Jio AirFiber, succession plan, and other key announcements and takeaways from Reliance AGM 2023

Reliance Industries Ltd. (RIL) commenced its 46th Annual General Meeting for 2023 on Monday, August 28, 2023, making several important announcements regarding the company’s future.

What

Diverging from the norm of shareholder gatherings in Indian firms, Reliance Industries' (RIL) yearly general meeting stands out as an eagerly awaited occasion.

During this event, Mukesh Ambani, the Chairman and Managing Director of the company, revealed RIL's upcoming strategies to foster further growth. This AGM was conducted through video-conferencing for its proceedings.

Numerous declarations have surfaced along with the proceedings of this AGM, encompassing progress reports concerning vital business sectors like Jio and Reliance Retail, alongside the introduction of fresh amenities like Jio AirFiber.

Line of succession

Billionaire Mukesh Ambani's progeny—namely Isha, Akash, and Anant—have been designated to RIL's board, a conglomerate spanning energy to technology, signifying a strategic move towards succession planning for India's most esteemed corporation.

A session of Reliance's board was held preceding the company's annual general assembly to formally validate the appointments of Isha, Akash, and Anant as "non-executive directors." The communication of this resolution was conveyed via an official filing to the stock exchange

Nita Ambani has resigned from the Board of Directors. Nevertheless, in her capacity as the Chairperson of Reliance Foundation, she will maintain her presence in all RIL Board meetings as a permanent participant.

Key announcements

Here's an overview of the major announcements made at this edition of the Reliance AGM:

Jio Aiming for Top 3 Position in Carbon Fibre

Mukesh Ambani unveiled RIL's goal of becoming a global top 3 player in carbon fibre during the event. The company is establishing a world-class Carbon fibre facility in Hazira, incorporating Carbon Fibre Reinforced Plastics.

Introduction of Jio True5G Developer Platform

In a significant move, Akash Ambani, Chairman of Reliance Jio, introduced the Jio True5G Developer platform. This platform integrates 5G network capabilities, edge computing, and a range of applications.

Revolutionary Jio Smart Home Services

Akash Ambani introduced the groundbreaking Jio Smart Home Services, targeting a revolution in residential interaction and management. He underlined that a substantial portion of data consumption in India occurs indoors.

Jio's Role in AI Advancement

Mukesh Ambani, Chairman of Reliance Industries Limited, addressed the company's 46th Annual General Meeting regarding the AI revolution. He stressed the significance of utilizing AI for innovation, growth, and India's advancement, with Jio taking the lead in India-specific AI solutions.

Anticipated Launch of Jio AirFiber

During his address at the 46th Annual General Meeting, Mukesh Ambani revealed that Reliance Jio is poised to introduce its AirFiber service on the festive day of Ganesh Chaturthi, occurring on September 19.

This initiative aims to provide 150,000 connections every day, with the objective of expanding Jio's network to encompass a user base exceeding 200 million individuals. Notably, the company boasts a current JioFiber customer count of approximately 10 million, supported by a vast network spanning 1.5 million kilometers.