3 Major Announcements Made at the 46th AGM of Reliance Industries Calling RIL a "new-age tech company", chairman and managing director of Reliance Industries shared annual updates about the progress, growth, and vision of the conglomerate
By Paromita Gupta •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
On Monday, the Indian tycoon Mukesh Ambani took centre stage to address the shareholders at Reliance Industries' 46th Annual General Meeting. "The best way of describing the new Reliance is that we have become a new-age tech company with distinctive capabilities. Today, we are producer, deployer, and a democratiser of technology," with this note, the chairman and managing director of Reliance Industries shared the annual updates and future plans.
RIL's consolidated revenue, EBITDA, and net profit stood at an impressive INR 9,74,864 Cr, INR 1,53,930 Cr and INR 73,670 Cr. The conglomerate notably has invested USD 150 B over the last 10 years and spent over INR 1,000 crore under its CSR initiative in FY22-23.
The Reliance Board of Directors includes Adil Zainulbhai, Raminder S. Gujral, P.M.S. Prasad, Shumeet Banerji, Arundhati Bhattacharya, K. V. Chowdary, His Excellency Yasir Othman H. Al Rumayyan, K. V. Kamath, Nikhil R. Meswani, Hital R. Meswani, and Nita M. Ambani.
Among all the data points and news shared, here are three major announcements made by the 66-year-old leader-
1. AI For Everyone, Everywhere
Calling it RIL's fifth frontier, Mukesh Ambani noted that AI will redefine and revolutionize "industries, economies and even our daily lives." He called for India to harness the technology for innovation, growth and national prosperity.
"Looking ahead, Jio platforms want to lead the effort in developing India-specific artificial intelligence models and AI-powered solutions across domains. Thereby delivering the benefit of artificial intelligence to Indian citizens, businesses and government alike," he shared.
He announced that the RIL was committing to creating 2000 MW AI-ready computing capacity in the country to support the tech expansion while adopting sustainable practices. "7 years ago, Jio promised broadband connectivity to everyone, everywhere. We have delivered. Today, Jio promises AI to everyone, everywhere. We shall deliver."
2. To Explore Blockchain-based Platforms And CBDCApart from Jio Financial Services venturing into Insurance sector, it will not only be limited to operating in a traditional currency system. JFS will also explore newer technology such as blockchain-based platforms and Central Bank Digital Currency (CBDC).
"In payments, JFS will ensure ubiquitous offering for both consumers and merchants, further driving digital adoption. JFS products will explore path-breaking features such as blockchain-based platforms and CBDC," said Ambani.
3. Isha, Akash, and Anant Ambani will be joining the RIL board; Nita Ambani to step down
Nearing the commencement of the presentation, Mukesh Ambani notified that the board met and decided upon inducting Isha, Akash and Anant into the board. "Over the past few years, Isha, Akash and Anant, as first among equals of the next generation leaders, have fully immersed themselves in every aspect of Reliance."
He further added that Nita Ambani would be stepping down from the board but will continue to be the chairperson of Reliance Foundation. And in that role, she will be an attendee of the board meetings.
