Reliance AGM 2023 Updates: Jamnagar Giga Factory To Come Onstream By 2025

The end-to-end solar giga factory in Jamnagar will manufacture PV modules, cells, wafers, ingots, polysilicon and glass at a single location in Jamnagar, says Mukesh Ambani.

The factory will be brought onstream in a phased manner by 2025, he says.

The conglomerate will accelerate installation of 100GW of renewable energy capacity by 2030, Ambani says, and a battery giga factory will be set up by 2026.

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.

Reliance Industries has revived production at the KG-D6 field in partnership with BP Plc., taking output to 20 million cubic metres per day, says Chairman Mukesh Ambani. The company is on track to expand this capacity to 30 mmscmd, he says.

The MJ field, with a capacity of 14 mmscmd, will be commissioned soon, 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.