Mumbai: Reliance Industries Ltd. today in its 46th annual general meeting on 28 August 2023, just like in the previous AGMs, investors are anticipating significant revelations during this yearly event. This occasion holds added significance as it marks RIL's inaugural AGM subsequent to the listing of Jio Financial Services (JFSL) shares on various stock exchanges.
In latest updates from the AGM, Reliance Foundation chairperson Nita Ambani said, ”I represent the beating heart of Reliance, our beacon of empowerment and transformation – the Reliance Foundation. For us, business and philanthropy complement and reinforce each other as both are guided by same spirit of We Care.”
"From Culture to Climate, Education and Sports to Women’s Empowerment, Healthcare to Livelihoods, Rural Transformation to Disaster Mgmt, we work in 54,000+ villages. We have so far touched lives of ~70 mn Indians," she added.
Speaking on accelerating to achieve net carbon zero by 2035, Mukesh Ambani said," We have embarked transitioning O2C business into a sustainable and green business.'' He added, "the key pillars of this transition are – One, we are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy".
On collaborating with RIL at the AGM, business giant Bill Gates said, "I am delighted Reliance is collaborating with Gates Foundation and my climate organisation, Breakthrough Energy, on some of world’s toughest challenges – climate change, helping unlock economic power for women and improving health outcomes for poor".
Talking about Reliance’s cardinal principles, Mukesh Ambani said, “In pursuit of these dreams, RIL has scrupulously adhered to certain cardinal principles of value creation. These have ensured that your company becomes more valuable, year after year, decade after decade”
The five cardinal principles are:
1st, Growth driven by perpetual demand
2nd, driven by superior customer experience and value
3rd, Growth driven by the power of disruptive innovation
4th, Growth driven by business discipline
5th, Growth driven by global market potential
Here are some more key highlights from the AGM:
. Over the past decade, Reliance Industries Ltd has made a total investment of $150 billion, marking the largest investment by any Indian company during this period. During the annual general meeting, Ambani mentioned that Reliance has consistently led the way in shaping the landscape of India's evolving economy.
. Providing a status report to stakeholders about the latest developments in its new energy division, Mukesh Ambani, the chairman of Reliance Industries, announced during the company's 46th annual general meeting (AGM) that their immediate focus is on establishing a battery giga factory by the year 2026.
. Ambani has unveiled an intriguing update - the launch of the Jio Bharat economical smartphone, available at a mere cost of Rs 999. This device is furnished with a variety of functions intended to address a diverse array of user requirements. Users have the opportunity to partake in live TV, seamlessly stream multimedia content, indulge in digital photography, and effortlessly conduct UPI transactions via JioPay.
. Highlighting the continued attraction of international investors towards its retail enterprise, Mukesh Ambani, announced to shareholders on Monday that the valuation of Reliance Retail has surged to Rs 8.28 lakh crore at present, marking a significant increase from its 2020 valuation of Rs 4.28 lakh crore.
. He further announced that Jio, the company's telecommunications division, is set to deploy one million 5G cells by December 2023. This statement was made during Ambani's speech at the 46th annual general meeting of Reliance Industries.
