Reliance AGM 2023 Highlights: Mukesh Ambani Makes No Major Announcement, Moves Ahead With Succession

Billionaire Mukesh Ambani offered not much to investors, apart from reiterating some of the company's existing plans, at the company's annual general meeting, prompting a decline in shares.

Ambani, chairman of the Reliance Industries, neither offered a road map on the listing of the retail business nor made any major announcement at the 46th AGM on Monday.

Shares of Reliance Industries ended 1.27% lower on Monday compared with a 0.2% rise in Nifty 50.

The annual address to shareholders is a much-anticipated event as the group announces key business decisions at the AGM. This year, it followed the demerger of Jio Financial Services Ltd., the group foray into the fintech sector.

Reliance Industries, however, moved ahead with his succession plan as his three children will join the board of Reliance Industries Ltd., the parent of oil-to-telecom conglomerate, according to an exchange filing.

Here are the key takeaways from Reliance Industries 46th AGM:

Mukesh Ambani further elaborated on his oil-to-telecom conglomerate's succession plan. While Nita Ambani stepped down from the board of Reliance Industries, the couple's children Isha, Akash, and Anant have been named as executive directors on the board of RIL, according to an exchange filing.

Ambani said at the AGM that he will continue to perform as chairman and managing director for five more years.

Ambani said Jio posted an all-time high revenue of Rs 1.19 lakh core, with user base at over 450 million. The telecom operator is on track to cover the entire country with 5G by December and will have one million cells operational by then, he said. Postpaid ARPU is rising and net portability is 5 times higher than competitors, he said.

Focus on innovation has placed the company among the first globally to develop 6G capabilities, Ambani said.

Jio fiber has crossed 10 million subscribers, Ambani said.

Jio AirFiber, which delivers fibre-like speed wirelessly, will be launched on the occasion of Ganesh Chaturthi.

Reliance Industries Ltd.'s retail unit plans to take Campa Cola global.

Reliance Retail Ltd. plans to launch the aerated beverage first in the rest of Asia and then take it to Africa, Isha Ambani, a director at Reliance Retail, said at the 46th AGM of Reliance Industries.

Reliance Retail saw 78 crore footfalls during the year and a total store count stands at 18,040, she said. The company has invested $10 billion in last 2 years.

The company saw a ninefold growth of JioMart on WhatsApp since it's launch in 2022

Mukesh Ambani offered details of how his clean energy business will move ahead. He said that the group:

• Is focused to fast-track execution of Giga complex by setting up a factory by 2026.

• Plans to convert sand to solar PV modules at Jamnagar facility.

• Will partner global companies to make wind power gear.

• Will focus is on fast-tracking commercialisation of sodium ion battery.

Jio Financial Services will enter the insurance segment to offer simple and smart life, general and health insurance products by partnering with global players, says Mukesh Mukesh Ambani

Jio Financial Services will used blockchain and CBDC, as well as adhere to highest standards of security, he says.

Blackrock—which has a JV with JFS—sees growth potential in India's asset management industry, says its Chairman and CEO Larry Fink.

Jio is working with partners Google and HP to develop the Jio Cloud PC, says Kiran Thomas of Reliance Industries.

Jio is working on creating 2,000-MW AI computing capacity, Mukesh Ambani says.