Reliance AGM 2022: Key Highlights Of Mukesh Ambani's Speech

Reliance’s next-generation leaders are confidently taking over the reins across businesses, Ambani said.

• Akash and Isha have assumed leadership roles in Jio and Retail, respectively.

• Anant has joined new energy business.

• All of them are being mentored on a daily basis by RIL’s senior leaders, including chairman and the board of directors.

Shares of Reliance Industries erased gains and is trading nearly 1% lower in a volatile session even as Ambani was addressing shareholders. The index heavyweight, however, has outperformed the stock benchmark Nifty which fell 1.4%.

Trading volume is nearly twice the 30-day average.

Of the 38 analysts tracking the company, 31 maintain 'buy', five suggest 'hold' and three recommend 'sell'. The return potential of the stock is 10.9%.

Source: Bloomberg

Dhirubhai Ambani Green Energy Giga Complex is coming up over a 5,000-acre facility in Jamnagar, with an aim to establish and enable at least 100GW of solar energy by 2030, Ambani said.

Reliance acquired 100% stake in REC Solar, a pioneer with over 25 years of experience in solar industry, and a global technology leader in highest efficiency solar panels, he added.

Reliance aims to progressively transition from grey hydrogen to green hydrogen by 2025, after proving its cost and performance targets, Ambani said.

• Captive requirements allow base load.

• Investments of Rs 75,000 crore and double down.

• RIL partnered with Stiesdal to accelerate cost reduction and commercialisation of their pressurised alkaline electrolyser technology to produce green hydrogen using solar power and water.

Ambani announced a new gigafactory for power electronics and software systems in Jamnagar.

• Ten gigawatt solar PV cell factory with REC Technology to commence operations in 2024.

• To expand capacity to 20 GW by 2026 in phases.

• To create end-to-end battery ecosystem.

• The design and manufacturing capabilities in power electronics and associated software systems will integrate with RIL's capabilities of telecommunications, cloud computing and IoT platform.

• To support the solar energy capabilities, Reliance will also invest in glass and POE film manufacturing - both having natural synergies with its chemical and materials business.

• Have formed strategic partnership with Lithium Werks, Faradion, Ambri.

• Aim to start production of battery packs by 2023 and scale up to five GwH by 2024 and 50 GWh by 2027.

• In talks with global players for partnership to deliver green hydrogen at lower cost for green hydrogen electrolyser gigafactory.