Here are the five big announcements made by Mukesh Ambani:
Succession plans
On his succession plan for Reliance Industries Ltd, chairman and managing director Mukesh Ambani identified twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit.
He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before".
"Our next-gen leaders are confidently taking over the reins across businesses. Akash and Isha have assumed leadership roles in Jio and Retail respectively. Anant has also joined our New Energy business with great zeal," he said.
“When I see them, I see Dhirubhai Ambani’s pioneering spirit in action. I feel supremely confident that tomorrow’s Reliance will have a better army of leaders, as should happen in any dynamic organisation that empowers its young leaders," Ambani added.
Jio to invest ₹2 lakh cr in 5G; pan-India rollout by Dec 2023
Ambani said that Reliance Jio has earmarked ₹2 lakh crore investment for 5G network and plans to launch the high-speed services in key cities by Diwali.
While speaking at Reliance Industries' 45th annual general meeting, the , RIL Chairman said Jio will roll out 5G services across India by December 2023.
"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," Ambani said.
He also said subsequently the firm plans to increase Jio 5G footprint month-on-month until December 2023, to deliver Jio 5G to every town, every 'taluka' and every 'tehsil' of the country.
Ambani also said that Reliance Jio has partnered with Qualcomm to develop 5G solutions for India.
He added that the firm is partnering with Google to develop ultra-affordable 5G smartphones and Google Cloud.
It has now forged a collaboration with Qualcomm to develop a 5G solution for India, which can be taken to the rest of the world, Ambani said.
Reliance to invest ₹75,000 cr in petchem expansion
Reliance Industries Ltd will be investing ₹75,000 crore in the next five years to expand petrochemical capacity, its chairman has said.
Speaking at the firm's AGM, 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.
Reliance Retail set to foray into FMCG segment
Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, is set to foray into the fast moving consumer goods (FMCG) segment, the company’s director Isha Ambani announced at the 45th Annual General Meeting.
“I am excited to announce that this year, we will launch our fast-moving consumer goods business. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs," said Ambani.
With this foray, Reliance Retail will be competing with the likes of FMCG behemoths like Hindustan Unilever, Nestle, Britannia etc.
Ambani also introduced his daughter Isha as leader of his conglomerate's retail business as he details succession planning at India's most valuable firm.
Ambani had previously named son Akash as chairman of the group's telecom arm, Reliance Jio.
On RIL's new energy biz
In 2021, Mukesh Ambani had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories, and at RIL's 45th AGM today, its chairman and managing director announced its new Giga Factory for Power Electronics.
“The sheer magnitude of this responsibility and opportunity has made our New Energy business far more ambitious, far more transformational, and far more global in scope than anything Reliance has ever done before," said Ambani.
“RIL's captive requirement provides a large base-load demand to accelerate ₹75,000 crore commitment to establish New Energy manufacturing ecosystem. Once proven at scale, we are prepared to double the investment to scale up our mfg ecosystem," Ambani noted.
“Our New Energy business will help India become a net exporter of green energy. Most importantly, Reliance aspires to make India a world leader in new energy manufacturing and a credible alternative to China," he said.
