RIL AGM LIVE: Mukesh Ambani to remain CMD for 5 years, mentor new leaders

RIL AGM: From Mukesh Ambani's address to major announcements, check all the live updates and news related to Reliance's 46th annual general meeting here

Reliance Industries Limited is conducting its 46th annual general meeting in Mumbai today. The company's AGM is one of the biggest corporate events in India. Just like the RIL's last AGMs, investors are expecting some major announcements. 

Ambani's once-a-year speech to investors — similar to Warren Buffett's annual letters to Berkshire Hathaway shareholders — has over time evolved into a highly anticipated pageant when the tycoon announces grand new initiatives.

RIL's 46th annual general meeting takes more significance in the backdrop of the listing of Jio Financial Services Ltd (JFSL). The bourses have not received the stock well. Since its listing on August 21, it has fallen over 20 per cent. BSE has also twice postponed its plans to remove JFSL from key indices to September 1. 

The event will remain online this year, sticking to the virtual form that became the norm during the Covid-19 pandemic. That, to a certain extent, is emblematic of the dramatic transformation Reliance has undergone from an energy giant to a conglomerate that is becoming increasingly present in the digital lives of Indian consumers.

4:01 PM

RIL AGM news: Mukesh Ambani to remain chairman and MD for the next 5 years

Reliance AGM: Mukesh Ambani will remain the chairman and managing director of Reliance Industries for next five years. He will continue to mentor new leaders, including his children.

3:36 PM

RIL AGM news: MNACC saw 2 million visitors since launch

Reliance AGM 2023: Nita Mukesh Ambani Cultural Centre saw 2 million visitors since its launch in March, says Nita Ambani.

3:34 PM

RIL AGM 2023: Reliance becomes India's largest BioEnergy producer

Mukesh Ambani says, "We have become India’s largest BioEnergy producer. We commissioned first commercial scale CBG plant at Barabanki in UP. We target to establish 100 CBG plants in next 5 yrs, consuming 5.5 mn tonnes of agro-residue and organic waste."

3:21 PM

Reliance AGM: Reliance aims to set up 100 CBG plants in India in next 5 years

RIL AGM 2023: Aim to set up 100 compressed biogas plants in next five years, says Ambani

3:19 PM

RIL AGM 2023 news: Shares of Reliance Industries, Jio Financial Services Ltd fall

RIL AGM News: Jio Financial Services Ltd (JFSL) shares fall to Rs 209 apiece, 1.53 per cent in the red. They were trading in the green before 2 pm. The share of RIL were also trading 1.1 per cent in the red at Rs 2,440 per share as of 3:15 pm. 

3:16 PM

Reliance AGM 2023: RIL to start battery giga factory by 2026

RIL AGM 2023: RIL to start a battery giga factory in India by 2026. It will include a battery recycling facility, Mukesh Ambani said. 

3:04 PM

RIL AGM 2023: JFSL launched to fill gaps in financial services in India, says Ambani

RIL AGM news: JFSL has been launched to fill gaps in financial services sector in India, says Mukesh Ambani. JFSL products will explore blockchain-based platforms and CBDC.

2:52 PM

Reliance AGM 2023: Reliance Retail only Indian retailer in global top 100, says Ambani

RIL AGM news: Reliance Retail is only Indian retailer in the global top 100, and one of fastest growing retailers in world, says Mukesh Ambani.

2:45 PM

Reliance AGM 2023: Mukesh Ambani promises 'AI for all'

Reliance AGM 2023: Ambani said that years ago the company promised "broadband for all" and "it delivered". 

 

"Now it is promising 'AI for all'," he said.  

2:43 PM

Reliance AGM 2023: Augmenting global talent pool for advances in AI, says Ambani

RIL AGM: Ambani said that the company is "augmenting talent pool to assimilate global advances in artificial intelligence (AI), especially generative AI. 
 

"Jio wants to lead the effort in developing India-centric AI models," he said. 

2:37 PM

Reliance AGM 2023: Expanding addressable market to 200 million using Jio Air Fiber, says Akash Ambani

RIL AGM: Akash Ambani, Chairman, Reliance Jio, says that the Jio Fiber service already serves 10 million customers, with thousands getting connected each month. "With Jio AirFiber, we are expanding our addressable market to 200 million homes and other premises," he said.

2:24 PM

RIL AGM 2023: Jio AirFiber to launch on September 19

RIL AGM: Jio AirFiber will launch on the auspicious occasion of Ganesh Chaturthi on September 19 this year, says Mukesh Ambani

2:19 PM

Reliance AGM 2023: Nita Ambani to step down from company's board

RIL AGM 2023: In a regulatory filing, RIL said that Ambani scions Isha, Akash and Anant have been appointed on board of the company. Nita Ambani to step down from the board. She will continue as the chairperson of Reliance Foundation.

2:16 PM

Reliance AGM 2023: Jio adding one 5G smartphone in its network every 10 seconds, says Ambani

RIL AGM: Ambani says, Jio 5G is already present in 96 per cent of all census towns in India. The roll out will be completed by December. It is the fastest ever 5G rollout anywhere in the world. 

He added that 85 per cent of all 5G phones operational in India are under Reliance Jio. It is adding one 5G phone to its network every 10 second. The company will have 1 million operational 5G phones under its network by December this year.  

2:11 PM

Reliance AGM 2023: Reliance added 260,000 direct jobs in India last year, says Ambani

RIL AGM: Ambani says, "Reliance added 260,000 direct jobs in India across all its business last year. Its total number of employees stand at 390,000."