New Delhi: Reliance Industries (RIL) has cumulatively invested $150 billion in the last 10 years, which is bigger than any corporate in the country, Chairman Mukesh Ambani said Monday, while addressing the company’s 46th annual general meeting (AGM) in Mumbai.
“I am delighted to report yet another year of stellar all-round performance. Reliance’s consolidated revenues stood at Rs 9,74,864 crore. Reliance’s EBITDA for FY23 was Rs 1,53,920 crore, while the net profit was Rs 73,670 crore,” Ambani said.
Meanwhile, in a regulatory filing, the company’s board has recommended to shareholders the appointment of Ambani scions Isha, Akash and Anant as non-executive directors of the oil-to-tech conglomerate. Nita Ambani has stepped down from the board.
This brings in the long-anticipated leadership transition at the country’s largest private sector firm. Mukesh Ambnai had said in December 2021 that the company was “in the process of effecting a momentous leadership transition”.
Ambani said Jio has seen a surge in consumption with the average user now using over 25 GB every month.
“This translates to a monthly data traffic of 1100 crore GBs, representing a 45% year-on-year growth,” Mukesh Ambani added.
“Reliance Jio was launched seven years ago with an ambitious mission – to transform India into a premier digital society. Jio has been the main catalyst of New India’s spectacular digital transformation. Now our ambitions go beyond the shores of India,” the chairman said, informing that in the nine months since the 5G rollout (in October, 2022), “Jio 5G is already present in over 96 per cent of the census towns. And we are on track to cover the entire country by December 2023. This makes Jio 5G the fastest-ever 5G rollout anywhere in the world.”
He continued: “Today, nearly 85 per cent of the total 5G cells operational in India are in Jio’s network. At our current pace, we are adding one 5G cell to our network every 10 seconds, and we will have nearly one mn 5G cells operational by December.”
The chairman added: “With this massive reach and capacity, here is our promise: We know that every home, small and medium businesses, factories, schools, colleges and hospitals, across India, would like to have 5G. From December of this year, we will be able to promptly fulfil each and every demand for Jio 5G broadband connection across the country.
Ambani said while “Jio Smart Home services are poised to redefine how we experience and manage our homes”, the Jio Fiber service already served 10-plus million customers.
“With Jio AirFiber, we are expanding our addressable market to 200-plus million homes and other premises,” he added.
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