Reliance AGM 2023 highlights: Ambani siblings to join board, JioAir Fiber unveiled, green energy target set at 100GW

Reliance announces new directors, 5G device, retail plans and green energy goals. Reliance Industries Limited (RIL) held its annual general meeting (AGM) on August 28, 2023, where Chairman Mukesh Ambani and other board members shared the company’s achievements and future plans.

The RIL board recommended the appointment of Isha Ambani, Akash Ambani and Anant Ambani as non-executive directors on the board of RIL. Nita Ambani, who has been a director since 2014, will step down from the board but will continue as the chairperson of Reliance Foundation. She will also attend all the RIL board meetings as a permanent invitee.

Mumbai: Reliance Industries Chairman Mukseh Ambani and Nita Ambani's children, left to right, Akash, Isha and Anant Ambani. (PTI Photo)

2. JioAir Fiber is an ultra-high-speed 5G hotspot device that will deliver fibre-like 5G speeds at home or office without any wires. The device can provide 150,000 connections a day, ten times faster than broadband connections through physical fibre. It will be launched on September 19, on Ganesh Chaturthi day.

3. Reliance Retail is one of the largest employers in the country, with nearly 2.5 lakh on-roll employees. The company’s valuation has doubled to Rs 8.28 lakh crore from Rs 4.28 lakh crore in September 2020, according to Isha Ambani. She also said that global and strategic investors have shown strong interest in the retail business.

4. Jio Financial Services (JFS) will enter the insurance segment to offer life, general, and health insurance products. JFS has partnered with Blackrock, the world’s largest asset management company with over $11 billion in assets, to deliver tech-enabled, affordable and innovative solutions. Blackrock Chairman Larry Fink spoke at the AGM and praised Jio’s AI ambitions.

5. Reliance has set an ambitious target of 100GW renewable energy capacity by 2030. To achieve this, the company will set up a battery Giga factory by 2026 and a solar cell manufacturing unit by 2025. Reliance will also invest in green hydrogen, biofuels, and carbon capture technologies.

The AGM also revealed that Reliance’s revenue for FY23 stood at Rs 9.74 lakh crore, earnings before interest, taxes and depreciation (EBITDA) at Rs 1.53 lakh crore, and net profit of Rs 73,670 crore. The company also made the highest corporate social responsibility (CSR) spending of Rs 1,271 crore in FY23.