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.
