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At the 47th Annual General Meeting of Reliance Industries Ltd, Mukesh Ambani, Chairman and Managing Director, addressed the complex global landscape with a nuanced perspective. He remarked, “The world today brings hope and concerns. On one hand, we are living with scientific breakthroughs like artificial intelligence, which promise transformative opportunities to solve multiple problems. On the other, geopolitical tensions threaten to challenge the global economy.” Despite these challenges, Ambani expressed unwavering confidence in the rise of a new, resilient India.Confidence in India’s Future
Reflecting on the company’s growth, Ambani noted, “Our future is far brighter than our past. For example, Reliance took over two decades to be amongst the Top 500 companies globally. The following two decades saw us joining the league of the world’s Top 50 most valuable companies.” This insight underscores the significant progress Reliance has made and its continuing trajectory toward even greater achievements.
Commitment to Innovation and Investment
He also highlighted Reliance’s role in technological innovation, stating, “We are in the business of creating wealth for India,” and added, “When RIL grows, we reward our investors handsomely.” Regarding recent achievements, Ambani shared that Reliance spent over Rs 3,643 crores (US$ 437 million) in Financial Year 2024 towards research and development. This expenditure brings the company’s total research and development investment to over Rs 11,000 crores (US$ 1.5 billion) in the past four years alone. “We have more than 1,000 scientists and researchers working on critical research projects across all domains,” he said, emphasizing the company’s robust commitment to innovation.
Future Growth and Financial Performance
Looking to the future, Ambani expressed confidence in Reliance’s continued ascent on the global stage. “I see RIL earning a place in the top 30 global companies in the near future,” he projected. Ambani also provided updates on Reliance’s recent financial performance. The company posted a record consolidated turnover of Rs 10 lakh crores in Financial Year 2024, with an EBITDA of Rs 1.78 lakh crores and a net profit of Rs 79,020 crores. Exports for Financial Year 2024 totaled Rs 2.99 lakh crores, representing 8.2 per cent of India’s total merchandise exports. Additionally, Reliance was the single-largest contributor to the national exchequer, contributing Rs 1.86 lakh crores in Financial Year 2024, and added 1.7 lakh new jobs in the past year. Furthermore, Jio Financial Services’ market capitalization has reached nearly Rs 2.2 lakh crores.Jio’s Growing Impact and Innovations
Mukesh Ambani also highlighted Jio’s remarkable achievements. “Jio is a 490-million-strong family, reflecting the immense trust and loyalty of our customers. And each Jio customer, on average, uses over 30 GB of data monthly, driving a 33 per cent growth in our data traffic over the past year,” he stated. He noted significant strides in home services, with nearly 30 million home customers across digital broadband and digital television services, positioning Jio as one of the largest digital home services providers globally. “Among business users, over a million small and medium businesses in India have embraced Jio. We are proud to be the trusted partner for over 80 per cent of the top 5000 large enterprises in the country.”
Ambani emphasized Reliance’s focus on innovation, saying, “We are embedding innovative technologies in every single business to generate ever-greater value for our customers.” He also mentioned the company’s technological advancements: “Our talented engineers and scientists are incubating several critical technological innovations in-house to enhance our product and service offerings. We have built an artificial intelligence-native digital infrastructure for all Reliance businesses, and have developed our software stack, integrating end-to-end workflows and real-time dashboards.”
He praised Jio’s global impact, stating, “Thanks to Jio, India is now the world’s largest data market. Today, Jio’s network carries nearly 8 per cent of global mobile traffic, surpassing even major global operators, including those in developed markets. And we have done this while maintaining the highest service quality, setting new benchmarks on the global stage. In eight years, Jio has grown to become the world’s largest mobile data company.”
Future Projections and Company Milestones
At Reliance Industries’ Annual General Meeting, Mukesh Ambani confidently predicted that the conglomerate is poised to join the ranks of the world’s 30 most valuable companies. This projection aligns with the company’s impressive growth trajectory and its ongoing commitment to innovation and excellence.
Demerger of JFS and Technological Advances
Mukesh Ambani also discussed the value created by the demerger of Jio Financial Services, saying, “One of the most gratifying aspects of Jio’s journey is that everything we have achieved is powered by our own technology.” He highlighted Jio’s status as a deep-tech innovator, noting that the company holds over 350 patents in 5G and 6G technologies. Ambani introduced “Jio Brain,” a comprehensive suite of tools and platforms spanning the entire artificial intelligence lifecycle, designed to accelerate AI adoption and enhance operational efficiencies across Reliance’s businesses.
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