RIL AGM 2022: Reliance Industries Chairman Mukesh Ambani on Monday said the company has made all-around progress across its businesses and it has become India’s first corporate to cross $100 billion in annual revenues. He has announced Jio 5G services and said it will be available in Delhi, Mumbai, Kolkata, and Chennai by Diwali. Ambani said Reliance Jio has 421 million mobile broadband subscribers on its 4G network.
Addressing the company’s 45th annual general meeting, RIL Chairman Mukesh Ambani said, “I want to announce the next leap forward that Jio is creating in digital connectivity, especially in fixed broadband. And that is JIO 5G services. Using 5G technology, we can dramatically reduce latency or lag, and deliver breakthrough increases in broadband speed, network capacity, and the number of connected users.”
He added that within the next two months, by Diwali, Reliance will launch Jio 5G across multiple key cities, including the metropolises of Delhi, Mumbai, Kolkata, and Chennai.
“Subsequently, we plan to increase the Jio 5G footprint month after month. By December 2023, which is less than 18 months from today, we will deliver Jio 5G to every town, every taluka, and every tehsil of our country,” Ambani said.
On the company’s finances, He said Reliance has continued to make all-round progress across its businesses. The company has become India’s first corporate to cross $100 billion in annual revenues.
“Reliance’s consolidated revenues grew 47 per cent to Rs 7.93 lakh crore, or $104.6 billion. Reliance’s annual consolidated EBITDA crossed a crucial milestone of Rs 1.25 lakh crore. And in true We Care spirit, Reliance Foundation continued to benefit millions of people across the country,” he said.
On RIL’s retail business, he said, “Let me congratulate the entire leadership team of Reliance Retail on achieving a record of `2 lakh crore turnover and an EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 12,000 crore. Today, Reliance Retail is among the Top-10 Retailers in Asia”
He also said the company has set higher benchmarks for serving the community. In 2022, Reliance was the largest taxpayer, direct and indirect taxes jumped by about 108 per cent. Reliance added 2.32 lakh jobs. Digital services business – JIO – number digital service provider 421 million subscribers. “We are inspired by our dynamic PM.”
Speaking at the AGM, Jio Chairman Akash Ambani also announced JioAirFiber. “An even more exciting possibility of Jio 5G is the ultra-high-speed fixed-broadband. Since you get fiber-like speeds over the air without any wires, we are calling it JioAirFiber. With JioAirFiber, it will be really easy to quickly connect your home or ofce to gigabit-speed internet.”
He said the company has developed a JioAirFiber Home Gateway, which is a wireless, simple, single-device solution. Get it, plug it in, turn it on, and that’s it.
“You now have a personal Wi-Fi hotspot in your home, connected to ultra-high-speed internet using True 5G. On top of that, because it’s an end-to-end wireless solution, there are no wires coming into your house, creating an eyesore,” Akash Ambani said.
On clean energy, Reliance Industries Ltd (RIL) has set a target of achieving net-zero carbon by 2035 and is investing over $10 billion (Rs 75,000 crore) in building the most comprehensive ecosystem for New Energy and New Materials in India to secure the promise of a sustainable future for generations to come.
Reliance Industries invested Rs 30,000 crore (around $3.76 billion) in its retail business and subsequently added 2,500 stores, taking the total number of stores to 15,196 in FY22, the company said in its annual report.
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