Reliance AGM 2023: Mukesh Ambani Announces Jio AirFiber Launch, 5G Plans, Tech Updates And More While presenting the company's operational scenario, Ambani promised the shareholders that the value Reliance will create for all of its shareholders over the next decade will be multiple times greater than what it has generated over the last 45 years
By Teena Jose •
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The 46th Annual General Meeting (AGM) of Reliance Industries Limited was held on August 28th via video-conferencing. Mukesh Ambani addressed the meeting that saw some major announcements.
While presenting the company's operational scenario, Ambani promised the shareholders that, "The value that Reliance will create for all of its shareholders over the next decade will be multiple times greater than what it has generated over the last 45 years."
RIL chairman Mukesh Ambani addressed the company as 'New Reliance' which gave an impression that the company will be revamped as a technology-driven business group with innovative technical capabilities.
Jio AirFibre
Among the much awaited tech announcements, Ambani announced that Jio AirFiber will be launched on the occasion of Ganesh Chaturthi on September 19,2023.
He further said, "Jio AirFiber uses a pan India 5G network to bypass the need of the last mile fiber. With Jio AirFiber, we can supercharge Internet expansion to 150,000 connections per day."
The company also claims that Jio AirFiber has around 10 million customers and aims to expand it to over 200 million users.
JFS To Insurance Sector
In his keynote address, Ambani revealed that Jio Financial Services (JFS) will enter the insurance segment to offer life, general and health insurance products. According to the chairman, JFS will use predictive data analytics to co-create contextual products with partners and cater to consumer requirements in a truly unique way.
Jio True 5G And Jio 5G Lab
Reliance Jio has introduced the Jio True 5G developer platform and Jio 5G lab to help startups and enterprises develop 5G use cases on 5G network, edge computing and a spectrum of applications on a single platform.
"The platform will change the way Indian enterprises, small businesses and technology startups interact with the digital world," said Ambani.
Growth Of Reliance Jio
During the AGM, Mukesh Ambani announced that Jio's overall customer base has now crossed the milestone of 450 million subscribers, reflecting a year-on-year revenue growth of over 20%.
"The company used its own 5G stack to become the first operator in the world to launch commercial services on millimeter-wave spectrum, using standalone 5G. Jio's 5G rollout is powered by its own 100% in-house developed 5G stack," he said.
RIL Board Updates
Mukesh Ambani will continue to remain as the RIL chairman for the next 5 more years. At the AGM, Ambani informed that his wife Nita Ambani has resigned from the company's board and will continue to be the chairperson Of Reliance Foundation. Mukesh Ambani's daughter Isha Ambani and his sons Akash and Anant Ambani will be joining the RIL board as non-executive directors. The appointment received approval from the board of directors in the meeting held earlier in the day.
