegrown 5G stack developed by its engineers. This technology will form the backbone of India’s digital infrastructure.

– AI-Native Digital Infrastructure: Reliance has built AI-native digital infrastructure for all its businesses, aiming to bring the benefits of AI to every Indian, much like the way it expanded broadband access.

– AI Initiatives: Jio is developing a comprehensive suite of AI tools under the brand “Jio Brain.” This platform is set to drive transformation across Reliance’s operating companies, laying the groundwork for a national AI infrastructure. Plans include establishing gigawatt-scale AI-ready data centers in Jamnagar, powered by Reliance’s green energy.

AI in Key Sectors

– Sectors to Benefit from AI: Reliance’s AI initiatives are expected to significantly impact four key sectors: agriculture, education, healthcare, and small businesses. The company’s AI models and services will be hosted within India, adhering to the country’s data and privacy regulations.

– Connected Intelligence Concept: Reliance’s AI models will operate on a delivery model called “Connected Intelligence,” which allows users to access data and AI services from any device, anywhere, over low-latency broadband networks.

Jio Services and Offerings

– Jio AI-Cloud: Jio users will receive up to 100 GB of free cloud storage for storing and accessing photos, videos, documents, and other digital content. A new Jio AI-Cloud Welcome offer will be launched around Diwali, offering affordable cloud data storage and AI-powered services.

– Jio TvOS and HelloJio: Jio is set to launch Jio TvOS, a 100% homegrown operating system for Jio STBs. The HelloJio assistant has been upgraded with the latest Generative AI technologies to improve natural language understanding.

– Jio Phonecall AI: A new feature called Jio Phonecall AI will allow users to record and store any call using AI and convert the conversation from voice to text.

 Retail and Expansion

– Reliance Retail’s Growth: Reliance Retail is now among the top five global retailers in terms of store count and among the top ten in terms of market capitalization. The retail arm has built 19,000 stores, covering nearly 80 million square feet across over 7,000 cities, and partnered with 4 million kirana stores.

– Expansion in Grocery Sector: The grocery segment is expanding at 2.5 times the rate of the rest of the modern retail market.

 Energy and Sustainability Initiatives

– Oil to Chemicals (O2C) Business: The O2C business achieved revenue of ₹5,64,749 crore (US$ 67.9 billion) and an EBITDA of ₹62,393 crore (US$ 7.5 billion) last year. New facilities in the Vinyl value chain will add 1.5 MMTPA of PVC and CPVC by FY27.

– Sustainability Efforts: Reliance is on track to reach a capacity to recycle 5 billion PET bottles annually by next year and plans to add a million tonnes of specialty polyester capacity by FY27. It is also building India’s first integrated Carbon Fibre plant at Hazira, which will rank among the top three globally.

New Energy Ventures

– Green Energy Projects: Reliance has initiated a pilot project on 1,000 acres of arid wasteland to establish an integrated compressed biogas (CBG) plant. The company plans to commence production of its own solar photovoltaic (PV) modules by the end of this year.

This story is continually being updated.

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Apple Aims to Boost Its Presence in India’s Streaming Market with New Airtel Deal

Apple is partnering with India’s Bharti Airtel to provide its music and video streaming services for free to the telecom company’s premium customers. This collaboration will allow Apple to reach thousands of consumers in the world’s most populous country.

Apple TV+, which predominantly offers English-language content, has a relatively modest presence in India’s $28 billion media and entertainment market. It faces stiff competition from major players such as Netflix, Amazon Prime Video, Disney+ Hotstar, and Mukesh Ambani’s JioCinema.

This development occurs as competition in India’s media market intensifies, with an $8.5 billion merger between the Indian media assets of Reliance and Walt Disney—each having their own streaming service—under close scrutiny from antitrust regulators.

“Airtel announced on Tuesday that Apple TV+ will be included with its premium WiFi and postpaid plans,” the company said in a statement. However, neither Airtel nor Apple provided details about the financial terms of the partnership or any information on pricing.

Apple Music will be offered to existing premium users of Airtel’s Wynk music app, which is set to be discontinued. Airtel stated that employees from Wynk will be absorbed into the company.

According to two sources familiar with the strategy, Apple’s deal with Airtel aims to expand its digital services to a significantly larger consumer base, leveraging Airtel’s position as the second-largest telecom operator in India with 281 million subscribers. In comparison, Reliance Jio, owned by Mukesh Ambani, has 489 million users.


Apple TV+, recognized for its original series such as *Ted Lasso*, *The Morning Show*, and *Slow Horses*, has distinguished itself in the streaming market through its emphasis on in-house content. Unlike many competitors in India and globally, which provide a mix of older movies and TV shows from various studios along with their own original productions, Apple TV+ primarily focuses on its exclusive, original offerings.

Airtel is expected to announce new tariff plans within days that will include complimentary access to Apple TV+, according to two sources familiar with the plans.

Currently, Apple TV+ is priced at $9.99 per month in the U.S. and 99 Indian rupees ($1.18) per month in India. In comparison, Reliance JioCinema offers free cricket content and has plans starting at just 29 rupees per month, while Netflix begins at 149 rupees per month.

 

Cricket is a major draw for streaming platforms in India, and Disney faced a significant setback last year when it lost millions of users after losing the rights to stream the Indian Premier League to Reliance’s Jio.

Currently, Apple holds a 6% share of India’s 690 million smartphone users, according to Counterpoint Research. The rest of the market is largely dominated by Samsung and Xiaomi devices, which are primarily powered by Google’s Android operating system.

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Apple Begins Workforce Training for Made-in-India iPhone Pro Production: Bloomberg

Foxconn’s Sriperumbudur Facility in Tamil Nadu to Begin ‘New Product Introduction’ Process for iPhone 16 Pro Models; Apple Starts Training Workers to Produce iPhone 16 Pro and Pro Max Near Global Launch, Bloomberg Reports

In July, Moneycontrol exclusively reported, citing sources, that Apple Inc. plans to assemble the top-tier Pro and Pro Max models of the upcoming iPhone 16 series in India for the first time through its partner, Foxconn Technology Group.

Foxconn’s Sriperumbudur facility in Tamil Nadu will soon initiate the ‘new product introduction’ (NPI) process for the iPhone 16 Pro models and will enter mass production once the devices are launched. Foxconn, known for its advanced capabilities and deep integration within Apple’s supply chain, typically gets the first preference for new manufacturing projects.

Foxconn is expected to start assembling the premium devices ‘within weeks’ of the global launch, according to Bloomberg News, citing unnamed sources. Apple’s other India partners, including Pegatron’s India unit and the Tata Group, could also begin producing the Pro versions, Bloomberg News reported.

Additionally, Bloomberg News stated that Apple plans to make the made-in-India standard iPhone 16 available on the same day it begins its worldwide sale.

The Bloomberg report noted that it had reached out to representatives from Apple, Foxconn, and Pegatron, all of whom declined to comment, while Tata did not respond to a request for comment.

Apple has ramped up the production of its flagship iPhone devices in India through Foxconn and Tata Electronics.

Apple might resume preparations to manufacture iPads in India through Foxconn.

Additionally, Apple is working on increasing the production of components for AirPods wireless charging cases through contract manufacturer Jabil in Pune and may extend the same to Foxconn. Production of made-in-India AirPods could potentially begin early next year.

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Adani Group Attracts Over Rs 2,000 Crore from Mutual Funds in July

Adani Ports & SEZ led the pack with mutual funds buying shares worth over Rs 1,100 crore, followed by Adani Enterprises at Rs 890 crore, and Adani Power at Rs 218 crore.

Mutual funds invested over Rs 2,000 crore in Adani Group companies in July, with eight of the listed companies of the diversified conglomerate witnessing net buying, while Ambuja Cement faced minor selling.

Other companies, including ACC Ltd, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, and Adani Wilmar Ltd, saw mutual fund buying ranging from Rs 1 crore to Rs 88 crore. Meanwhile, Ambuja Cements experienced selling worth Rs 338 crore.

More importantly, the quantum of mutual fund buying has been consistently rising over the past few months. In June, the group saw Rs 990 crore in net buying from mutual funds, which was higher than in May when the buying was pegged at Rs 880 crore.

Meanwhile, the total value of mutual fund holdings in the nine group firms stood at Rs 42,154 crore in July, compared to Rs 39,227 crore in June.

Furthermore, the surge in mutual fund interest followed significant promoter stake purchases in Adani Group companies during the June quarter. Promoters acquired shares worth Rs 23,000 crore, which analysts viewed as a positive indicator.

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Documents reveal that India’s Stock Market regulatory SEBI chief earned revenue, potentially violating rules.

Madhabi Puri Buch, the head of India’s markets regulator, reportedly continued to earn revenue from a consultancy firm during her seven-year tenure, potentially violating regulations for officials, as revealed by public documents reviewed by Reuters.

Hindenburg Research has accused Madhabi Puri Buch of a conflict of interest in her investigations into the Adani Group, citing her previous investments.

The allegations against Gautam Adani’s conglomerate, made in January last year, led to a significant drop in the share prices of Adani Enterprises and other group companies. Although the shares later recovered, the Securities and Exchange Board of India (SEBI) has since launched an ongoing investigation.

Separately, the U.S. short-seller Hindenburg Research, in its latest report, drew attention to two consultancy firms operated by Madhabi Puri Buch and her husband—Agora Partners, based in Singapore, and Agora Advisory, based in India.

Buch joined SEBI in 2017 and was appointed to the top position in March 2022. Over those seven years, Agora Advisory Pvt Ltd, where Buch holds a 99% share, earned a revenue of 37.1 million rupees ($442,025), according to public documents from the Registrar of Companies, analyzed by Reuters. This holding potentially violates a 2008 SEBI policy that prohibits officials from holding an office of profit or receiving salary or professional fees from other professional activities.

In her statement, Buch said that the consultancy firms had been disclosed to SEBI and that her husband used these firms for his consulting business after retiring from Unilever in 2019. However, Buch and the SEBI spokesperson did not immediately respond to emails seeking comment.

Hindenburg, citing Singapore company records, noted that Buch transferred all her shares in Agora Partners to her husband in March 2022. However, company records for the financial year ending March 2024 indicate that Buch still holds shares in the Indian consulting firm. The documents reviewed by Reuters do not detail the business activities of the consultancy, nor is there any available information suggesting these revenues were linked to the Adani Group.

Subhash Chandra Garg, a former top bureaucrat in the Indian government and a SEBI board member during Buch’s tenure, described her equity in the firm and its continued operations as a “very serious” breach of conduct. “There was no justification for her to continue to own the firm after she joined the board. She could not have been allowed even after making disclosures,” Garg said. “This makes her position completely untenable at the regulator.”

Buch has not clarified whether she was granted a waiver to retain her shareholding in the Indian consulting firm. A specific query to her on this matter also went unanswered.

Hindenburg’s allegations have sparked calls for Buch’s resignation, including from opposition leaders. A spokesperson for the ruling Bharatiya Janata Party (BJP) dismissed the allegations as a baseless attack.

According to Garg and another SEBI board member, no disclosures were made by Buch or other officials to the board regarding their business interests. “There was a requirement to make annual disclosures, but board members’ disclosures were not placed in front of the board for information or scrutiny,” said the board member, who declined to be identified as information on disclosures to the board is not public.

Garg added, “To be sure, no members’ disclosures were discussed. If the disclosures were made only in front of Ajay Tyagi, the then chairperson, I am not privy to that.” Messages and calls to Tyagi regarding whether these disclosures were made to him went unanswered.

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Govt considers raising the price of ethanol for the 2024–2025 season in order to satisfy blending targets and encourage production.

According to PTI, which cited senior government sources, the Center is considering revising ethanol prices for the following season beginning in November 2024 in an attempt to encourage production and meet the 20 percent blending target by 2025–2026.

The government could encourage feedstock diversification by implementing the suggestion.
The proposal has already been the subject of one round of deliberations by a group from the petroleum ministry led by a joint secretary. They said that the price of sugarcane will be the basis for the revision of ethanol prices, which will be fair and compensatory.

“In order to meet our blending goals and encourage production, the price revision is being considered on a priority basis,” the source stated, demanding anonymity.

The majority of stocks in the sugar and ethanol industries saw market rises after the announcement. 

Balrampur Chini Mills, a sugar and ethanol manufacturer, posted big gains as it was trading 5.19 percent higher at Rs 520.85 on NSE at 13:57 pm. Another manufacturer, Shree Renuka Sugars was trading 3.79 percent higher at Rs 47.91 on NSE, while Praj Industries gained 2.69 percent to trade at Rs 725.8.

Last week, cooperation minister Amit Shah called for a multi-dimensional approach to biofuel manufacturing and affirmed that India would achieve its 20 per cent ethanol blending target by 2025-26, ahead of the original 2030 deadline.

Ethanol prices, fixed by the government, have remained unchanged since the 2022-23 season (November-October). Currently, ethanol produced from cane juice is priced at Rs 65.61 per litre, while rates for ethanol from B-Heavy and C-Heavy molasses stood at Rs 60.73 and Rs 56.28 per litre, respectively.

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Who comes after Adani? Research from Hindenburg predicts “big” things for India soon.

Following last year’s Adani shock, Hindenburg Research has made reference to a second “big” India revelation. In a message on Saturday, the American short seller stated, “Something big soon India.” X was once Twitter.

Shortly before Adani Enterprises’ scheduled share sale, on January 24, last year, Hindenburg Research released a report that was highly critical of the Adani Group. The report caused a substantial sell-off of Adani Group’s abroad listed bonds and resulted in a $86 billion decrease in the market value of the company’s stocks.


The conglomerate was accused of stock manipulation and fraud in the Hindenburg investigation. The issue concerns claims that Adani had artificially raised the price of its shares, which were contained in a report by short-seller Hindenburg Research. The shares of several Adani Group companies saw a significant decline following the publication of these accusations, apparently amounting to more than USD 100 billion. Two days prior to Adani Enterprises’ USD 2.5 billion follow-up public offering, the US short seller’s report was released.

Every charge made in the Hindenburg Research research has been refuted by the Adani group on several occasions. A prominent lawyer in India and BJP politician Mahesh Jethmalani said in July of this year that a US-based businessman with Chinese connections had ordered the Hindenburg Research research, which caused a sharp decline in the shares of the Adani group companies in January and February of 2023.

According to Jethmalani, Hindenburg Research was contracted by American billionaire Mark Kingdon, who founded Kingdon Capital Management LLC, to write research on the Adani Group. In July of this year, Jethmalani claimed on social media on “X” that “spy” Anla Cheng and her husband Mark Kingdon had hired Hindenburg Research to write a study on the Adani group enterprises. The senior attorney went on to claim that they created a trading account through Kotak Mahindra Investments Limited (KMIL) in order to short sell Adani shares and profit millions of rupees at the expense of ordinary Indian investors. Subsequently, Mahesh Jethmalani urged the government to look into the connections between China and political voices that aimed to discredit the Adani company following the Hindenburg report.

He pointed out that the American short seller Hindenburg’s research, which singled out the Indian company, had a Chinese influence. He went on to say that the Adani Group hit job was a kind of Chinese retaliation for not winning infrastructure projects like the Haifa Port. Following SEBI’s investigation into the allegations, the Supreme Court of India cleared the Adani group on Hindenburg charges. A review petition to establish a Special Investigation Team (SIT) under court supervision to look into the Adani-Hindenburg controversy was recently dismissed by the Supreme Court. In June of this year, Group Chairman Gautam Adani addressed the Adani Enterprises Annual General Meeting (AGM) and stated that the company was “confronted with baseless accusations made by a foreign short seller that questioned our decades of hard work.”

“In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your group has been established,” he addressed the audience.



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Ola Electric’s stock rose 16% following its listing and had a strong launch on the stock market.

Following a significant oversubscription to the public offering, Ola Electric Mobility shares made a good stock market debut on Friday, August 9, rising 16 percent above the IPO allotment price.


Ola Electric’s stock was up 16.45 percent from its IPO price of Rs 76 to Rs 88.5 per share on the NSE at 10:45 a.m.

Strong investor interest was shown in the Rs 6,154-crore public offering, which consisted of both new shares and an offer to sell from current investors. There were 4.27 subscriptions to the issue.


On August 6, qualified institutional buyers (QIBs) and individual investors subscribed at rates of 5.31 and 3.92 times, respectively, indicating high demand. High-net-worth individuals who are not institutional investors place bids that are 2.4 times greater than the shares allotted to them.

Workers showed strong involvement as well, buying 11.99 times the amount that was reserved. Employees of the electric vehicle manufacturer would receive shares valued at Rs 5.5 crore at a discount of Rs 7 per share to the final issue price.

Ola Electric is to invest Rs 1,227.64 crore to increase the capacity of its cell production plant from 5 GWh to 6.4 GWh. Ola Electric also produces important EV components at its Ola Future factory, including battery packs, motors, and vehicle frames. The business would also set aside Rs 800 crore for debt repayment, Rs 1,600 crore for R&D and product development, and Rs 350 crore for efforts aimed at organic growth.

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Japan: Two strong earthquakes shake Miyazaki, and authorities warn of a tsunami

On Thursday, a powerful 6.9-magnitude earthquake rocked the Miyazaki Prefecture in southern Japan. The USGS reports that the epicenter of Thursday’s earthquake was 30 kilometers below the surface of the ocean. Moments later, a strong aftershock with a magnitude of 7.1 occurred 20 kilometers northeast of Nichinan City at a depth of 25 kilometers. In the wake of the earthquake, officials have issued a tsunami warning. The Hyuga-Nada Sea was the location of the earthquake, according to NERV, Japan’s earthquake monitoring organization. According to officials, waves as high as one meter are predicted in the aftermath of the earthquake. It has been recommended that everyone living close to rivers, lakes, or coastal areas relocate right away to a safer area. In addition to Miyazaki, the prefectures of Kochi, Ehime, Kagoshima, and Oita have all received a tsunami warning, according to NHK, the national broadcaster of Japan. In the meantime, a statement from the Kyushu Electric Power Company claims that the nuclear power facility in Sendai, Kagoshima Prefecture, is operating normally. Similarly, the Ikata nuclear power station in Ehime Prefecture is operating satisfactorily, according to Shikoku Electric Power Company. The Shikoku Electric Power Company was reported in the nHK report as stating that there has been no change in the radiation levels in the surrounding area.