• By Elite Wealth
  • / August 28, 2023
  • / Article

Mukesh Ambani, the visionary leader at the helm of Reliance Industries, delivered a compelling Annual General Meeting (AGM) speech that underscored the company’s remarkable achievements and its bold ambitions for the future. Ambani proudly announced that Reliance Industries has made an astounding cumulative investment of $150 billion over the past decade, solidifying its position as a corporate powerhouse in the nation. Here are some of the key announcements made in the AGM 2023.

Company’s Performance and Investment:

  • Cumulative investment of $150 billion in the last decade.
  • Reliance Industries’ consolidated revenues reached Rs 9,74,864 crore.
  • EBITDA for FY23 was Rs 1,53,920 crore, and net profit stood at Rs 73,670 crore.

Board Changes:

  • Isha M. Ambani, Akash M. Ambani, and Anant M. Ambani appointed as Non-Executive Directors.
  • Nita Ambani steps down from the board.

Jio’s Growth:

  • Average user consumption over 25 GB per month, resulting in 1100 crore GBs monthly data traffic.
  • Jio initiated the 5G rollout, with over 96% coverage in census towns.
  • Plans to have one million 5G cells operational by December.
  • Jio Smart Home services and Jio AirFiber expansion.

Jio Bharat:

  • Empowering small businesses with UPI integration and affordable plans.
  • Access to partner solutions.

AI Revolution:

  • Jio Platforms leading in developing India-specific AI models.
  • Commitment to creating 2000 MW of AI-ready computing capacity.

Reliance Retail:

  • Valuation nearly doubled in less than three years.
  • Extensive store expansion in Tier II, III, and smaller towns.


  • 9x growth in customers on WhatsApp since the 2022 launch.
  • Collaboration with artisans, weavers, and micro-entrepreneurs.

Jio Financial Services (JFS):

  • Jio Financial Services to enter the insurance segment.
  • Company to provide UPI services.
  • Accelerating India’s growth story with digital-first architecture.
  • Robust capitalization and strong board.

Energy Initiatives:

  • Transitioning O2C business into a sustainable and green enterprise.
  • Commitment to achieving Net Zero by 2035 through renewables and bioenergy.
  • Plans for 100 gigawatts of renewable energy generation.

Compressed Bio Gas (CBG):

  • Target to establish 100 CBG plants in the next five years.
  • Mitigating carbon emissions and reducing LNG imports.

Nita Ambani Medical and Cultural Complex (NMACC):

  • Over 20 lakh visitors since inauguration.
  • Reliance Foundation support for 50,000 students over the next decade.

Mukesh Ambani’s AGM speech emphasized Reliance’s outstanding achievements, ambitious plans, and commitment to sustainability and societal welfare.

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