Reliance AGM: The Mukesh Ambani-led conglomerate kept investors on their toes with some major plans being announced at the recent AGM. Check out the key highlights of the meeting
Reliance's 47th AGM (Annual General Meeting) was perhaps one of the most anticipated events for the domestic corporate sphere. Investors were keenly waiting for some major announcements and Mukesh Ambani, quite evidently, didn't disappoint them. The euphoria was signalled in the trajectory of Reliance's share price which witnessed a surge of nearly 3 per cent.
From developing massive battery manufacturing facilities to developing the world’s largest bio-energy, deep tech energy centre in Gujarat, Reliance announced some massive infrastructure plans in its AGM. Here are the key announcements:
1. AI in Play as Ambani introduces Jio Brain
AI is taking centre-stage in almost every sector, and Reliance has no plans to be left behind. Mukesh Ambani announced the launch of JioBrain, a new AI service platform to provide advanced generative AI models at competitive prices. The conglomerate has also announced plans to develop a “gigawatt-scale AI-ready data centres” in Jamnagar to build to a "national AI infrastructure” in the country.
2. Focus on Green Energy
Reliance announced its plans to develop low-carbon energy solutions, including geothermal energy, underground coal gasification and natural hydrogen. The company also boasted about its patents in the green energy area. “I feel proud to inform you that last year Reliance filed over 2,555 patents, mainly in the areas of bio-energy innovations, solar and other green energy sources,” said Mukesh Ambani.
3. Solar photo voltaic modules
“By the end of this year, we will commence the production of our own solar photo voltaic (PV) modules. In the following quarters, we will complete the first phase of our integrated solar production facilities. This includes modules, cells, glass, wafer, ingot, and polysilicon, with an initial annual capacity of 10 GW,” said Mukesh Ambani.
Solar photo voltaic modules are quite similar to solar panels which are often used for producing solar energy.
4. Big Bet on Retail
The conglomerate is planning to double down its retail business in the next 3-4 years. "With the strong foundation we've established, I am confident we will reach our goal of doubling the retail business in the next 3-4 years," said Isha Ambani during the AGM
5. Entry in the Jewellery segment
Among the many announcements, the conglomerate's entry into the jewelry business was perhaps the biggest as Reliance continues to step into new segments.
"We have ambitious plans to enter the luxury jewellery segment with a curated, design-led experience and are exploring the fashion jewellery and accessories segment to broaden our market reach," said Isha Ambani.