Key highlights from Reliance Industries' 46th Annual General Meeting (AGM)

Category : Knowledge Center

The AGM highlighted changes in the board, new services, and ventures, RIL's commitment to sustainability, social initiatives, and insights into stock performance over recent AGMs.

Changes in the Board:

• Nita Ambani has resigned from the board to focus on charity work.
• Isha Ambani, Anant Ambani, and Akash Ambani are now non-executive directors.

Jio Air Fibre:

• Jio Air Fibre, a high-speed broadband service, will launch on September 19. It aims to provide fast internet to more customers, with 100 million already using Jio Fiber and 200 million more expected to join.

Reliance Retail:

• Reliance Retail is among the world's fastest-growing retailers.
• Its value has grown from Rs 4,28,000 crore in 2020 to Rs 8,28,000 crore.

Reliance Jio:

• Jio plans to cover the entire country with 5G by December 2023.
• More than 450 million people use Jio.
• Jio aims to transition 200 million 2G users to its network and has connected 80% of businesses.

Jio Financial Services:

• Jio Financial Services is entering the insurance sector.
• It plans to offer simple and smart life, general, and health insurance through digital platforms.
• It will collaborate with global partners and use data analytics to develop tailored products.

Energy Manufacturing Ecosystem:

• RIL is investing Rs 75,000 crore to create an energy manufacturing ecosystem.
• It plans to set up 100 Compressed Biogas (CBG) plants to reduce carbon emissions and produce organic manure.

Battery Giga Factory by 2026:

• RIL will establish a battery giga factory by 2026.
• This factory will produce battery components, cells, and packs, including energy storage solutions.

Social Initiatives:

• Reliance Foundation collaborates with the Bill & Melinda Gates Foundation.
• The aim is to empower 1 million women entrepreneurs and support education and sports for 22 million youngsters.

Carbon Zero by 2035:

• RIL is committed to achieving net carbon zero by 2035 through renewable energy and bioenergy.

Supporting Students:

• RIL promises to support 50,000 students through scholarships over 10 years in honour of its founder's birth anniversary.

Stock Performance at AGMs:

• Over the years, the stock's performance during AGMs has varied.
• For this year's AGM, RIL's stock increased by 1.11%, closing at Rs 2442.55, while JFS's stock decreased by 0.28%.
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