Mukesh Ambani News

One takeaway from yesterday's Reliance AGM is that Reliance's Chairman Mukesh Ambani has brought his famed project-execution skills to the now most-watched part of his sprawling business — passing on the Reliance empire to his three children. Rapid diversification of Reliance into different segments in the past 10 years, including the new-age tech, is obviously an effort to future-proof his business empire based on fossil fuels. But it can also be a smart plan to restructure the group into various entities which will make succession easier. Trust Ambani to go to such lengths to plan succession.

Nifty ended in the green for the second consecutive session on Tuesday, supported by gains in the shares of select heavyweights, including HDFC Bank, Larsen and Toubro and Tata Steel amid positive global cues. However, losses in shares of Reliance Industries (RIL), Bharti Airtel and ICICI Bank capped the gains of the key indices. Global cues were largely positive.

Reliance Industries chairman Mukesh Ambani on Monday announced that the conglomerate's financial services division Jio Financial Services may also start offering blockchain-related products as well as digital rupee. «JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times,» Ambani told shareholders at the company's AGM. The RBI has devised the central bank digital currency (CBDC) known as e-rupee as a digital alternative to physical cash — using blockchain distributed-ledger technology.

₹218.50 apiece on the BSE. According to an Economic Times report, around 0.8% equity of Jio Financial Services changed hands in the block deal. Jio Financial Services shares were also among the top gains on the Nifty index.

Reliance Industries Limited (RIL) Chairman Mukesh Ambani announced that RIL's Jio would introduce new AI systems, similar to OpenAI's ChatGPT, for India. Ambani expressed a commitment to provide AI accessibility to all Indians and lead in creating India-specific AI models and solutions. Interestingly, this announcement seems to follow OpenAI CEO Sam Altman's comments about India's AI efforts being "hopeless," which he later clarified as being taken out of context.

Jio Financial Services (JFS) gained over 2% to day's high of Rs 216 on the NSE on Tuesday following a likely block deal that saw 0.8% equity changing hands. The price uptick was accompanied by strong volume action with over 4.21 crore shares on the block. The stock opened in the red and fell to the day's low of Rs 207 before making a U-turn. JFS shares were also the top Nifty gainers around 9:50 am and shot up after the news about the likely block deal was reported by ETNow. Since its addition to key indices on July 20 for a temporary period at a constant price of Rs 261.8, the stock has been on a losing spree and fallen in six out of seven trading sessions, excluding today's session.

By Aditya Kalra, Munsif Vengattil and Dawn Chmielewski

Reliance Industries Ltd (RIL) chairman Mukesh Ambani said his three children — daughter Isha and sons Akash and Anant — will be inducted on the board as non-executive directors. He will continue as chairman and managing director for another five years, he announced at the RIL annual general meeting (AGM) on Monday. Additionally, wife Nita Ambani resigned from the RIL board, making way for her children and to focus on the Reliance Foundation philanthropic arm, of which she's chairperson. She will continue to attend all the RIL board meetings as a permanent invitee. The announcement comes a year after the billionaire chairman said his children would have significant roles in the businesses of India's most valuable private sector company. «I am happy to report to you that earlier today, the board met and recommended the induction of Isha Ambani, Akash Ambani and Anant Ambani into the board of directors of RIL,» Mukesh Ambani said in his address to shareholders at the 46th AGM held virtually. «I can proudly say that they have earned their stripes through dedication, commitment, and hard work.»'Will mentor Akash, Isha and Anant'

retail business will be the fastest growing segment for Reliance Industries in the days to come, chairman Mukesh Ambani said on Monday. Reliance has invested $10 billion for the expansion of the retail business in the past two years. Addressing shareholders in the company's 46th annual general meeting held virtually, Ambani said as «India grows from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest-growing business in revenues and Ebitda.» Ebitda is earnings before interest, taxes, depreciation and amortisation, or the operating profit. Based on the latest investment by sovereign wealth fund Qatar Investment Authority in Reliance Retail, the valuation of the business has touched ₹8.28 lakh crore.

Reliance Jio will launch its fixed wireless access offering — Jio AirFiber — on September 19, Reliance Industries chairman Mukesh Ambani said. While Jio, with 50 million 5G users, is on track to have a pan-India coverage of the next-gen technology by December 2023, the telco will be among the first globally to develop 6G capabilities, he said. The launch of Jio AirFiber — coming shortly after rival Bharti Airtel commercially launched its own device — is expected to help expand Jio's addressable market over the next three years to over 200 million high-paying homes and premises, Ambani said, addressing shareholders of Jio's parent Reliance Industries at a virtual annual general meeting on Monday. «Our extensive optical fibre presence puts us in close proximity to over 200 million premises.

NEW DELHI : Reliance Consumer Products Ltd (RCPL) is gearing up to introduce beverage brand Campa Cola to international markets, starting with regions in Asia and Africa, the company said on Monday. The firm is the packaged consumer goods arm of Reliance Industries Ltd and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL). Addressing shareholders at its 46th annual general meeting, Isha Mukesh Ambani, the director of RRVL, said consumers have embraced Campa Cola since its roll-out in parts of India earlier this year.

NEW DELHI : India’s leading carrier, Reliance Jio, is set to introduce its 5G home broadband service, Jio AirFiber, on 19 September, seeking to cover 200 million homes, Reliance Industries Ltd (RIL) chairman Mukesh Ambani said. Besides, it also seeks to democratize artificial-intelligence (AI) access for all Indians, as the carrier moves to becoming a tech-co from a telco. Ambani also outlined four key growth areas for the telco, including the consumer segment, powered by Jio 5G and Jio Bharat (a 5G device tailored for feature-phone users); home segment will benefit from Jio AirFiber; and the business segment and Jio Platforms will be focussing on global expansion.

Indian multinational conglomerate Reliance’s financial services arm – Jio Financial Services (JFS) – is tapping blockchain tech and central bank digital currencies (CBDCs) for its offerings.

Mukesh Ambani said his Reliance Industries Ltd. will expand into wind power equipment with the help of more established firms to boost the conglomerate’s suite of clean energy products. Reliance will partner with “global leaders” in the renewable technology to offer cost-efficient turbines, Ambani told shareholders Monday at the company’s annual general meeting.

Reliance Industries Ltd will continue to operate its refineries and petrochemical projects profitably, even as fossil fuel demand wanes due to a gradual global shift to clean energy, Chairman Mukesh Ambani said on Friday. «We have already put in place a comprehensive strategy to ensure that all our investments and all our assets remain not just safe, but actually become profitable even as fossil fuel demand wanes,» Ambani said at the group's annual shareholder meeting. He said Reliance will switch to 100% green energy for captive consumption to cut energy costs, and upgrade the output of its refineries into value added chemicals. Billionaire Ambani on Monday also announced the appointment of his three children as board directors at the oil-to-chemicals conglomerate, as he prepares to eventually hand over the reins. Reliance, the operator of the world's biggest refining complex at Jamnagar in western India, is investing 750 billion rupees ($9.08 billion) in clean energy and technologies as it seeks to become net carbon zero by 2035. The company is building four giga factories at Jamnagar to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen. "..let me assure you that both during and after energy transition, our Jamnagar refining complex and all other petrochemical complexes will continue to operate profitably," he said. Reliance aims to start commissioning facilities at its solar cell and module factory in phases from end-2025 and to set up a battery giga factory by 2026, he said, adding the plan is to install at least 100 gigawatts of renewable energy generation capacity by 2030. Ambani said Reliance's Jamnagar refining complex, which has the capability to process 1.4 million barrels

Reliance Industries' (RIL) share price ended as the top loser in the Sensex index after the company's 46th Annual General Meeting (AGM) on Monday. The stock closed 1.11 per cent down at ₹2,442.55 on BSE. With this, the stock is now up just about 3 per cent in the last one year against a 12 per cent gain in the equity benchmark Sensex.

Reliance Industries Ltd (RIL), stated in the 46th Annual General Meeting (AGM) 2023 that the establishment of a giga factory for batteries by 2026 is a concurrent priority for them. In order to create a fully integrated ecosystem, the giga battery will produce battery chemicals, cells, and packs, all the way up to containerised energy storage systems.

Reliance’s annual general meeting was held virtual... moreReliance’s annual general meeting was held virtually on Monday, August 28.

Reliance Industries. “Jio Financial Services will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players," Ambani said in his address to shareholders at Reliance Industries’ Annual General Meeting (AGM) on Monday. JFS will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way, Ambani added.

By Munsif Vengattil and Dhanya Skariachan

Reliance Industries chairman Mukesh Ambani on Monday announced that the conglomerate's financial services division Jio Financial Services may also start offering blockchain-related products as well as digital rupee. «JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times,» Ambani told shareholders at the company's AGM. The RBI has devised the central bank digital currency (CBDC) known as e-rupee as a digital alternative to physical cash — using blockchain distributed-ledger technology.