Jio 5G launch, RIL board changes, JFS insurance venture: Key takeaways from Reliance AGM 2023


Mumbai: Reliance Industries held its 46th AGM on Monday, where Chairman Mukesh Ambani announced several key developments for the company and its subsidiaries. Some of the highlights of the AGM were:

  • Jio’s 5G rollout by December using its own 5G stack and millimeter-wave spectrum.
  • JioAirFiber launch on September 19 to tap into the domestic broadband market.
  • Jio Financial Services’ entry into the insurance sector with possible global partnerships.
  • Reliance Retail’s revenue growth of 30 percent and digital sales of over Rs 50,000 crore.
  • RIL’s net profit of Rs 73,670 crore and contribution to the national exchequer of Rs 1,77,173 crore.
  • RIL’s board reshuffle with Isha, Akash, and Anant Ambani joining the board and Nita Ambani stepping down.’

Reliance Industries announced several key developments in its oil and gas, oil to chemical, and new energy businesses at its 46th AGM. Some of the highlights of the article were:

  • Reliance is on track to increase its gas production to 30 million standard cubic meters per day, which would account for 30 percent of India’s gas production and 15 percent of its current gas demand.
  • Reliance is accelerating its journey to achieve net carbon zero by 2035 through the use of renewable and bioenergy for a sustainable and green business.
  • Reliance has partnered with BP to ramp up gas production from the KG-D6 block from zero a few years ago to nearly 20 million cubic meters per day in fiscal 2022-23.
  • Reliance’s first priority is to provide a fully integrated, end-to-end solar PV manufacturing ecosystem, which will be one of the largest, technologically advanced, and cost-effective solar gigafactory globally.
  • Reliance will set up a fully integrated, automated, giga-scale electrolyzer manufacturing plant for green hydrogen production.
  • Reliance has become India’s largest bio-energy producer based on its indigenously developed technology.
Reliance AGM 2023