Reliance Industries chairman and Managing Director Mukesh Ambani addressed shareholders on 47th annual general meeting (AGM) and shared his vision for the conglomerate’s businesses ranging from energy to entertainment.

Reliance has diverse interests spanning from refining, oil and gas, petrochemicals, telecoms, retail, and media. He outlined plans for the retail and telecom divisions to each surpass $100 billion in value, while aiming to double revenues and pre-tax profit within the next 3-4 years. Ambani projected that the new energy business would become profitable by 2031, with the core oil and chemical business continuing to serve as a robust growth engine for the conglomerate. Whereas, green fuels and AI-based solutions are expected to become long-term growth engines for Reliance.

Ahead of the annual general meeting, the company in a circular to exchange informed that its board will consider a bonus issue in the ratio of 1:1 on September 5.

Here is a top highlight from 47^th Reliance Industries AGM:

Digital Services

• India is world's largest data market with Jio's network carries nearly 8% of global mobile traffic
• Jio with 490-million customers has grown to become the world's largest mobile data company.
• The company announced in-house developed AI platform, Jio Brain – a comprehensive suite of AI tools and platforms to streamline the adoption of artificial intelligence (AI).
• The company introduced Jio AI-Cloud Welcome Offer in which they will provide up to 100 GB of free cloud storage to Jio users.
• Introduce Jio TvOS, our 100% home-grown operating system for the Jio Set-Top Box
• Jio introduced new offerings for its JioTV+ subscription service.
• Introduced new OS for the Jio Set-Top Box, JioTV OS
• Jio is also introduced Hello Jio, which now integrates generative AI for natural language understanding.
• A new JioHome app integrates the company's Internet-of-things (IoT) solutions with JioTV OS, allowing users to manage various devices with a few taps.

Media and entertainment

• The Reliance Media & Entertainment business has seen a 49% growth in revenue
• Viacom18's entertainment arm seeing a 62% growth.
• JioCinema crossed 15 million paying subscribers.

Reliance Retail

• Reliance Retail ranks among the Top-5 global retailers in terms of number of stores
• Largest and fastest-growing retailer
• The company has opened 1,840 new stores this year, moving its store count to 18,836 stores.
• Expansion of premium formats, Fresh Signature and Freshpik, in large cities.
• Expansion of Milkbasket subscription service to new geographies.
• Re-launch of beverages brands like Campa, Lotus Chocolates, and Sosyo.
• Establishment of 7-Eleven as a leading 24x7 convenience destination.
• Cater to diverse customer with a strong presence across all income segments, thanks to investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder.
• Fashion and Lifestyle: End-to-end digital platform reducing time from concept design to store shelf to 30 days.
• The company plans to enter the luxury jewellery segment.

Exploration and Production

• The company has commissioned six deepwater fields, which contribute to nearly 30% of India's domestic gas production.
• The company has drilled multi-lateral wells in the Coal Bed Methane (CBM) sector, boosting well productivity by nearly four times.
• Reliance plans to leverage its E&P expertise to develop low-carbon energy solutions.
• Jio-bp has also doubled its market share in aviation turbine fuels and is India's leading fast and reliable charging company.

Oil to Chemicals business

• Merged refining and chemicals segments into an integrated Oil to Chemicals business.
• The company has produced new grades for plastic fuel tanks, making them safer and lighter.
• Commissioned a new column to enhance Ethylene Oxide capacity by 45,000 tonnes per annum
• Added three more Very Large Ethane Carriers to fleet of six ethane carriers.
• Accelerating use of renewable energy and making significant progress on sustainability initiatives.
• Recycling over 2 billion PET bottles in India and on track to reach a capacity of 5 billion bottles per annum by next year.

New Energy Business

• Expands investments in bioenergy to reach 55 operating Compressed Biogas (CBG) plants by 2025.
• Initiates an energy plantation pilot on 1,000 acres of arid wasteland to establish a first-of-its-kind integrated CBG plant.
• Establishes the world's largest bioenergy deep-tech R&D centre at Jamnagar.
• Commences production of own solar PV modules by the end of this year.
• Completes first phase of integrated solar production facilities with an initial annual capacity of 10 GW.
• Develops 1 Gen biifacial solar panels with cell efficiency exceeding 26%
• Enhances R&D capabilities by establishing a state-of-the-art prototyping, testing, and validation lab in India and expanding the Advanced Solar Technology Lab in Singapore.
• Construction of an integrated advanced chemistry-based battery manufacturing facility with a 30 GWh annual capacity at Jamnagar.
• Starts by assembling Battery Energy Storage Systems (BESS) for utility scale applications and pack solutions for residential, commercial, industrial, telecom, and mobility markets.
• Reliance is establishing a fully automated, multi-GW electrolyser manufacturing facility on the west coast of India, set to be ready by 2026. The facility will support various technologies such as Alkaline, PEM, and AEM and will be built using Industry 4.0 standards.
• The company has leased arid wasteland in Kutch, which has the potential to generate about 150 billion units of electricity in the next 10 years.
• Secured access to nearly 2,000 acres of land at Kandla port, providing a competitive advantage for the production, storage, evacuation, and shipping of green fuels to various markets in India and across the globe.
• The company aims to accelerate the development of RE-RTC and green fuels projects in a modular and phased manner.

Reliance Foundation's Progress and Mission in Sport

• The foundation hosted the 141 IOC Session in Mumbai in October 2023, marking the return of the Olympic Movement to India after 40 years.
• Reliance Foundation has launched two new institutions for primary and early years education: Nita Mukesh Ambani Junior School and Nita Mukesh Ambani Early Years Campus.
• These institutions foster 21st-century skills and focus on pace-based learning.
• The foundation introduces its Teacher Training initiative and School Leadership & Administration Programme.
• The foundation aims to provide world-class early childhood care and education for over 10 million children from disadvantaged communities across India.
• The foundation has announced a commitment to support 50k students through higher studies scholarships over the next 10 years.
• Swadesh aims to give platform to skilled artisans to showcase their skills and craftsmanship to a growing audience.
• Vantara runs Asia's largest wildlife animal hospital, with state-of-the-art equipment, more than 50 custom-made animal ambulances, and extensive medical facilities.

Investors were expecting a timeline for the listing of the two businesses Jio and retail but the AGM ended with no big bang announcements and kept it focus was on AI adoption and new energy business.