Here are the five big announcements made by Mukesh Ambani:
succession plan
on your succession plan For Reliance Industries Ltd, Chairman and Managing Director Mukesh Ambani identified twins Akash and Isha for telecom and retail leadership and youngest son Anant for the new energy unit.
However, he insisted that he was not retiring yet and “will continue to provide practical leadership as before”.
He added, “Our next generation leaders are confidently taking over the reins of all businesses. Akash and Isha have taken leadership roles at Jio and Retail respectively. Anant has also joined our new energy business with great enthusiasm.”
“When I look at him, I see the pioneering spirit of Dhirubhai Ambani in action. I am confident that tomorrow Reliance will have a better army of leaders, as it should in any dynamic organization that seeks its young leaders. empowers,” Ambani said.
Jio to invest 2 lakh crore in 5G; All India rollout by December 2023
Ambani said that Reliance Jio have set 2 lakh crore investment for 5G network and plans to launch high-speed services in major cities by Diwali.
Speaking at the 45th Annual General Meeting of Reliance Industries, the chairman of RIL said that Jio will launch 5G services across India by December 2023.
“To build our pan-India real 5G network, we have committed to invest a total 2 lakh crore. Jio has rolled out the fastest and most ambitious 5G rollout plan ever for a country of our size. within the next two months. That is, by Diwali, we will be launching Jio 5G in several major cities including the metro cities of Delhi, Mumbai, Chennai and Kolkata.”
He also said that later the firm plans to increase Jio 5G footprint month-on-month till December 2023, to distribute Jio 5G in every city, 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 said the firm is partnering with Google to develop ultra-affordable 5G smartphones and Google Cloud.
Ambani said it has now tied up with Qualcomm to develop 5G solutions for India, which can be taken to the rest of the world.
Reliance to invest 75,000 crore in petchem expansion
Reliance Industries Limited will invest 75,000 crore to expand petrochemical capacity over the next five years, its chairman has said.
Speaking at the firm’s AGM, he said the investment would be in setting up a PTA plant, expanding polyester capacity, three times the capacity of the vinyl chain and setting up a chemical unit in the UAE.
Reliance Retail ready to enter FMCG segment
Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, is set to enter the fast-growing consumer goods (FMCG) segment, company director Isha Ambani announced at the 45th Annual General Meeting.
“I am excited to announce that this year, we will be launching our rapidly growing consumer goods business. The objective of this business is to develop and deliver high quality, affordable products that meet the daily needs of every Indian. Let’s do it,” Ambani said.
With this effort, Reliance Retail will compete with FMCG giants like Hindustan Unilever, Nestle, Britannia etc.
Ambani also introduced his daughter Isha as the leader of his group’s retail business as he details the succession plan at India’s most valuable firm.
Ambani had earlier named son Akash as the chairman of the group’s telecom arm, Reliance Jio.
On RIL’s new energy business
In 2021, Mukesh Ambani had announced the setting up of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to set up a four giga factory, and today at RIL’s 45th AGM, its chairman and managing director announced its new gig for power electronics. Factory announced.
Ambani said, “This responsibility and the enormity of opportunity have made our new energy business far more ambitious, far more transformative, and more global than Reliance has done before.”
“RIL’s captive requirement provides a large base-load demand to accelerate 75,000 crore commitment for setting up a new energy manufacturing ecosystem. Once proven at scale, we are ready to double the investment to grow our MFG ecosystem,” Ambani said.
“Our new energy business will help India become a net exporter of green energy. Most importantly, Reliance wants to make India a world leader in new energy manufacturing and a reliable alternative to China.”
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