Reliance AGM 2023 LIVE Updates: Jio Financial Services to enter insurance segment, says Mukesh Ambani

While addressing the AGM 2023, Mukesh Ambani said that he will remain the chairman and managing director of Reliance Industries for five more years. He said that he has three responsibilities-- grooming and empowering the next-generation of leaders, mentoring Akash, Isha and Anant, and enriching Reliance's unique institutional culture. 

Reliance Foundation chairperson Nita Ambani announced the firm's CSR arm will open Nita Mukesh Ambani Junior School. The school will be headed by Isha Ambani 

Reliance Foundation head Nita Ambani said that more than 20 lakh people have visited the Nita Mukesh Ambani Cultural Centre (NMACC) since its opening.

RIL has golden chance to transform India from net energy importer to exporter, says Mukesh Ambani

RIL chairman Mukesh Ambani announced in his AGM 2023 address that the conglomerate will set up battery gigafactory by 2026. The factory will manufacture battery chemicals, cells and packs, leading all way up to energy storage solutions, and will include a battery recycling facility, Ambani added. 

Mukesh Ambani said: "JFS 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. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way".   

The joint venture is aimed at setting up asset management business that will provide simple investment solutions. "JFS brings digital capabilities and local market knowledge, and   Black Rock  brings global investment and risk management expertise. Together, we will aim to transform India’s asset management industry," Ambani said. 

RIL chairman Mukesh Ambani said that Jio Financial Services (JFS) and BlackRock have entered a joint venture (JV). 

Mukesh Ambani said that JFS will democratise financial services for 1.42 billion. 

"I welcome yet another world-renowned sovereign wealth fund, the Qatar Investment Authority (QIA), in Reliance Retail, with an investment of $1 billion for 1% stake. This investment values Reliance Retail at equity value of Rs 8,28,000 cr,: said Mukesh Ambani. 

Revenue of Rs 2.60 lakh crore in FY23, a 30 per cent on-year growth. The retail arm of the conglomerate logged an EBITDA of Rs 17,928 crore and a net profit of Rs 9,181 crore for the same period. 

Mukesh Ambani said more than 45 crore viewers watched the IPL 2023 tournament on digital platforms. Ambani further noted 3.2 crore concurrent users logged onto the JioCinema app during the IPL 2023 final

RIL chairman Mukesh Ambani said that Jio promises artificial intelligence (AI) to everyone, everywhere 

I see 4 frontiers for  Reliance Jio’s growth. The consumer segment. The home segment. The Business segment. Opportunity for global expansion. Collectively, these frontiers provide Jio an opportunity for multi-fold growth in coming years’: Mukesh Ambani

We are also announcing Jio True5G Lab, a facility designed to accelerate industry transformation. The inaugural Jio True5G Lab will be located at Reliance Corporate Park’: Akash Ambani, Chairman, Reliance Jio

Reliance Jio chairman Akash Ambani announces Jio True5G developer platform for small businesses and tech startups which combines 5G network and edge computing and offers a diverse partner apps ecosystem and network slicing among other features. It also offers real-time Edge AI. 

Our extensive Jio Fiber service already serves 10+ mn customers, with thousands getting connected each month. With Jio AirFiber, we are expanding our addressable market to 200+ mn homes and other premises’: Akash Ambani  

Reliance Jio chairman Akash Ambani announced Jio Smart Home services, aimed at redefining user experience. 

Akash Ambani said that over 3.2 crore concurrent users logged onto the JioCinema app during the IPL 2023 final. He added that JioCinema saw a total of 12 crore viewers and logged an average watched time per viewer of 60 minutes on the occasion.