Commencing the 46th Annual General Meeting of 2023, Reliance Industries Limited (RIL) has initiated its proceedings on Monday. During his address to the shareholders, Mukesh Ambani, the Chairman of RIL, conveyed that the company has made cumulative investments exceeding $150 billion over the past decade. He went on to highlight RIL's impressive employment achievements, stating that the company had generated 260,000 new jobs in the fiscal year 2023. Mukesh Ambani emphasized, "Reliance has achieved remarkable milestones in fostering employment opportunities for the Indian populace, as evidenced by the addition of 260,000 jobs across all our business sectors in the past year. Our on-roll employee count is now nearly 390,000, and we have also created a significantly larger number of indirect livelihood opportunities."
Addressing the audience at the annual general meeting, he remarked, "We are witnessing a new India characterized by self-assurance. By the year 2047, India is poised to transform into a fully developed nation." He further underscored that the new Reliance has been at the forefront of India's emerging evolution. Mukesh Ambani expressed, "We have consistently set and achieved seemingly insurmountable objectives. This accomplishment is on par with leading global enterprises."
In the fiscal year 2023, RIL recorded a consolidated revenue of Rs 9,74,864 crore, accompanied by an EBITDA of Rs 1,53,920 crore and a net profit of Rs 73,670 crore.
Mukesh Ambani turned his attention to Jio, stating, "Jio has been the primary driving force behind the remarkable digital transformation of New India." Additionally, Reliance announced at the event that Jio AirFiber will make its debut on September 19, coinciding with Ganesh Chaturthi. Mukesh Ambani outlined his vision for Jio's future, encompassing four key segments: 1) The consumer segment driven by Jio 5G and Jio Bharat; 2) The home segment powered by Jio AirFiber; 3) The business segment with substantial untapped potential; and 4) The global expansion prospects of Jio Platforms.
He elaborated, "We are well-positioned to seamlessly transition our 4G customers to 5G without incurring additional capital expenses. Jio has evolved from being implementers to creators of cutting-edge technology. Our 5G rollout relies on our proprietary 5G stack, developed in-house."
Turning to Reliance Retail, Mukesh Ambani highlighted the remarkable growth in its valuation, noting that it nearly doubled in less than three years, despite the challenges posed by the Covid-19 pandemic. He remarked, "Based on this valuation, Reliance Retail would rank among the top four companies in India and the top ten global retailers." The valuation of Reliance Retail surged from Rs 4.28 lakh crore in September 2020 to an impressive Rs 8.28 lakh crore.
