5 key takeaways from RIL’s 46th AGM

Mukesh Ambani to lead as CMD for another 5 years. His children, Anant, Isha, and Akash, join as Non-Executive Directors, learning under his guidance. Nita Ambani steps down from the board, remains Chairperson of Reliance Foundation.

No major details given about stake sale or IPO plans for retail and telecom units. RIL entering a new value creation phase, aiming for substantial growth in the next decade.

 

Key Highlights of Jio Digital Business

450+ million subscribers reached.
Users average 25+ GB/month data usage.
Acquiring customers 5x more through Mobile Number Portability than competitors.
Jio 5G rollout across India by December 2023.
Jio's 1.5 million km optical fiber network drives Jio AirFiber launch on Sept 19, expanding to 150k premises/day.
Jio AirFiber broadens Fiber-to-the-home (FTTH) market to 200+ million homes.
Anticipates 250 million 2G phone users migrating due to JioBharat phone.
Growth areas: 5G and Jio Bharat in consumer segment, Jio AirFiber, business segment, global expansion via Jio Platform, India-specific AI apps, setting up 2,000MW AI-ready computing capacity.

 

Retail highlights

Reliance Retail poised for rapid revenue and EBITDA growth.
Covers 98% of India's pin codes through online/offline channels, majority of 18,000+ stores located in tier 2-3 cities.
JioMart's potential reiterated, especially following partnership with WhatsApp in 2021.

 

Jio Financial Services (JFS)

Aiming to enhance financial inclusion using a digital-first strategy, reducing costs, and introducing creative products.
Notably partnered with BlackRock for asset management business in India.
Focused on driving digital payments through consolidated payment infrastructure for consumers and merchants.
Venturing into the insurance sector.
JFS holds a significant net worth of Rs1,200bn, vital for the capital-intensive nature of the business.

 

New Energy Highlights

Commitment of Rs. 750 billion capex remains strong and progressing well.
Aim to become fully integrated solar manufacturer, extending to wind power generation.
Cost reduction in wind turbines using carbon fibre.
Ambitious goal of installing 100GW of renewable energy generation by 2030.
Plans to convert sand into solar PV modules, factory expected by end of 2025.
Battery Giga factory planned for 2026 to integrate energy storage with solar/wind for continuous power.
Focusing on achieving cost-effective green hydrogen, scaling up to 25 Compressed Bio-Gas plants initially and targeting 100 in 5 years.

 

Oil to Chemicals (O2C) business Highlights

Reiterated commitment to achieving net carbon zero status by 2035, emphasizing circularity and consumer integration.
Jamnagar refinery to function as a production engine for chemicals and materials feedstock.
Aiming to become a top global player in Carbon Fibre, plans to establish a 20ktpa Carbon Fibre plant, as announced in the previous AGM.

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