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Reliance AGM 2023: Mukesh Ambani says Jio Air Fibre to be launched on Sep 19

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.

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Reliance AGM 2023: Mukesh Ambani says Jio Air Fibre to be launched on Sep 19

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.

Latest business news

Alphabet’s $32 billion acquisition of Wiz marks biggest cybersecurity push

Alphabet has announced a $32 billion deal to acquire Wiz, reinforcing its cloud security offerings as it competes with AWS and Microsoft Azure.

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Alphabet to acquire Wiz for $32 billion to boost cloud security

Alphabet, the parent company of Google, has announced its largest acquisition to date with a $32 billion deal to buy cybersecurity startup Wiz. The move signals Alphabet’s aggressive expansion in cloud security as it competes with Amazon Web Services and Microsoft Azure in the cloud computing market.

A strategic investment in cybersecurity

The acquisition will integrate Wiz into Google Cloud, reinforcing its security capabilities to help businesses mitigate cyber risks. The deal, which follows Alphabet’s previously unsuccessful $23 billion bid, underscores the company’s commitment to securing a stronger foothold in the cloud security space.

Wiz, an Israel-based firm, provides security solutions that work across major cloud providers, including Amazon Web Services, Microsoft Azure, and Google Cloud. The company has gained significant traction, boasting clients such as Morgan Stanley, BMW, and LVMH.

Regulatory scrutiny and financial impact

Despite the high price tag, Alphabet appears confident in securing regulatory approval under the new U.S. administration, which has maintained a watchful eye on major tech mergers. Notably, the termination fee—over $3.2 billion—stands among the highest in M&A history, signaling both parties’ commitment to closing the deal.

Alphabet’s stock dipped nearly 3% following the announcement, reflecting investor concerns over its heavy spending, particularly in AI and cloud computing. The company may need external financing, given its cash reserves of approximately $23.47 billion as of December 31, 2024.

Growing importance of cybersecurity

The acquisition highlights the increasing demand for cybersecurity solutions, especially in light of last year’s global CrowdStrike outage that disrupted businesses worldwide. Analysts suggest that for Google Cloud to compete effectively with Microsoft Azure, it must offer a more comprehensive suite of security services.

Alphabet expects the deal to be finalized in 2026, pending regulatory approvals. Meanwhile, Wiz will continue providing its services across multiple cloud platforms, potentially alleviating antitrust concerns.

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Gadgets

Zepto launches quick delivery of iPhone, iPad, and Apple products in India

Zepto partners with Apple to provide 10-minute doorstep delivery of iPhones, iPads, AirPods, and more in select Indian locations, competing with Blinkit and Swiggy Instamart.

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Zepto now offers quick delivery of Apple products in India

Zepto, the quick commerce platform, has announced its partnership with Apple to offer doorstep delivery of iPhones, iPads, Apple Watches, AirPods, and other Apple accessories in India. The collaboration aims to provide instant access to premium Apple products, with deliveries promised in under 10 minutes.

Zepto expands Apple portfolio with latest devices

According to an official statement from Zepto, users in select locations can now order Apple’s recently launched iPhone 16E, AirPods 4, and the latest iPad models. The initiative aligns with the platform’s strategy to expand its electronics category, following its recent launch of quick deliveries for Vivo smartphones and Asus accessories in key Indian cities.

Speaking on the development, Abhimanyu Singh, Business Head of Electronics at Zepto, highlighted the growing demand for Apple products on the platform. He revealed that over one million users searched for Apple items in the past month, with a 35% month-on-month increase in searches.

Discounts, EMI offers, and availability

Zepto is offering various incentives, including launch discounts, no-cost EMI plans, and special offers on bank card payments. Customers can also avail of coupon-based and mobile wallet discounts to reduce costs further.

While the service is currently limited to select cities, it positions Zepto in direct competition with Blinkit and Swiggy Instamart, which also offer quick delivery of Apple products. Additionally, BigBasket has begun delivering iPhone 16 and iPhone 16 Plus in partnership with Croma Electronics in cities like Bengaluru, Delhi NCR, and Mumbai.

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Gadgets

Zepto to deliver Apple products within 10 minutes

This announcement follows closely on the heels of competitor Blinkit, which recently began its rapid delivery service for Apple products, including MacBook Airs, iPads, and AirPods, in select metropolitan areas across India.

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Zepto, the innovative quick commerce platform, has taken a significant leap forward by unveiling a comprehensive selection of Apple products in its electronics category. With the addition of renowned items such as iPhones, iPads, Apple Watches, AirPods, and an array of accessories, Zepto is poised to enhance its competitiveness in the premium electronics sector. This strategic move expands its offerings to over 5,000 stock-keeping units (SKUs) available from diverse sellers on the platform.

This announcement follows closely on the heels of competitor Blinkit, which recently began its rapid delivery service for Apple products, including MacBook Airs, iPads, and AirPods, in select metropolitan areas across India.

In response to the escalating demand for immediate access to high-quality gadgets, Zepto aims to position itself as a go-to destination for consumers seeking high-end electronics. The company has reported a notable 35% month-over-month surge in the number of users actively searching for Apple products.

“Our partnership with Apple allows us to offer a broad array of cutting-edge technology, making it more accessible and revolutionizing the buying experience for premium gadgets,” said Abhimanyu Singh, business head of the electronics division at Zepto. He highlighted the increasing consumer interest, stating, “In just the past month, over a million users have searched for Apple devices—whether it’s the latest iPhone 16E, AirPods 4, or iPads—indicating a strong appetite for quick access to premium tech.”

Singh added that this expansion is not just about adding products; it is about enhancing the overall shopping experience. “With our sellers bolstering their collaboration with Apple, we’re redefining what it means to shop for electronics, ensuring the process is faster, more convenient, and seamless. We are grateful to our sellers for making this possible,” he noted.

Overall, Zepto proudly showcases a diverse catalogue of more than 45,000 products, spanning categories such as groceries, electronics, beauty items, and toys, serving customers across nearly 50 cities in India. With its commitment to excellence, Zepto continues to set new standards for quick commerce in the high-tech market.

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