India: The 45th Annual General Meeting of Reliance Industries Limited (RIL) was held on Monday using a virtual reality platform.
Mukesh Ambani, the chairman and managing director of Reliance, spoke to the group in the immersive and interactive metaverse 3D world.
The announcement of 5G services in India, which was eagerly awaited before the AGM, was the highlight of Ambani's speech at this year's annual shareholder meeting. Another notable moment was when Mukesh Ambani named Isha Ambani as the head of Reliance Retail, pointing to a succession strategy.
The RIL Chairman stated in his speech that 5G services would begin to roll out in important cities across the nation by the month of October this year, beginning with the metropolises of Delhi, Mumbai, Kolkata, and Chennai. The rollout would be complete throughout the nation by December 2023.
Highlights of Meeting:-
Media & Entertainment
Strong engagement drove the media industry's highest growth, which led to record subscriptions and advertising revenues.
Viacom18 strengthened its position as the market leader by making a splash in sports and securing the digital rights to the IPL for five years.
Viacom18 will benefit from additional talent bandwidth thanks to the partnership with Bodhi Tree, James Murdoch, Uday Shankar, and Paramount Global, which will also help us build a world-class media and entertainment company.
Operational & Financial Reliance Retail
Reliance Retail is one of the Top Ten Retailers in Asia and boasts a record-breaking Rs 2 lakh crore in revenue and Rs 12,000 crore in EBITDA.
Over 200 million registered customers were served by Reliance Retail's physical stores and online platforms, which is more than the combined populations of the UK, France, and Italy. 4.5 billion visits to the online platforms, up 2.3 times year over year.
Nearly six lakh orders are delivered daily via its digital commerce platforms, an increase of 2.5 times over the previous year.
By connecting supply points and demand centres across the nation, it increased warehousing and fulfilment space by a factor of two to 670 million cu ft.
Over 65% of total revenue comes from own brands.
New Business
The goal of Reliance Retail's strategy is to reach out to millions of small business owners and give them a platform to succeed. Its merchant partner base has increased to over 2 million partners since its launch two years ago.
The JioMart Digital (JMD) initiative was started this year to give small electronics retailers the ability to sell the entire Reliance Retail product portfolio using a subsidiary sales model.
In the course of the year, the company added merchants in 1,900 cities and started new commerce operations through Netmeds Wholesale.
The new commerce initiative from Reliance Retail, AJIO Business, collaborates with merchant partners in 3,500 cities and provides them with access to a variety of over 8,000 regional and national brands as well as a large portfolio of in-house brands.
Over the next five years, the New Commerce Initiative plans to partner with 1 crore merchants as it broadens its reach to include the entire nation.
Initiate of an FMCG business
Reliance Retail will launch its fast-moving consumer goods (FMCG) business this year, according to Mrs. Isha Ambani. The company's goal is to develop and deliver high-quality, reasonably priced products that address the daily needs of every Indian.
Glass and the POE film foray into power electronics
Reliance will establish a new Giga Factory for Power Electronics in addition to the four Giga Factories for Solar Panels, Energy Storage Solutions, Electrolysers, and Fuel Cells that were previously announced. Power electronics that are reasonably priced and dependable are an essential part of the entire value chain of green energy.
RIL's telecommunications, cloud computing, and internet of things platform capabilities will be integrated with the design and manufacturing capabilities of power electronics and related software systems.
Additionally, to support the capabilities of solar energy Additionally, Reliance will invest in the production of POE and glass films, both of which naturally complement its chemical and materials business.
RIL set to double Green Energy investment commitment
In order to establish 20 GW of solar energy generation capacity by 2025 for captive needs of round-the-clock (RTC) power and intermittent energy for green hydrogen, Reliance plans to expedite its committed investment of 75,000 crore in a fully integrated new energy manufacturing ecosystem at Jamnagar.
RIL is prepared to double the investment once it has been validated at scale in order to expand the manufacturing ecosystem. 9.5 Exploration of alternative Green Energy sources
Along with solar and hydrogen, Reliance is also making headway in the fields of bioenergy, offshore wind, geothermal, and other unconventional sources of renewable energy. Reliance will keep expanding its manufacturing ecosystem in line with these developments.
Reliance is one of the biggest consumers of agro-waste as a fuel to meet captive energy needs; the company hopes to capitalise on this fact by utilising more modern and cutting-edge technologies as well as innovation. On August 15, 2022, Reliance opened the first phase of its Bio-Energy Technology (BET) Center in Jamnagar.
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