Reliance ready to take new flight through insurance, Jio air fiber, green energy: Mukesh Ambani

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He said that Reliance is also taking steps in the wind energy sector. Ambani also informed about the plan to convert agricultural residues into gas. He said the company would set up 100 CBG plants in the next five years to convert agricultural waste into gas.

Industrialist Mukesh Ambani on Monday unveiled a road map to take the growth of his diversified business conglomerate to new heights. These include the plans of the recently demerged financial services unit from Reliance Industries to enter the insurance business, telecom unit Jio’s plans to launch ‘wireless broadband’ services for homes. With this Reliance Industries Ltd. Will continue to invest in clean energy projects. This includes setting up 100 CBG (compressed biogas) plants to convert stubble and other agricultural residues into gas. This will provide fuel to power plants along with vehicles. This will help offset emissions from the company’s traditional fossil fuel-based business. Stubble burning is a major source of pollution in the northern part of the country in winter.

Reliance Industries Chairman Mukesh Ambani while addressing the company’s Annual General Meeting (AGM) also said that both his sons Akash and Anant and daughter Isha will join the company’s board of directors as part of the succession plan. . Ambani will continue to be the chairman of the company for the next five years after his current term ends on April 19, 2024. He added that Reliance Retail continues to be the largest retailer in the country with offerings ranging from grocery to cutting-edge fashion. After raising $1 billion from Qatar Investment Authority (QIA), Reliance Retail is attracting other top investors. Ambani said, “Many leading global strategic and financial investors have shown interest in Reliance Retail.” However, he did not give any detailed information about this.

He had said in 2019 that the group plans to list the retail business in five years. However, Ambani did not say anything about its listing. Talking about the recently listed Jio Financial Services (ZFS), Ambani said that JFS is one of the most capitalized start-up financial services platforms in the world with a net worth of Rs 1,20,000 crore. This is Reliance’s fourth business after O-2-C (petroleum and chemicals), telecom and retail. ZFS has announced a joint venture with BlackRock for mutual fund business. He said, “JFS will foray into the insurance sector. The company will offer life insurance, general and health insurance products in a simple yet smart manner.

Regarding Jio, Ambani said that in the seven years since its launch, Jio has acquired more than 450 million customers. The per user data (internet) consumption has gone above 25 GB every month. He said that its 5G service has now covered more than 96 percent of the cities and aims to extend it to the entire country by December. It is moving in this direction. With this, it has become the fastest company to launch 5G service on this scale anywhere in the world. Ambani also talked about the recently launched Jio Bharat. It aims to reach 250 million feature phone users. The company has introduced a 4G phone for Rs 999.

It enables ‘live TV streaming’, playing videos and music, digital photography and UPI payments. The company’s optical fiber-based home broadband service Jio Fiber has crossed 10 million subscribers. Ambani said, “More than one crore premises are connected to our optical fiber service Jio Fiber. Even now there are lakhs of campuses where it is difficult to provide wire connectivity. Jio Air Fiber will ease this difficulty. It will be launched on September 19 i.e. ‘Ganesh Chaturthi’. ”On the oil and gas business, he said that the company’s joint venture with BP is to produce 30 million cubic meters of gas per day from their KG-D6 fields in the Bay of Bengal. is on its way.

This is one-third of the country’s total gas production. Ambani said the company with its oil refining and petrochemicals business aims to achieve net zero carbon emissions by 2035. He said Reliance is investing Rs 75,000 crore in setting up four large-scale factories spread over 5,000 acres to manufacture solar panels, batteries for energy storage, electrolyzers for hydrogen production and fuel cell manufacturing at its Jamnagar refinery complex in Gujarat. Is.

The company is also aiming to install at least 100 GW (1 GW equals 1,000 MW) of solar power by 2030. “We are on the way to create a new energy ecosystem with the creation of solar, wind, battery, hydrogen and bio-energy platforms,” ​​Ambani said.He said that Reliance is also taking steps in the wind energy sector. Ambani also informed about the plan to convert agricultural residues into gas. He said the company would set up 100 CBG plants in the next five years to convert agricultural waste into gas.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.



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