Mukesh Ambani, chairman and managing director of Reliance Industries Ltd. (Photo: Sajeet Manghat/BQ Prime)
2 years ago
Aug 28, 2023
Reliance Industries Ltd. will kick off its 46th annual general meeting at 2:00 p.m. on Monday. Investors will follow the annual speech by Chairman Mukesh Ambani closely, expecting key announcements on retail and telecom arms, the recently listed Jio Financial Services and roadmap for the conglomerate's green energy plans.
Reliance Industries will meet its net carbon zero goal by 2035, says Chairman Mukesh Ambani. The company will also accelerate circularity and consumer integration, he says.
Jio Financial Services will enter the insurance segment to offer simple and smart life, general and health insurance products by partnering with global players, says Mukesh Mukesh Ambani
Jio Financial Services will use blockchain and CBDC, as well as adhere to highest standards of security, he says.
Blackrock—which has a JV with JFS—sees growth potential in India's asset management industry, says its Chairman and CEO Larry Fink.
The investment by QIA to buy 1% stake in Reliance Retail values the company at pre-money equity value of Rs 8.28 lakh crore from a valuation of Rs 4.28 lakh crore in 2020, Ambani said.
The retail arm of Reliance Industries invested $10 billion in two years, says Isha Ambani, adding that digital and new commerce sales accounted for one-fifth of Reliance Retail's sales at Rs 50,000 crore.
The company will take recently acquired Campa Cola global, first across Asia and then Africa, she says.
Jio posted an all-time high revenue of Rs 1.19 lakh core, with user base at over 450 million, says RIL Chairman Mukesh Ambani.
The leading telecom operator in the nation is on track to cover the entire country with 5G by December and will have one million cells operational by then, he says.
The telecom operator has seen increasing trend of high ARPU postpaid customers.
The much-awaited listing of Jio Financial Services Ltd. was completed on Aug. 21. RIL's financial services subsidiary is expected to disrupt the segment. Investors will now look for plans for further expansion in the company.
In the annual report for the fiscal 2023, Chairman Mukesh Ambani talked about rapid progress of the giga factory complex at Jamnagar, in line with Reliance Industries' plans to become net carbon zero and become a leader in green energy sector.
Ambani's speech during the AGM is expected to shed light on further investments in RIL's green energy ventures and state of the underdevelopment projects.
RIL intends to become the cheapest supplier of green hydrogen and has already started production of the new-age fuel with firing of torrefied biomass in gasifiers
Reliance Industries Ltd. will kick off its 46th annual general meeting at 2:00 p.m. on Monday. Investors will follow the annual speech by Chairman Mukesh Ambani closely, expecting key announcements on retail and telecom arms, the recently listed Jio Financial Services and roadmap for the conglomerate's green energy plans.
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