The 46th annual general meeting (AGM) of Reliance Industries Limited (RIL) took place on Monday, where MD and Chairman Mukesh Ambani delivered a series of significant announcements. The meeting was conducted via video conferencing and was simultaneously live-streamed on several social media platforms, including YouTube.
Reliance Industries Chairman Mukesh Ambani said in his address at the Reliance Annual General meeting 2023 that he is pleased to present another year of outstanding comprehensive performance. Reliance achieved consolidated revenues of Rs 9,74,864 crore for the fiscal year. In FY23, Reliance’s EBITDA reached Rs 1,53,920 crore, while the net profit stood at Rs 73,670 crore. Notably, Reliance’s exports surged by 33.4% to Rs 3.4 lakh crore during the year, contributing over 9.3% of India’s merchandise exports, a rise from last year’s 8.4%.
For FY23, Reliance’s contribution to the national treasury reached Rs 1,77,173 crore, which includes an increase in both Direct and Indirect taxes amounting to over Rs 16,639 crore. Additionally, Reliance displayed its commitment to Corporate Social Responsibility by making the highest-ever spending of Rs 1,271 crore in this area.
Ambani added it brought him immense satisfaction that the Reliance’s role in fostering employment, which stands as a top priority for India. Reliance set a new benchmark in job creation by adding 2.6 lakh jobs across all our business segments during the year. Ambani added the company’s on-roll employee count totals nearly 3.9 lakh, and the number of indirect livelihood opportunities generated by them is even more substantial.
In essence, Reliance maintains its dominant position in terms of revenues, profits, exports, market value, capital expenditure, employment generation, contribution to the national treasury, as well as social responsibility spending and impact.
The anticipation for Jio’s air fiber service is over, as it is scheduled to launch on Ganesh Chaturthi, which falls on September 19. This announcement was made by Reliance Industries Chairman Mukesh Ambani during the company’s annual general meeting. Jio Air Fiber is set to provide wireless broadband services to both homes and offices, leveraging 5G networks and cutting-edge wireless technology. The entry of Jio Air Fiber is expected to bring significant transformation to the telecommunications sector.
During the Reliance Industries General Assembly, Mukesh Ambani mentioned, More than 10 million premises are already connected through the optical fiber service, Jio Fiber. However, there are still numerous locations where wired connectivity is challenging. Jio Air Fiber aims to address this challenge, with a goal to cover 20 crore homes and premises. This launch will enable Jio to onboard 1.5 lakh new customers daily.
The annual general meeting also introduced the launch of Jio Air Fiber, alongside the Jio True 5G Developer Platform and Jio True 5G Lab. Akash Ambani, Chairman of Jio, unveiled these initiatives, stating, Reliance is also creating a platform that will revolutionize how Indian enterprises, small businesses, and technology start-ups engage with the digital realm.
To cater to enterprise needs, Jio has curated a comprehensive platform that integrates 5G network, edge computing, and applications. Simultaneously, the technology partners in the Jio True 5G Lab will have the opportunity to develop, test, and collaboratively create industry-specific solutions. The Jio True 5G Lab will be located at Reliance Corporate Park in Navi Mumbai.