RIL AGM 2024 Highlights: Jio AI plans, bonus issue, retail biz expansion & more — Key takeaways

Jio Brain and AI Plans

Reliance Chairman Mukesh Ambani introduced ‘Jio Brain’, a comprehensive set of tools aimed at streamlining AI adoption across the Jio network. Jio Brain will facilitate quicker decision-making, more precise predictions, and a deeper understanding of customer needs.

"To enhance AI adoption, we are developing the Jio Brain, a comprehensive suite of tools and platforms covering the entire AI lifecycle," Ambani said.

RIL and Disney merger

Mukesh Ambani announced RIL’s partnership with Walt Disney Company’s Indian arm and said that the partnership marks a new chapter in India's entertainment landscape.

"I warmly welcome Disney to the Reliance family," highlighting the anticipated impact of this major alliance.

The RIL Chairman also said that the collaboration will combine content creation with digital streaming and claimed that it will also offer these services at an affordable cost.

"This marks the beginning of a new era in India’s entertainment industry. Our digital-first approach will deliver unparalleled content at affordable prices," Ambani said.

1:1 Bonus Issue

Reliance Industries declared an issue of bonus shares in the 1:1 ratio for its shareholders on August 29. Mukesh Ambani said that the company’s founders believed that shareholders deserve an award.

“Our Founder believed that the shareholders deserve a reward and a part in our company’s progress,” RIL chairman said.

While the record date for the said bonus issue is yet to be determined, the RIL Chairman said that the company is not in the business of pursuing short term profit and hoarding wealth.

“We are not in the business of pursuing short-term profit and hoarding wealth,” the RIL Chairman said.

Jio Phone Call AI and Cloud Storage

Jio Phone Call AI, a new service which integrates AI into every phone call was also announced at the Reliance AGM 2024. The new service will record and store calls in Jio Cloud, and also transcribe them from voice to text. Additionally, Jio Phone Call AI also has the ability to summarise the conversation made over calls and translate them into other languages. The company also announced that it will launch the Jio AI-Cloud Welcome offer starting Diwali this year.

Under the Jio AI-Cloud Welcome offer the users will get up to 100 GB of free cloud storage.

Jio stands as a deep tech enterprise

Mukesh Ambani said that Jio has over 350 patents in 5G and 6G. He added that Jio is a deep tech-innovator and the company is doubling down on deep tech to extend its competitive edge.

“Today, Jio stands as a true deep-tech innovator. At the core of our success is our fully homegrown 5G stack, developed by Jio’s talented engineers. This end-to-end solution, tailored for India’s unique needs, has proven itself on a national scale… we are doubling down on deep tech to further extend our competitive edge,” Ambani added.

'World’s largest mobile data company'

Reliance Chairman Mukesh Ambani claimed that Jio is now the world’s largest mobile data company and each user consumes 30 GB data per month.

“Jio has become the world's largest mobile data company in eight years. Each Jio user consumes 30 GB of data per month with pricing being one fourth of the world average,” Mukesh Ambani said.

He also said that Jio Airfiber has crossed the 2 million customers mark and that the company plans to add a million customers every 30 days.

‘Reliance Retail fastest growing retailer’

Isha Ambani Piramal, Executive Director, Reliance Retail Ventures, claimed that Reliance Retail is not just the largest but also fastest-growing retailer in grocery. She added that this growth is driven by the company’s focus on smaller towns.

“In grocery, we are not only the largest, but also one of the fastest-growing retailers, expanding at 2.5 times the rate of the rest of modern trade. Our growth is driven by our focus on smaller towns, where over two-thirds of our new stores are opening. In many of these markets, we are the first modern retailer to establish a presence,” Isha Ambani said.

‘Jamnagar, the energy capital of the world’

Mukesh Ambani said that Jamnagar is the ‘Energy Capital of the World’. Ambani also said that 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 announced that the company will also invest up to ₹75,000 crore to establish this manufacturing ecosystem.

“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,” he said.