Reliance Industries RIL AGM 2024: Mukesh Ambani announces 26% efficient bifacial solar panels, 30 GWh battery facility by 2024

Mukesh stated, “India needs many more companies like Reliance to achieve an inclusively prosperous and fully modern nation by 2047. It’s time for all Indian businesses to unite in a Grand Coalition, embracing cooperation, collaboration, and mutual support.”

Akash, Isha, and Anant have just completed one year as board members. They have stepped up to take on greater responsibilities, as first among equals in Reliance’s next generation leadership. I congratulate them on their excellent beginning. In addition to them, we are mentoring a large team of dynamic and exceptionally competent young leaders who are eager to assume bigger roles at Reliance, said Mukesh Ambani

Our New Energy business will be the new jewel in Reliance’s crown. I foresee it becoming as big and profitable over the next 5-7 years, as our O2C business which we had built over the past 40 years, Mukesh added.

We are uniquely positioned to grow new businesses around the adjacencies of all these growth engines. Today, three of these engines have a valuation of over $100 billion each, and they will continue to grow even faster, said Mukesh

Nita Ambani announced Reliance Foundation’s role as a founding member of LiftEd, a unique consortium focused on strengthening foundational literacy for four million children in India. This initiative, aligned with the Government’s Nipun Bharat Mission, aims to achieve Foundational Literacy and Numeracy for every primary school child by 2025. Additionally, we have partnered with the National Skill Development Corporation to create 100 future-ready courses, including cybersecurity, AI, and sustainability, targeting 500,000 youngsters.

Nita Ambani stated, “Our goal is to make India a global sporting powerhouse. To achieve this, we are focused on building a robust sporting ecosystem that supports athletes from grassroots to the highest levels. We must start training children early and ensure that every child has the Right to Sport, alongside the Right to Education.”

Mukesh expressed confidence that, in 5 to 7 years, our New Energy growth engine could match the earnings capacity of our existing O2C business, which has achieved substantial success over the past four decades.

Mukesh said, we have leased arid wasteland in Kutch, 250 kms from Jamnagar, with the potential to generate 150 billion units of electricity in the next 10 years, covering nearly 10% of India’s energy needs. Significant project development is underway, including building our own transmission infrastructure for stable, round-the-clock renewable energy projects, set to commence in phases from 2026.

Additionally, a multi-GW electrolyser manufacturing facility will be established on the west coast by 2026. Over the next few quarters, we will integrate backward to cell manufacturing and battery chemicals production, creating the world’s only fully integrated battery giga-factory and driving value chain synergies.

Mukesh announced that, “we have fully integrated and indigenized HJT technology from REC Singapore to develop 1st Gen bifacial solar panels with over 26% cell efficiency. Solar production will start with an initial 10 GW capacity. We have begun building an advanced chemistry-based battery manufacturing facility in Jamnagar, with a 30 GWh annual capacity, set to begin production in the second half of next year.”

The new energy business will be unique delivering cashflows that will be predictable, he added

Mukesh announces that by the end of this year, production of our own solar photovoltaic (PV) modules will begin. In the coming quarters, we will complete the first phase of our integrated solar production facilities, covering modules, cells, glass, wafers, ingots, and polysilicon, with an initial annual capacity of 10 GW.

Mukesh announced that new integrated facilities in the Vinyl value chain will add 1.5 million tonnes per annum (MMTPA) of PVC and CPVC at Dahej and Nagothane by 2026-27. Additionally, a million tonnes of specialty polyester capacity will be added by 2026-27, with backward integration to a 3 million-tonne PTA capacity by 2027.

On the supply side, large-scale capacity additions, particularly in China, created a surplus, causing significant fluctuations in fuel and downstream chemical margins, with some dropping to multi-year lows, said Mukesh Ambani.

Mukesh stated that Jio BP has doubled its market share in aviation turbine fuel and will leverage its E&P expertise to deliver low-carbon solutions. He added that integrating the O2C business has improved operational excellence.

“We also have ambitious plans to enter the luxury jewellery segment with a curated, design-led experience and are exploring the fashion jewellery and accessories segment to broaden our market reach,” Isha said. 

“We have also developed an end-to-end digital platform that reduces the time from concept design to store shelf to just 30 days, ensuring that our stores are always stocked with the freshest merchandise,” said Isha.

In grocery, we are not only the largest but also one of the fastest-growing retailers, expanding at 2.5 times the rate of other modern trade. Our growth is driven by focusing on smaller towns, where over two-thirds of our new stores are opening. Isha added that we have built a robust pan-India supply chain and are establishing 7-Eleven 24-hour service.

Mukesh Ambani stated that Reliance has established multiple channels and opened 19,000 new stores to serve customers. He added that, we are employing deep tech and integrated AI throughout our value chain, utilizing real-time dashboards to make retail operations AI-enabled.

“We are merging content creation with digital screening,” said Mukesh Ambani. “Our partnership with Disney marks the beginning of a new era in the entertainment industry. Just like Jio transformed retail, our expanded media business will be a key growth driver in Reliance’s ecosystem. Reliance Retail continues to strengthen its leadership in the sector,” he added.

JioCinema has seen a 62 per cent growth, revolutionizing digital sports and entertainment. In just 100 days, JioCinema surpassed 100 million paying subscribers. We are the only news network in India with global ambitions, Mukesh Ambani said. 

Connected Intelligence: Jio Bharat—our 2G phones come equipped with powerful digital services by offloading device processing to the cloud. This allows us to bring advanced AI capabilities directly to our customers, said Akash Ambani. 

Reliance Industries announced that its board will meet on September 5 to consider issuing bonus shares in a 1-for-1 ratio. The company last issued bonus shares in 2017 and previously in 2009, both in the same 1-for-1 ratio. At 2:30 pm, the company’s shares were up 1.8 per cent at ₹3,049.90 on the BSE but later trimmed gains to trade up 0.8 per cent at ₹3,020.25.

This allows anyone to easily capture and access important voice conversations, making them searchable, shareable and understandable across languages, said Akash. 

Jio TV Plus consolidates all your entertainment into one platform. What sets Jio TV Plus apart is its integration of content from 12 different OTT apps. With our upcoming play and pause feature, you’ll be able to pause live TV. The powerful engine also offers personalized recommendations, making TV work seamlessly for you.

Homes around the world are becoming smarter and more connected through the Internet of Things (IoT). Imagine your air conditioner activating when you enter the room, your lights dimming as you start a movie, or receiving a notification if an unauthorized person approaches your front door—all without you lifting a finger. According to Kiran Thomas, Jio’s IoT solutions enable seamless integration of air conditioners, security systems, and other appliances to simplify and enhance your life. To unify these advanced features, we have developed the new Jio Home app. As Akash highlights, the Home app includes malware detection, Wi-Fi management, and other features to keep your home network safe and secure.

Jio TV OS supports advanced home entertainment features, including ultra-high-definition 4K video. We are now venturing into new realms of home entertainment with the launch of Jio TV OS, a custom entertainment operating system for home use. We’ve made Jio OS even smarter by integrating Gen AI, said Kiran Thomas, CEO, Jio Platforms. 

​Jio​ users will get 100 gb free cloud service. Jio Cloud to be available around Diwali.

“AI will empower small businesses to achieve high levels of productivity. I am extremely confident that by harnessing AI, India will advance into a future of unparalleled progress and prosperity,” Ambani highlighted. 

Mukesh Ambani said, “To make AI applications in India more affordable and accessible, we aim to create personalized experiences for users. In entertainment, AI can offer engaging and relevant content tailored to individual preferences. In education, AI can provide personalized learning experiences. For farmers, AI can enhance crop production and improve farm productivity.”

He said, “We made a bold promise to deliver the benefits of AI to every Indian, just as we did with broadband. Today, I can confirm that we are on track to fulfil that promise. AI has become central to our operations, and we are embedding it into all our processes. To streamline AI adoption, we are developing a comprehensive suite called Jio Brain. We anticipate launching a powerful AI service platform for enterprises soon.”

We launched Jio AirFiber last October and quickly acquired our first million customers in just over six months, Ambani said. “We reached the next million in only 100 days. We’re now aiming to add a million homes every 30 days. Our goal is to connect 1.5 million schools and colleges, 70,000 hospitals, and 1.2 million doctors with high-speed internet. What excites us most is the potential to bring connectivity to these crucial institutions across India,” he added

This year, we completed the pan-India rollout of Jio True 5G, Ambani said.

Jio now operates 85% of the 5G radio cells in India, reaching every corner of the country. With over 130 million customers embracing Jio True 5G in just two years, Jio is the only operator in India harnessing the full power of 5G, he added.

Jio’s commitment to affordability has made its services accessible to everyone, growing its family to 490 million, said Ambani. Each customer uses 30 GB of data monthly, fueling a 30% increase in data traffic. Jio also serves 30 million home broadband customers. As a true deep-tech innovator, Jio’s success is driven by its fully homegrown technology stack.

In 2016, Jio began its mission to bring digital life to every Indian, in eight years we have transformed India into inclusive digital society, Ambani added.

Employment for India’s youth needs to be a top national priority, Ambani added.

This helps the employees earn better and instils the spirit of enterprise in them. That is why the direct employment numbers show a slight dip in the annual figures, Ambani added.

RIL has spent over ₹4,000 crore on CSR in the past three years, making it one of the largest contributors among Indian corporates.

He added that the adoption of deep tech and advanced manufacturing will put them in the top 30 leagues in the near future.

He added that the company has invested over ₹11,000 crores in research over the past four years alone.

Mukesh Ambani, speaking at the Reliance AGM, highlighted India’s unmatched demographics, lighter debt burden, and rapid growth, positioning the country as one of the world’s biggest growth engines rather than just a participant in the global economic landscape. The IMF projects that by 2027, India will become the world’s third-largest economy, surpassing Japan and Germany. Despite global volatility, India remains the brightest beacon of hope for the world, with a pivotal role in shaping a better future. Ambani emphasized that all of RIL’s businesses continue to be key drivers of the Indian economy.

Mukesh Ambani noted that multiple geopolitical conflicts pose significant threats to global peace, stability, and the economies of nations. He emphasized that the stark developmental disparities, particularly in the Global South, can no longer be ignored amid rising aspirations for a better life. Among global peers, India stands out with its unmatched demographics. Despite the uncertainties of today, one thing is certain: the continued rise of a new India as it confidently moves forward.

Mukesh Ambani remarked that we are in a time of both hope and concern, experiencing remarkable advancements in science and technology, especially in AI, computing, robotics, and life sciences. He highlighted AI’s emergence as potentially the most transformative event in human history, opening doors to solve numerous complex challenges facing humanity.

Mukesh Ambani stated that the 2024 parliamentary elections delivered a decisive victory for stability, continuity, and, above all, India’s vibrant democracy.

Mukesh Ambani, speaking at the RIL AGM said, “First, let us formally congratulate our visionary Prime Minister, Shri Narendra Modi ji, on winning a third consecutive term.”

Reliance Industries on Thursday said it will consider and recommend issuing bonus shares at a ratio of 1:1 to its shareholders at a board meeting on September 5, a Reuters report said.

1. Reliance Updates Channel
2. Jio’s YouTube Livestream
3. Reliance Industries Limited Page

Reliance Industries reported a consolidated net profit of ₹17,445 crore in the first quarter of FY25, down 4.5 per cent on year hit by weak refining margins while revenue rose 11.5 per cent to ₹2.6-lakh crore, led by higher oil and product prices and steady growth in its consumer facing segments.

Reliance Jio Infocomm (RJio) holds the top position with a 50.40 per cent market share of total Internet subscribers followed by Bharti Airtel (Airtel) with 30.47 per cent in FY24, the Telecom Regulatory Authority of India (TRAI) has said.

Billionaire Mukesh Ambani is likely to give some indications or roadmap of a timeline for the listing of the retail and digital subsidiaries of his conglomerate Reliance Industries at its annual general meeting scheduled for August 29.

The Competition Commission of India has approved a mega $8.5-billion merger deal involving Reliance Industries, Viacom18, and Disney’s media assets in India.

This will lead to the Reliance-Walt Disney combine’s emergence as India’s biggest entertainment player, competing with Netflix, Sony, and Amazon.