Reliance Industries chairman Mukesh Ambani addressed the business giant’s annual general meeting. In his third consecutive digital address, the tycoon made several key announcements before the investors. Besides laying the roadmap of the 5G launch in India and other announcements, Ambani also detailed the succession plan. He introduced his daughter Isha Ambani as the head of his conglomerate’s retail business.
He also identified youngest son Anant as leader for new energy business.Here are the five big announcements made by Mukesh Ambani at the RIL AGM 2022.
1. The biggest announcement made at the Reliance AGM 2022 centred around the launch of 5G services in India. Ambani announced that the business conglomerate will launch standalone 5G across multiple key cities including metros of Delhi, Mumbai, Chennai and Kolkata. Reliance Jio has earmarked ₹2 lakh crore investment for the 5G network. “To build our pan-India true 5G network, we have committed a total investment of ₹2 lakh crore. Jio has prepared the fastest ever and most ambitious 5G rollout plan for a country of our size. Within the next two months. That is by Diwali, we will launch Jio 5G across multiple key cities including metro cities of Delhi, Mumbai, Chennai and Kolkata,” he said.
2. Reliance Jio chairperson Akash Ambani announced the launch of a new wifi hotspot named JioAirfiber which will allow consumers to access fiber-like internet speed. “Jio 5G gives ultra-high fiber-like speed over the air without any wires. We are calling it JioAirFiber. With JioAirFiber, it will be a real easy to quickly connect your home or office to Gigabit-speed Internet,” Akash said.
3. Social media giant Meta snd Reliance Jio launched the first ever end-to-end shopping experience on messaging platform WhatsApp where the consumers can shop from JioMart right within the chat. Reliance said it is working with Alphabet Inc’s Google to launch a budget 5G phone, Reuters reported. It also announced its partnership with Qualcomm to develop 5G solutions for India.
4. Reliance Retail will launch its FMCG business this year, Reliance Retail Ventures Ltd Director Isha Ambani said on Monday. The objective of this business will be to develop and deliver products and solve every Indian’s daily needs, with high quality products at affordable pricing, she said while addressing Reliance Industries’ annual general meeting, PTI reported.
5. Reliance Industries Ltd will invest ₹75,000 crore in the next five years to expand petrochemical capacity, Mukesh Ambani said. Speaking at the company’s annual general meeting, he said the investments will be in setting up a PTA plant, expanding polyester capacity, tripling capacity of vinyl chain and a chemical unit in UAE.
(With PTI, Reuters inputs)
