Reliance AGM 2023: Jio AirFiber To Be Launched On The Occasion Of Ganesh Chaturthi: Mukesh Ambani

Jio has been main catalyst of New India’s spectacular digital transformation, Ambani said

Mukesh Ambani said that today, nearly 85 per cent of total 5G cells operational in India are in Jio’s network.

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Reliance Industries Limited (RIL) has begun its 46th Annual General Meeting 2023 on Monday. During the address, RIL Chairman Mukesh Ambani anounced Jio AirFiber will be launched on the occasion of Ganesh Chaturthi on September 19 this year. 

Ambani said that Reliance Jio was launched seven years ago with an ambitious mission to transform India into a Premier Digital Society. Jio has been main catalyst of New India’s spectacular digital transformation. Now our ambitions go beyond the shores of India.

"We began 5G rollout last October. In 9 months, Jio 5G is already present in over 96 per cent of the census towns. And we are on track to cover entire country by Dec ’23. This makes Jio 5G the fastest-ever 5G rollout anywhere in the world," he said. With over 50 million 5G customers, Jio is already leading in 5G adoption in India, Ambani said.

"And we are the only company with the capacity to smoothly transition our entire 4G customer base to 5G, with minimal additional capital expenditure. With the growing adoption of Jio 5G, we are also seeing an increasing trend of high-ARPU, post-paid customers choosing Jio as their preferred network," Ambani said.

Reliance Industries Ltd has cumulatively invested $150 billion in the last 10 years, the biggest by any Indian corporate, its Chairman and anaging director Ambani said on Monday. Speaking at the AGM, Ambani said Reliance has been the forerunner of emerging new India. "We have set seemingly impossible goals and achieved them," he said.

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Ambani said that today, nearly 85 per cent of 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 1 mn 5G cells operational by December.

The Board of Directors of RIL on Monday on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company.

On Jio Financial Services, Ambani said the new firm will enter insurance industry, potentially partnering with global players.

Ambani said, "With our valued partner BP, we have revived gas production from the KG-D6 block from near zero a few years back to about 20 million cubic meters per day in the financial year 2022-23. We are well on our way to enhance gas production to 30 million standard cubic meters per day, which will be 30 per cent of India's gas production, and 15 per cent of its current gas demand. At a time when global energy supplies and prices are witnessing unprecedented volatility and uncertainty, this gas is a major source of clean energy saving up to $7 billion per annum imports for our country."

He said that RIL has embarked transitioning O2C business into a sustainable and green business. "The key pillars of this transition are – One, we are accelerating our journey to achieve Net Zero by 2035 through renewables and bioenergy."

Shares of Reliance Industries are now trading in the red at Rs 2,443.10 apiece, down 1.09 per cent, on Monday.