Reliance Industries AGM 2024 Highlights: RIL to commission first solar giga-factory this year

"When it comes to our value creation strategy at Reliance, we have always believed in speaking by action rather than words. Therefore, I have full confidence that the future growth prospects of all our businesses will become a reality within the timelines outlined by me," Mukesh Ambani said.

He added, "Higher growth will surely bring richer rewards for you. This confidence is reflected in our notice to the stock exchanges that the Board of Directors will meet on 5th September to consider issuing Bonus shares in the ratio of 1:1."

"It has been my privilege to establish, lead, and nurture our five growth engines – O2C, Retail, Jio, Media, and Green Energy and fuels. We are uniquely positioned to grow new businesses around the adjacencies of all these growth engines. Today, three of these engines have a valuation of over $100 billion each, and they will continue to grow even faster," said RIL Chairman Mukesh Ambani.

"Under Anant’s enthusiastic and dedicated leadership, we established Vantara, a sanctuary of hope and healing for every being. Located in Jamnagar, Vantara is a zoological research, rescue, and rehabilitation centre for abused, neglected, exploited, and endangered animals not only from India but all over the world," Nita Ambani said.

She added, "Spanning over 3,500 acres, Vantara is home to more than 2,000 species and has impacted the lives of 1 million animals and birds. Vantara also runs Asia’s largest wildlife animal hospital, with state-of-the-art equipment, more than 50 custom-made animal ambulances, and extensive medical facilities."

"Our vision is to set up international schools with an Indian heart and soul. To make this vision a reality, Reliance Foundation is proud to introduce our flagship Teacher Training initiative with our soon-to-be-launched School Leadership & Administration Programme. Beyond our schools, I am happy to share that through Reliance Foundation, we aim to provide world-class early childhood care and education for over 10 million children from disadvantaged communities across India," Nita Ambani said.

Nita Ambani, chairperson and founder of the Reliance Foundation, said, "At the Paris Olympics this year, Reliance Foundation, in partnership with the Indian Olympic Association, hosted the first-ever India House at the Olympics. India House became a space where we honoured our athletes, celebrated our culture, and welcomed the world to India. A home away from home for our athletes and diaspora, it was a showcase of India’s art and heritage, tradition and technology, talent, and aspiration."

Jamnagar is the energy capital of the World, RIL Chairman Mukesh Ambani said on Thursday.

"I am proud to say that by 2025, Jamnagar will also become the cradle of our new energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world’s largest, most modern, modular, and integrated ecosystem at a single location," he said.

The RIL Chairman added, " We are on track to fully commit and invest up to ₹75,000 crore to establish this manufacturing ecosystem, extensively enabled by all emerging technologies including AI, IoT, Machine Learning, and Robotics. Our complete ownership and automation of the integrated value chains will allow us to maximise margins that are higher than those of stand-alone, non-integrated players."

Mukesh Ambai said that the RIL is rapidly expanding its investments in 55 operating Compressed Biogas (CBG) plants by 2025.

"These 55 integrated CBG plants will increase the incomes of our farmers by converting Anna Datas to Urja Datas – food producers to energy producers," he said, adding, "they will also generate over 30,000 direct and indirect jobs in rural areas, creating a model of all-round prosperity of the rural economy."

Reliance Industries Chairman Mukesh Ambani said the company is accelerating the use of renewable energy.

"We are well on our way to becoming one of the largest users of renewable energy in India," he said, adding, "Reliance is making significant progress on various sustainability initiatives, including PET recycling, chemical recycling of plastics to produce pyrolysis oil, polyolefin recycling, conversion of hazardous waste into alternative fuels and raw materials and the development of zero-waste stores. Reliance already recycles over 2 billion PET bottles in India and is on track to reach a capacity of 5 billion bottles per annum by next year."

"This year, we also celebrated a major financial milestone, surpassing ₹20,000 crore (US$ 2.4 billion) in EBITDA, with our revenues approaching the ₹25,000 crore (US$ 3.0 billion) mark. We remain committed to investing in safe and sustainable operations, resource expansion, and additional development wells to sustain and enhance our production capabilities," RIL Chairman Mukesh Ambani said.

Isha Ambani, said that the company's consumer brands business is focused on creating high-quality products at affordable prices to drive greater consumption across India.

"We have re-launched several popular brands like Campa, Lotus Chocolates, and Sosyo. The early success of all these brands gives us confidence that we are on the right path," she said.

Isha Ambani, Director of Reliance Retail Ventures Limited (RRVL), said, "We continued our trajectory of strong profit growth, registering an EBITDA of ₹23,082 crore (US$ 2.8 billion), up 28.4% YoY and net profit of ₹11,101 crore (US$ 1.3 billion), up 21% YoY."

"At 8.5%, the EBITDA margin continued to show improvements and grew 70 bps YoY. Our stores witnessed over a billion footfalls, and we had more than 1.25 billion transactions across our channels. Registered customer base crossed a milestone of 300 million customers, nearly the population of the US," she added.

"This marks the beginning of a new era in India’s entertainment industry. We are combining content creation with digital streaming. Our digital-first approach will deliver unparalleled content at affordable prices. We will cater to every consumer’s tastes. We will provide world-class digital entertainment across the spectrum. We are excited about this partnership. I warmly welcome Disney to the Reliance family," he said.

• Among the Top-5 global retailers in terms of number of stores,
• Among the Top-10 retailers in terms of market capitalisation,
• Among the Top-20 retailers in terms of number of employees, and
• Among the Top-30 retailers in terms of revenues.

"With deep tech innovation and a focus on customer and shareholder value, Jio is poised to be a cornerstone of India’s digital future. Led by our momentum in connectivity, we are targeting to double our revenues and EBITDA over the next three to four years. And beyond that, the potential of AI as a growth engine is enormous, and I will keep you updated on our progress in AI," Mukesh Ambani said.

• Live TV
• On-demand shows
• Applications

"With JioTV+, you get access to over 860 live TV channels, with all leading channels in stunning High Definition, plus the best content from apps like Amazon Prime Video, Disney+, and Hotstar—all in one place," Akash Ambani said.

Kiran Thomas, President, Reliance Jio, said, "Jio Home IoT solutions, fully integrated with Jio TvOS, make your home more intelligent and responsive to your needs. With our Matter-compliant solutions, which is the latest industry standard, Jio Home IoT ensures that all your smart devices work seamlessly together and can be controlled from a single unified platform."

Kiran Thomas, President, Reliance Jio, said, "Today, we’re thrilled to introduce Jio TvOS, our 100% home-grown operating system for Jio Set Top Box. Jio TvOS is made for your big TV screen, giving you a faster, smoother, and more personalized experience. It is just like having a custom-made entertainment system at home. Jio TvOS supports cutting-edge home entertainment features like Ultra HD 4K video, Dolby Vision, and Dolby Atmos."

He added, "Today, we're excited to share the newest features in Jio Home, making your home more connected, convenient, and smart than ever before. Jio has transformed digital home services in India over the past few years. Millions now enjoy ultra-fast internet, seamless video streaming, and top OTT applications, powered by our Jio Home Broadband and Jio Set Top Box."

Addressing 47th AGM, Mukesh Ambani said, "Today, to support our AI Everywhere For Everyone vision using Connected Intelligence, I am thrilled to announce the Jio AI-Cloud Welcome offer. Today, I am announcing that Jio users will get up to 100 GB of free cloud storage, to securely store and access all their photos, videos, documents, all other digital content, and data. And we will also have the most affordable prices in the market for those needing even higher storage."

He added, "We plan to launch the Jio AI-Cloud Welcome offer starting Diwali this year, bringing a powerful and affordable solution where cloud data storage and data-powered AI services are available to everyone everywhere."

"With Jio’s AI Everywhere For Everyone vision, we are committed to democratising AI, offering powerful AI models and services to everyone in India at the most affordable prices. To achieve this, we are laying the groundwork for a truly national AI infrastructure. We plan to establish gigawatt-scale AI-ready data centres in Jamnagar, powered entirely by Reliance’s green energy, reflecting our commitment to sustainability and a greener future," RIL Chairman Mukesh Ambani said.

"By leveraging our expertise in infrastructure, networking, operations, software, and data and by collaborating with our global partners, our goal is to create the world’s lowest AI inferencing cost, right here in India. This will make AI applications in India more affordable than anywhere else, making AI accessible to all," he added.

"To streamline AI adoption, Jio is developing a comprehensive suite of tools and platforms that span the entire AI lifecycle. We call this Jio Brain," Reliance Chairman Mukesh Ambani said.

He added, "Jio Brain enables us to accelerate AI adoption across Jio, driving faster decisions, more accurate predictions, and better understanding of customer needs. We are also starting to use Jio Brain to drive a similar transformation across other Reliance operating companies, and to fast-track their AI journey as well."

RIL Chairman Mukesh Ambani on Thursday said his oil-to-telecom conglomerate is not in the business of making short-term profit and hoarding wealth and instead focused on wealth creation for the nation.

Speaking at the annual shareholder meeting (AGM) of Reliance Industries Ltd, he said the company is working for the energy security of the country.

Reliance, he said, has now become a net producer of technology, transforming into a deep tech company.

"Thanks to Jio, India is now the world’s largest data market. Today, Jio’s network carries nearly 8% of global mobile traffic, surpassing even major global operators, including those in developed markets. And we have done this while maintaining the highest service quality, setting new benchmarks on the global stage. In eight years, Jio has grown to become the world’s largest mobile data company," Mukesh Ambani said.

He added, "Jio is a 490-million-strong family, reflecting the immense trust and loyalty of our customers. And each Jio customer, on average, uses over 30 GB of data monthly, driving a 33% growth in our data traffic over the past year."

Reliance Industries Chairman Mukesh Ambani informed shareholders that the company continues to be ranked as India's best employer by several external agencies.

"I am happy to state that Reliance continues to be amongst the largest employers in India. We added over 1.7 lakh new jobs last year. If we include both traditional and newer engagement models of employment, our headcount is nearly 6.5 lakh today. Among all of Reliance’s record achievements so far, this one will always hold a special place in my heart," he said.

"Reliance spent over ₹3,643 crores (US$ 437 million) in FY24 towards R&D, taking our spend on research to over ₹11,000 crore (US$ 1.5 billion) in the last four years alone. We have more than 1,000 scientists and researchers working on critical research projects across all our businesses. I feel proud to inform you that last year Reliance filed over 2,555 patents," Mukesh Ambani said.

"We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India and enhancing the quality of life of every Indian every single day. We are in the business of providing the highest quality products and services that improve efficiency, productivity, and ease of living for Indian consumers. We are on a mission to provide energy security to our nation. We are on a larger mission to make the world cleaner and greener for our future generations. We do all this because Reliance is driven by a purpose firmly rooted in our ‘We Care’ philosophy," he said.

Speaking at 47th AGM, Mukesh Ambani said, "The world of today brings both hope and concern. On the one hand, we are living in the best of times, with revolutionary breakthroughs in science and technology ─ especially in Artificial Intelligence, Computing, Robotics, and Life Sciences."

"On the other hand, multiple geopolitical conflicts threaten global peace, stability, and even economies of nations. It is also no longer possible, nor acceptable, to ignore the stark developmental disparities amid rising aspirations for a better life in the Global South," he added.

Furthermore, he said, "In these uncertain times, there is one absolute certainty. And that certainty is the continued Rise of New India as it marches confidently towards the goal of Viksit Bharat in Amrit Kaal. Among its peers globally, India has unmatched demographics and relatively lighter debt burdens with fast growth. Today, India is one of the biggest growth engines, and not just a carriage in the global economic train."

The company had earlier issued bonus shares in 2017, 2009 and 1997.

• The retail segment reported ₹75,166 crore in quarterly revenue, up 8.1% YoY.
• The segment's profit increased 4.6% YoY to ₹2,549 crore.
• On the operational front, the retail segment clocked EBITDA of ₹5,664 crore for Q1 FY25, with an 8.5% margin.

• Revenue from operations grew 12.8% year-on-year (YoY) to ₹29,449 crore, while the profit after tax (PAT) rose 11.7% YoY to ₹5,698 crore.
• Revenue growth was mainly driven by strong subscriber growth across mobility and homes.
• The Jio Platform's customer base swelled by 9.2% YoY to 489.7 million. Meanwhile, the average revenue per user or ARPU increased marginally to ₹181.7 per subscriber per month.

• Current price: ₹3,015.1 (+0.6%)
• Open: ₹3,006.2
• High: ₹3,028
• Low: ₹2,988
• Previous close: ₹2,996.6

• Mukesh Ambani, Chairman and Managing Director
• Isha Ambani, Non-Executive Director
• Akash Ambani, Non-Executive Director
• Anant Ambani, Non-Executive Director
• PM Prasad, Executive Director
• Nikhil Meswani, Executive Director
• Hital Meswani, Executive Director
• Shumeet Banerji, Independent Director
• Raminder Gujral, Independent Director
• Arundhati Bhattacharya, Independent Director
• HE Yasir Othman Al Rumayyan, Independent Director
• KV Chowdary, Independent Director
• Haigreve Khaitan, Independent Director
• KV Kamath, Independent Director

• Reliance Industries had 4% year-on-year (YoY) declined in consolidated net profit for Q1 FY25 at ₹17,448 crore.
• The consolidated revenue from operations rose 12% YoY to ₹2,36,217 crore compared to ₹2,10,831 crore in the year-ago period.
• EBITDA for the quarter grew by 2% YoY to ₹42,748 crore, with an EBITDA margin of 16.6%, a contraction of 150 bps.

Reliance AGM date and time

The Reliance Industries Limited's annual general meeting will begin at 2 pm on Thursday, August 29.

Where to watch Reliance AGM?

Mukesh Ambani, Chairman and Managing Director (CMD) of RIL, will address the shareholders during the AGM. Investors are hoping for key announcements, including the initial public offerings (IPOs) of the company's retail chain, Reliance Retail, and telecom operator Jio.

RIL AGM comes a day after the Competition Commission of India (CCI) gave the green light to the merger of media assets of RIL and entertainment conglomerate The Walt Disney Co. to create the country's largest media empire worth over ₹70,000 crore.