Reliance Industries Limited (RIL) held its 46th Annual General Meeting (AGM) on 28 August 2023. The company’s chairman, Mukesh Ambani, made a number of important announcements, including:
- The appointment of his three children – Mukesh Ambani announced Isha, Akash and Anant – as non-executive directors on the board of RIL.
- Continuous growth and profitability of the company, with a significant increase in revenue and profit compared to the previous year.
- The company’s commitment to innovation and sustainability, with investments in new technologies such as 5G and renewable energy.
From #JioAirFiber to #CamaCola: Here are the most important conclusions from #RIL46th AGM pic.twitter.com/B5afnrrtAi
— ET NOW (@ETNOWlive)
August 28, 2023
The company plans to expand retail, financial services and energy.
Here’s a closer look at some of the key announcements made by Mukesh Ambani at the AGM:
Appointment of Isha, Akash and Anant Ambani to RIL board: Ambani said his children have been “actively involved” in the company’s operations for many years and are “well qualified” to take over as non-executive directors.
Continued growth and profitability: Ambani said RIL’s revenues grew 30% year-on-year to Rs. 260,364 crore in FY23, while profit grew 25% to Rs. 9,181 crowns. He attributed this growth to the company’s strong performance across its businesses.
Commitment to Innovation and Sustainability: Commitment to Innovation and Sustainability: Ambani said his company is committed to investing in new technologies that will drive growth and sustainability.
Expansion plans: Ambani said the company will open 25,000 new retail stores in the next five years and will also launch new financial services products and services. He also said that RIL plans to invest heavily in renewable energy, aiming to become a net zero carbon emitter by 2035.
Jio AirFibre: Reliance Industries Chairman Mukesh Ambani announced the launch of Jio AirFiber at the company’s 46th Annual General Meeting (AGM) on August 28, 2023. It is a high-speed fiber-to-the-home (FTTH) broadband service that will offer speeds of up to 1 Gbps. It will be available in 1,000 cities across India by the end of 2023.
Ambani said Jio AirFiber will be “the most affordable and best fiber broadband service in the world.” He also said that Jio Fiber will offer a host of innovative features.
The AGM was a positive event for RIL, with Ambani highlighting the company’s strong performance and its commitment to growth and sustainability.
The appointment of Isha, Akash and Anant Ambani to RIL’s board is a sign of the company’s confidence in the next generation of the Ambani family and they are likely to play a significant role in the company’s future.
READ| Reliance AGM 2023 LIVE: What will Mukesh Ambani announce today?
Categories: Trends
Source: HIS Education