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Reliance AGM 2023: Mukesh Ambani Initiates Succession Strategy

From JFS' insurance expansion to the next-gen on RIL board, Mukesh Ambani outlines a dynamic roadmap for the future.

| Published on August 29, 2023

In a groundbreaking revelation during the 46th Annual General Meeting (AGM) of Reliance Industries, Mukesh Ambani, the visionary Chairman of RIL, unveiled a series of game-changing announcements that reinforce Jio’s role in shaping India’s digital landscape.

He declared his intention to remain in the role of the company’s chairman and managing director for the next five years. Reflecting on Jio’s journey since its inception seven years ago, Ambani reiterated its role in transforming India into a leading Digital Society. He proudly stated that “the efforts put into building a globally admired Digital Public Infrastructure are yielding results.”

Jio’s Swift 5G Expansion

Mukesh Ambani proudly announced that Jio has achieved an unparalleled feat by swiftly deploying 5G services on a global scale. With the 5G network already covering 96 percent of towns, Jio remains steadfast in its commitment to blanket the entire nation with high-speed connectivity by December this year.

JioAirFiber’s Grand Debut

Adding to the excitement, Ambani shared that JioAirFiber is set to take its first flight on Ganesh Chaturthi, September 19. This innovative technology promises a wireless experience akin to fiber optics, powered by the 5G spectrum range.

Jio’s Astonishing Growth

Ambani highlighted Jio’s extraordinary growth, boasting a customer base that has crossed the remarkable threshold of 450 million individuals. This impressive surge in subscribers translated to over 20 percent year-on-year revenue growth.

Jio’s International Aspirations

Ambani affirmed Jio’s new aspirations that extend beyond the borders of India. Jio True 5G, a pioneering 5G broadband offering, has already made its presence known in over 96 percent of census towns within a mere nine months of its rollout.

Shaping the Future with Visionary Succession Planning

Mukesh Ambani, known for his strategic foresight, initiated a succession strategy by appointing his children— Isha, Akash, and Anant— to the company’s board. This move aligns with his commitment to Reliance’s diversified conglomerate and its growth across sectors, from energy to technology.

Revolutionizing Finance and Energy

Jio’s impact spans beyond telecommunications, with forays into financial services and the new energy division. Ambani revealed Jio’s foray into the insurance sector and plans for a battery giga factory by 2026, showcasing Reliance’s commitment to innovation and progress.

Jio’s Affordable Tech Marvels

Ambani unveiled the Jio Bharat economical smartphone, available at just Rs 999. This device caters to diverse user needs, from live TV streaming to UPI transactions via JioPay.

Reliance Retail’s Skyrocketing Valuation

The valuation of Reliance Retail soared to Rs 8.28 lakh crore, a substantial increase from its 2020 valuation of Rs 4.28 lakh crore. This significant rise underscores Reliance’s enduring appeal to international investors.

A Million 5G Cells by December 2023

In his closing statements, Ambani shared Jio’s ambitious plan to deploy one million 5G cells by December 2023, reaffirming Jio’s commitment to groundbreaking technological advancements.

In a nutshell, Reliance AGM 2023 showcased Jio’s unwavering commitment to revolutionizing India’s digital landscape, amplifying connectivity, and shaping a brighter, more connected future for all.

Also Read: Interbrand’s Best Indian Brands 2023 Rankings: TCS, Reliance Industries Take the Lead

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