Reliance AGM: Mukesh Ambani will remain chairman for next 5 years, know big announcements of Jio-Retail and Energy sector

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Reliance AGM: Mukesh Ambani made many important announcements in Reliance’s AGM to make Dhirubhai Ambani’s dreams come true. While addressing the AGM, Mukesh Ambani recalled Dhirubhai Ambani and said that Reliance has proved the ‘Power of Dream’. Today we have fulfilled every dream regarding Reliance, which we had dreamed about. Now the goal of Reliance is to deliver the power of digital technology in the hands of every Indian in the coming times. He told that he will remain the chairman of the company for the next five years. Starting execution of his succession plan, Mukesh Ambani said on Monday that daughter Isha and sons Akash and Anant have been inducted into the board of directors of Reliance Industries Limited. Till now all the three young entrepreneurs of the Ambani family were involved only at the operational and business level. None of them was part of the board of directors of the country’s largest listed company.

Reliance Industries said in the information given to the stock market that the appointment of these three was approved in the meeting of the Board of Directors of the company. The board of directors meeting held before the Annual General Meeting (AGM) approved the appointment of Isha, Akash and Anant as non-executive directors in the company. Veteran industrialist Mukesh Ambani, 66, last year appointed his elder son Akash Ambani as the country’s largest mobile company Reliance Jio Infocomm Ltd. The way was cleared to make him the chairman. Jio Infocomm is a subsidiary of Jio Platforms. Companies like Meta and Google also have stake in Jio Platforms. Mukesh Ambani is the head of this company now. Reliance Industries Ltd. Jio Platforms is the parent company.

Akash’s twin sister Isha, 31, was chosen to head Reliance’s retail unit and younger son Anant to lead the new energy business. All the three children of Ambani were included in the board of directors of the respective companies but for the first time they have joined the board of directors of the parent company. Reliance said in a statement that his appointment will come into effect after he takes charge after the approval of the shareholders. The company is seeking from its shareholders to approve the proposal to make Mukesh Ambani the chairman for another five-year term i.e. till April 2029. His wife Nita Ambani was also on the board of directors of RIL but has resigned to make room for her children. According to the statement, the Board of Directors, respecting the decision of Nita Ambani, has accepted her resignation from the Board of Directors. Its purpose is also that Nita Ambani can give her energy and time to guide and make Reliance Foundation more effective for India.

Educated from prestigious US universities, Ambani’s progeny have been groomed over the years for leadership positions in Reliance’s three business segments – oil and chemicals, telecom and retail. Retail and digital services are located in separate wholly owned subsidiaries while oil and chemical business is the core business of Reliance. The parent company also has a new energy business. The size of all the three businesses is almost equal. Both Akash and Isha are associated with the group’s retail and telecom businesses as directors. Whereas Anant has been involved in renewable energy and oil and chemical business as a director. The announcement of joining the new generation in the board of directors is a clear indication that Mukesh Ambani is preparing to hand over the reins to his children in future. Akash and Isha Reliance Retail Ventures Ltd. and online retail business Jio Mart and digital arm Jio Platforms Ltd. Has been on the Board of Directors since October 2014. On the other hand, 27-year-old Anant was recently appointed as Reliance Retail Ventures Ltd. has been included as a director. That Jio Platforms Ltd. I am Director since May 2020.

Big announcements related to AGM

  • Reliance Jio witnessed another year of excellent growth, registering an all-time high revenue of ₹1,19,791 crore and EBITDA of ₹50,286 crore. Jio’s total subscriber base has now crossed 450 million subscribers, showing annual revenue growth of over 20%.

  • Per-user data consumption has increased on Jio’s network, with the average user now consuming over 25 GB per month. This means a monthly data traffic of 1100 crore GB, which shows a growth of 45% year-on-year.

  • Reliance Jio was launched 7 years ago with an ambitious mission of transforming India into a premiere digital society. Jio has been the main catalyst of the spectacular digital transformation of New India. Now our ambitions have gone beyond the shores of India.

  • We started the 5G rollout last October. In 9 months, Jio 5G is already present in over 96% of census towns. And we are on our way to cover the entire country by 23rd December. This makes Jio 5G the fastest 5G rollout in the world so far

  • Today, about 85% of the total 5G cells operating in India are in Jio’s network. At our current pace, we are adding one 5G cell to our network every 10 seconds, and by December we will have nearly 1 million 5G cells operational.

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