RIL 45th AGM Live: Ambani announces Giga factory for power electronics

From Reliance Industries 45th Annual General Meeting to Covid updates, catch all the latest news here

Billionaire Mukesh Ambani's Reliance Industries (RIL) holds 45th Annual General Meeting (AGM) via video conferencing today at 2 pm on Monday, August 29. The AGM saw some key announcements, from the rollout of Jio 5G services in metro cities by Diwali, to the company's foray into the manufacturing of electric batteries. It was also announced that Reliance Industries will invest Rs 75,000 crore in the oil-to-chemical business over 5 years while the company will launch FMCG business this year. 

India on Monday recorded 7,591 cases of Covid, the lowest in 76 days, taking the nation's tally of coronavirus to 44,415,723. The death toll from the Covid-19 pandemic reached 527,799 after 45 new fatalities were reported, including 15 reconciled by Kerala. India's tally of cured Covid cases reached 43,802,993 after 9,206 people recovered from the disease in the last 24 hours.
 

At least four people were killed and two people were injured on Sunday morning (local time) after a man set fire to a building and then shot at people fleeing in Houston, according to city Police chief Troy Finner. Among the four killed was the suspect, said the police chief, CNN reported. The suspect was later killed by a Houston police officer. 

The Congress party on Sunday announced that the election for its president would be held on October 17, asserting that it is the only party in the country which follows such a democratic exercise. The result will be declared on October 19. If only one candidate is left in the fray after the withdrawal of nominations, the winner will be declared on October 8 itself, the party's Central Election Authority chairman Madhusudan Mistry said after a meeting of the Congress Working Committee (CWC).

3:34 PM

45th AGM of RIL concludes

The 45th Annual General Meeting of Reliance Industries concludes, Mukesh Ambani ends his address to shareholders.

3:33 PM

Akash, Isha assume leadership roles at Jio, Reliance Retail, Anant in new energy biz

"Next generation leaders are taking over the range confidently across businesses, verticals and horizontals. Akash and Isha have assumed leadership roles Jio and Reliance Retail (respectively). Anant has also joined in our new energy business with Grade Z," announces Mukesh Ambani.

3:23 PM

Reliance Foundation is working on a 10-year blueprint: Isha Ambani

RIL's charitable arm, Reliance Foundation is working on a 10-year blueprint, Isha Ambani says.

"We are working on a 10-year blueprint that will make our Foundation bigger and more impactful. I will share the plans with you in the coming year. I would once again like to thank my mother for her dedication and energising leadership to the entire team at Reliance Foundation," she says.

 

3:21 PM

Even when RIL expands globally, company retains its Indian soul: Ambani

"Even when Reliance will further expand its global footprints, which it surely will, it will retain its Indian soul and its proud Indian identity," says Mukesh Ambani

3:21 PM

RIL's new energy business will help India become exporter of energy: Ambani

"Reliance Industries' new energy business will help India become a net exporter of energy. It will also strengthen indigenous R&D base and make India a reservoir of intellectual property. Most importantly, it aims to make India a world leader in new energy manufacturing and a credible alternative to China," says Mukesh Ambani at RIL 45th AGM.

 

3:13 PM

Aim to start production of battery packs by 2023: Mukesh Ambani

RIL Chairman Mukesh Ambani says, "Our ambition is to create an end-to-end battery ecosystem, from battery materials to cell manufacturing, leading up to packs and battery management systems to deliver safe and reliable batteries at high energy density and fast charging capabilities."

Ambani says, "Our deep understanding and knowledge of chemistry and materials will add to our competitive advantage in setting up our world-class battery manufacturing facility."

"We aim to start production of battery packs by 2023, and scale it up to 5 GWh by 2024, and further scale it up to 50 GWh by 2027."

3:06 PM

RIL will set up new Giga Factory for power electronics: Ambani

Mukesh Ambani says, "Last year, I had announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories. Today, I would like to announce our new Giga Factory for Power Electronics."

3:05 PM

Reliance Industries will invest Rs 75,000 crore in oil-to-chemical biz in 5 yrs: Ambani

Mukesh Ambani said that Reliance Industries will invest Rs 75,000 crore in oil-to-chemical business over 5 years.

 

 

3:05 PM

Will build India's first, one of the world's largest Carbon Fibre plants at Hazira: Ambani

At the AGM, RIL Chairman Mukesh Ambani says, "We will build in phases India's first and one of the world's largest Carbon Fibre plants at Hazira, with a capacity of 20,000 MTPA.

2:59 PM

Isha Ambani announces launch of Reliance's FMCG business this year

Isha Ambani says, "We opened over 2,500 stores in the year to take our store count to over 15,000, spanning an operational area of 42 million sq-ft. We built an extensive supply chain network with modular design and best-in-class automation...We generated employment for more than 1,50,000 during the year, taking our employee base to over 3,60,000," 

"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 products that solve every Indian's daily needs with high quality products at affordable pricing," Isha Ambani said.

2:56 PM

Today, Reliance Retail is among the Top-10 Retailers in Asia: Mukesh Ambani

Mukesh Ambani congratulate the entire leadership team of Reliance Retail on achieving a record of Rs 2 trillion turnover and an EBITDA of Rs 12,000 crore. He says, "Today, Reliance Retail is among the Top-10 Retailers in Asia."

2:51 PM

Mukesh Ambani lays out the 'Panch Pran' of Reliance Industries

Mukesh Ambani says, Our business model also has 'Panch Pran' (Five imperatives): a) focus on enriching customer experience across digital and physical at each touchpoint, using technology; b) Operationalising and growing multiple channels to increase our reach to serve our customers across India, especially underserved rural India, our strategy is to integrate with millions of small merchants; c) Deepen the categories that we operate in, so that we can offer a maximum choice on a continuous basis to our customers across all strata of the community; d) Expand our product portfolio, we will partner and integrate with all brands, small produces and MSMEs so that we can source from the widest range of quality products for our customers; e) Strengthen our supply chain and logistics capabilities""

2:42 PM

Working with Google to develop ultra-affordable 5G smartphones: Ambani

Mukesh resumes his address, says Reliance "working with Google to develop ultra-affordable 5G smartphone."

2:37 PM

With Jio AirFiber, customers can opt to use a virtual PC – Jio Cloud PC: RIL Prez

Reliance Industries President Kiran Thomas says, "Using Jio AirFiber, customers can opt to use a virtual PC – Jio Cloud PC. No upfront investments, no upgrades. A super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business"

2:36 PM

Jio True 5G delivers breakthrough increases in broadband speed: Akash Ambani

Jio True 5G delivers breakthrough increases in broadband speed and drastically lowers latency. We don’t get 1 Gbps even on many of the fixed broadband networks in our country, says Reliance Jio Chairman Akash Ambani. 

He adds, Jio 5G gives ultra-high fiber-like speed over the air without any wires. We are calling it Jio AirFiber. With JioAirFiber, it will be real easy to quickly connect your home or office to Gigabit-speed Internet