Reliance Industries expects its new vitality enterprise to be as worthwhile as its mainstay oil-to-chemicals phase over the subsequent 5-7 years, Chairman Mukesh Ambani mentioned at a shareholder assembly on Thursday. The firm’s new vitality enterprise consists of photo voltaic photovoltaic and gasoline cell manufacturing, vitality storage and inexperienced hydrogen manufacturing, amongst others.
On Thursday, Ambani mentioned Reliance is on monitor to make the deliberate investments. The group has leased arid wasteland in Gujarat state to generate about 150 billion items of electrical energy within the subsequent 10 years, about 10% of India’s vitality necessities, Ambani mentioned.
Here’s the total speech from the AGM:
My expensive shareholders, good afternoon, and a really heat welcome to the forty seventh Annual General Meeting of Reliance Industries Limited.
At the outset, allow us to warmly congratulate our visionary Prime Minister Shri Narendra Modi-ji for successful a 3rd consecutive time period. The 2024 parliamentary elections have produced a powerful victory for stability, continuity, and, above all, for India’s vibrant democracy. This has enhanced India’s fame globally. And it augurs effectively for the expansion prospects of our financial system.
Friends, now I want to share a couple of transient reflections on the worldwide financial system.
The world of right this moment brings each hope and concern. On the one hand, we live in one of the best of occasions, with revolutionary breakthroughs in science and know-how — particularly in Artificial Intelligence, Computing, Robotics, and Life Sciences. They promise a way forward for unprecedented prosperity and well-being for all of humanity. The beginning of AI, maybe probably the most transformative occasion within the evolution of the human race, has opened up alternatives to handle various complicated issues going through mankind.
On the opposite hand, a number of geopolitical conflicts threaten international peace, stability, and even economies of countries. It can also be now not doable, nor acceptable, to disregard the stark developmental disparities amid rising aspirations for a greater life within the Global South.
However, even in these unsure occasions, there may be one absolute certainty. And that certainty is the continued Rise of New India because it marches confidently in the direction of the purpose of Viksit Bharat in Amrit Kaal. Among its friends globally, India has unmatched demographics and comparatively lighter debt burdens with quick progress. Today, India is among the greatest progress engines, and never only a carriage within the international financial practice. The IMF forecasts that by 2027, India is ready to emerge because the world’s third-largest financial system, surpassing Japan, and Germany. Achieving this proud milestone will probably be the easiest way to have a good time the eightieth anniversary of our independence.
Irrespective of the unstable occasions globally, India stays the brightest beacon of hope for the world. With its wealthy cultural heritage, empowered inhabitants, surging financial energy, and age-old advocacy of peace, our nation will play a pivotal position in altering the world for the higher.
Friends, Reliance is really blessed to make a humble however essential contribution to creating a greater India and a greater world. All our companies proceed to be key drivers of the Indian financial system. I personally consider that Reliance has turn into successful story as a result of we’ve got grown with a goal.
We will not be within the enterprise of pursuing short-term revenue and hoarding wealth. We are within the enterprise of making wealth for India and enhancing the standard of life of each Indian, each single day.
We are within the enterprise of offering highest high quality services and products that enhance effectivity, productiveness, and ease of dwelling for Indian customers. We are on a mission to supply vitality safety to our nation. We are on a bigger mission to make the world cleaner and greener for our future generations. We do all this as a result of Reliance is pushed by a goal firmly rooted in our ‘We Care’ philosophy. This philosophy of doing enterprise with a broader and noble goal is instilled in all of us by our Founder Chairman, Shri Dhirubhai Ambani.
Dear shareholders, as I informed you final 12 months, Reliance has now turn into a internet producer of know-how. Breakthrough applied sciences and innovation have at all times been the best wealth creators for nations, in addition to for corporates. Reliance internalised this Vikas Mantra at each stage of our progress. In latest years, this mantra is remodeling Reliance right into a Deep-Tech firm with Advance Manufacturing capabilities in three seminal methods.
First, we’re embedding progressive applied sciences in each single enterprise to generate ever-greater worth for our prospects. Second, our proficient engineers and scientists are incubating a number of important technological improvements in-house to boost our product and repair choices. Third, we’ve got constructed an AI-native digital infrastructure for all Reliance companies, and have constructed our software program stack, integrating end-to-end workflows and real-time dashboards.
With the success of our Atmanirbhar efforts, we’re accelerating India’s transformation right into a Deep-Tech Nation. Reliance spent over Rs 3,643 crore ($437 million) in FY24 in the direction of R&D, taking our spend on analysis to over Rs 11,000 crore ($1.5 billion) within the final 4 years alone. We have greater than 1,000 scientists and researchers engaged on important analysis tasks throughout all our companies.
I really feel proud to tell you that final 12 months, Reliance filed over 2,555 patents, primarily within the areas of bio-energy improvements, photo voltaic and different inexperienced vitality sources, and high-value chemical compounds.
Digital is one other principal space of our in-house analysis. We have filed patents in 6G, 5G, AI-Large Language Models, AI-Deep Learning, Big Data, Devices, Internet of Things, and Narrowband-IoT. I guarantee you that this ongoing tech-driven transformation of Reliance will propel your organization into a brand new orbit of hyper-growth and multiply its worth for years to come back.
Our future is way brighter than our previous. For instance, Reliance took over twenty years to be amongst the Top 500 corporations globally. The following twenty years noticed us becoming a member of the league of the world’s Top-50 most dear corporations. With our strategic adoption of Deep-Tech and Advance Manufacturing, I can clearly see Reliance incomes a spot within the Top-30 League within the close to future.
Dear shareholders, let me start by reporting to you the Financial Performance of Reliance for FY2023-24.
• Reliance Industries posted a file consolidated turnover of Rs 10,00,122 crore ($119.9 billion) in FY24, changing into India’s first firm ever to cross Rs 10 lakh crore ($119.9 billion) mark in annual revenues.
• Reliance’s EBITDA was Rs 1,78,677 crore ($21.4 billion), whereas the online revenue was Rs 79,020 crore ($9.5 billion).
• Reliance’s exports have been Rs 2,99,832 crore ($35.9 billion), accounting for 8.2 per cent of India’s whole merchandise exports.
• Reliance invested cumulatively over Rs 5.28 lakh crore ($66.0 billion) within the final three years.
• Reliance remained the single-largest contributor to the nationwide exchequer, contributing Rs 1,86,440 crore ($22.4 billion) by way of numerous taxes and duties in FY 2023-24. In the final three years, Reliance’s contribution to the exchequer crossed Rs 5.5 lakh crore ($68.7 billion), the very best by any Indian company.
• Reliance additionally expanded its social impression with a 25 per cent improve in its annual CSR spending to Rs 1,592 crore ($191 million). With this, Reliance’s whole CSR spend for the final three years crossed Rs 4,000 crore ($502 million), the most important amongst all Indian corporates.
Reliance continues to be ranked as India’s greatest employer by a number of exterior companies. I’m glad to state that Reliance continues to be amongst the most important employers in India. The nature of employment creation is altering globally, primarily because of technological interventions and versatile enterprise fashions. Therefore, quite than simply the standard direct employment mannequin, Reliance is embracing newer incentive-based engagement fashions. This helps the staff earn higher and instils the spirit of enterprise in them. That is why the direct employment numbers present a slight dip within the annual figures, though the whole employment created by Reliance has gone up.
We added over 1.7 lakh new jobs final 12 months. If we embody each conventional and newer engagement fashions of employment, our headcount is sort of 6.5 lakh right this moment. Among all of Reliance’s file achievements to this point, this one will at all times maintain a particular place in my coronary heart, as a result of employment creation for India’s proficient youth must be our high nationwide precedence.
Dear associates, final 12 months, Reliance floated the Financial Services enterprise as a individually listed firm, which helped unlock vital worth for our buyers. Today, Jio Financial Services is price practically Rs 2.2 lakh crore ($26.4 billion) in market capitalisation. I’m certain that JFS will proceed to create nice worth for the society, for the nation and, within the course of, for the shareholders as effectively.
Let me now discuss our digital companies enterprise.
Dear shareholders, in 2016, Jio started its mission to convey digital life to each Indian. And in eight brief years, Jio has remodeled India into an inclusive, premier digital society. We have democratised digital companies, making them accessible to each citizen and enterprise throughout our nation. Thanks to Jio, India is now the world’s largest knowledge market. Today, Jio’s community carries practically 8 per cent of world cell visitors, surpassing even main international operators, together with these in developed markets. And we’ve got finished this whereas sustaining the very best service high quality, setting new benchmarks on the worldwide stage.
Jio’s dedication to affordability has made its companies accessible to all, with present knowledge costs which are one-fourth of the worldwide common and simply 10 per cent of these in developed international locations. In eight years, Jio has grown to turn into the world’s largest cell knowledge firm. Today, Jio is a 490-million-strong household, reflecting the immense belief and loyalty of our prospects. And every Jio buyer, on common, makes use of over 30 GB of knowledge month-to-month, driving a 33 per cent progress in our knowledge visitors over the previous 12 months.
We have additionally made vital strides in residence companies, with practically 30 million houses prospects throughout our digital broadband companies and digital TV companies. This makes us one of many largest digital residence companies suppliers globally. Among enterprise customers, over 1,000,000 small and medium companies in India have embraced Jio. We are proud to be the trusted accomplice for over 80 per cent of the highest 5000 massive enterprises within the nation.
Each month, with each recharge and each invoice fee, our prospects forged their vote of confidence in Jio, reaffirming their belief in us. We are deeply grateful to our valued prospects. Their confidence drives us every single day to push boundaries and ship the world’s greatest digital companies.
Friends, one of the vital gratifying features of Jio’s journey is that all the pieces we’ve got achieved is powered by our personal know-how. From the beginning, we knew that main the digital revolution required innovation, not simply integration. Today, Jio stands as a real deep-tech innovator. At the core of our success is our totally homegrown 5G stack, developed by Jio’s proficient engineers. This end-to-end answer, tailor-made for India’s distinctive wants, has confirmed itself on a nationwide scale.
Our Operations Support Systems (OSS) and Business Support Systems (BSS) are additionally totally homegrown. These platforms are the spine of our community, guaranteeing top-tier service high quality and effectivity. Jio’s give attention to innovation can also be mirrored in our rising portfolio of mental property. Jio is amongst India’s largest patent holders, with over 350 patents in 5G and 6G applied sciences alone. These patents are key to securing Jio’s place on the forefront of world innovation.
However, Jio’s technological management is not only about Intellectual Property. It can also be in regards to the folks behind them — the dedication and experience of practically 18,000 Jio professionals. These professionals have mastered cutting-edge applied sciences, constructing, delivering, and working the industry-leading options Jio is thought for. Jio’s confirmed platforms, rising patents, and proficient professionals place us to steer India’s technological future. And we’re doubling down on deep tech to additional lengthen our aggressive edge.
Dear shareholders, final 12 months, Jio reached a brand new milestone in each working and monetary efficiency.
• We welcomed over 43 million new subscribers to our broadband service.
• Our income surpassed the Rs 1,00,000 crore ($12.0 billion) mark, whereas our internet revenue exceeded Rs 20,000 crore ($2.4 billion).
• Our EBITDA margin reached 50.1 per cent, boosted by buyer progress and working leverage. These exceptional achievements place Jio Platforms among the many Top-12 corporations in India by way of internet income, underscoring our monetary energy and operational excellence.
Friends, regardless of our scale, Jio nonetheless stays one of many fastest-growing digital corporations with immense alternatives for progress forward.
Let me begin with 5G. This previous 12 months, we accomplished the pan-India rollout of Jio True 5G, the world’s largest and quickest 5G deployment. Over 85 per cent of the 5G radio cells working in India belong to Jio. With the widest protection and the very best high quality, Jio True 5G now reaches each nook of India. Jio has remodeled India from 5G-dark to 5G-bright, creating one of many world’s most superior 5G networks. Through unmatched spectrum holdings, 5G Standalone Architecture, and superior applied sciences like Carrier Aggregation and Network Slicing, Jio is the one operator in India, and among the many first globally, to totally harness 5G’s energy.
Jio True 5G has additionally achieved the world’s quickest 5G adoption. In simply two years, over 130 million prospects have embraced Jio True 5G. And that is only the start. Today, practically all smartphones over Rs 8,000 ($96) bought in India are 5G-ready. As 5G telephones turn into extra inexpensive, 5G adoption on Jio’s community will speed up, additional boosting knowledge consumption.
With Jio’s lead in 5G protection, capability, and high quality, we count on to seize the lion’s share of the accelerating 5G adoption. As extra customers migrate to 5G, our 4G community’s capability is opening up, uniquely positioning Jio to welcome over 200 million 2G customers in India into the Jio 4G household. Our JioBharat initiative, providing entry-level 4G telephones at costs decrease than 2G telephones, displays our dedication to a 2G-mukt India. For many 2G customers, JioBharat is their first step into digital companies. And right this moment, practically half of 2G prospects upgrading their units select JioBharat, demonstrating the unequalled worth of Jio’s choices.
My expensive shareholders, allow us to now talk about the unimaginable progress potential of our Home Broadband companies.
We launched JioAirFiber, our 5G-based residence broadband service, final October. JioAirFiber presents high-speed broadband throughout India, fulfilling buyer orders sooner than doable with optical fibre. In simply over six months, we acquired our first a million air fibre prospects. This milestone is exceptional and the quickest of its type globally. But that was solely the start.
By leveraging our deep-tech capabilities and repeatedly optimising each course of, we acquired the subsequent 1 million air fibre prospects in simply 100 days. We are nonetheless streamlining our operations and see potential to speed up even additional. We at the moment are difficult ourselves so as to add 1,000,000 houses each 30 days. With this momentum, we’re assured of reaching our goal of 100 million residence broadband prospects at file pace. We are additionally focusing on over 20 million small and medium companies, bringing them the connectivity to thrive in right this moment’s digital age.
But what excites us probably the most is the potential to attach India’s 1.5 million faculties and faculties, over 70,000 hospitals, and 1.2 million medical doctors. Imagine the probabilities when each faculty in India has high-speed web, enabling digital lecture rooms, distant studying, and entry to huge information. Or take into account linked hospitals, the place medical doctors seek the advice of international specialists in real-time, entry the newest analysis, and provide one of the best care. These establishments are our nation’s spine, and by connecting them, we’re constructing a stronger, extra resilient India.
For the previous few years, I’ve mentioned the thrilling deep-tech frontier of Artificial Intelligence and its international potential to redefine industries, economies, and every day life. We made a daring promise: to convey the advantages of AI to each Indian, all over the place, simply as we did with broadband. Today, I can affirm that we’re on monitor to fulfil that promise.
At Jio, we’ve got at all times been on the forefront in leveraging cutting-edge applied sciences for sooner scaling, increased effectivity, and superior customer support. And now, AI has turn into integral to all the pieces we do. We have quickly augmented our expertise and capabilities, embracing the newest in Generative AI. And we’re embedding AI into all our processes and choices, creating end-to-end workflows with real-time, data-driven insights and automation. This helps us ship smarter, extra responsive companies, to each inner customers and prospects.
To streamline AI adoption, Jio is creating a complete suite of instruments and platforms that span the whole AI lifecycle. We name this Jio Brain.
Jio Brain permits us to speed up AI adoption throughout Jio, driving sooner choices, extra correct predictions, and higher understanding of buyer wants. We are additionally beginning to use Jio Brain to drive an identical transformation throughout different Reliance working corporations, and to fast-track their AI journey as effectively. I anticipate that by perfecting Jio Brain inside Reliance, we are going to create a robust AI service platform that we are able to provide to different enterprises as effectively.
Friends, whereas we’re beginning in our personal yard, I consider the true energy of AI lies in making it accessible to everybody, all over the place. With Jio’s AI Everywhere For Everyone imaginative and prescient, we’re dedicated to democratising AI, providing highly effective AI fashions and companies to everybody in India on the most inexpensive costs.
To obtain this, we’re laying the groundwork for a very nationwide AI infrastructure. We plan to determine gigawatt-scale AI-ready knowledge centres in Jamnagar, powered completely by Reliance’s inexperienced vitality, reflecting our dedication to sustainability and a greener future.
As the one firm with entry to such inexperienced energy, Reliance is uniquely positioned to steer this transformation. We additionally plan to create a number of AI inference services throughout our captive places all through the nation, which we are going to scale as much as assist the rising demand. In parallel, we are going to accomplice with main international know-how corporations and innovators to convey probably the most superior AI fashions and options and instruments to India. By leveraging our experience in infrastructure, networking, operations, software program, and knowledge and by collaborating with our international companions, our purpose is to create the world’s lowest AI inferencing price, proper right here in India. This will make AI purposes in India extra inexpensive than wherever else, making AI accessible to all.
For occasion, within the retail sector, AI may help optimise stock administration, scale back waste and be certain that the best merchandise are at all times out there on the proper time. In healthcare, AI can help medical doctors in diagnosing ailments extra precisely and sooner than ever earlier than, probably saving numerous lives. In leisure, AI can create personalised experiences for customers, making content material extra partaking and related. In agriculture, AI can analyse huge quantities of knowledge from numerous sources comparable to climate patterns, soil well being, and crop progress and supply farmers with actionable insights to extend farm productiveness and revenue. Similarly, within the schooling sector, AI can provide personalised studying experiences, serving to college students be taught at their very own tempo and in their very own fashion, no matter their location or background.
These are the sorts of improvements that Jio’s AI efforts are centered on, guaranteeing that the advantages of AI attain each nook of India and contact the lives of each Indian. Let me give attention to 4 sectors that can profit probably the most from AI.
One, Agriculture. AI Farmers will use clever instruments to preserve water, handle different assets effectively, make use of correct climate predictions, and develop extra progressive crops that fulfill each meals and non-food wants of society. They will optimise crop yields, management pests, scale back waste, and improve environmental sustainability. This will result in unimaginable progress in farm productiveness, new financial actions in rural areas, and enticing and ample livelihoods, thereby ending the India-Bharat divide ceaselessly.
Two, Education. AI Teachers will personalise studying experiences, making high-quality schooling accessible and inexpensive to all. Every Indian scholar, together with these dwelling in distant corners of our nation, will have the ability to be taught extra, be taught higher and achieve abilities aligned to the wants of tomorrow’s India and tomorrow’s world. Imagine a future when 300 million Indian college students are totally and comprehensively empowered by AI Teachers. They will quickly modernise India for certain. But India will even turn into the most important provider of high-paying human assets to international locations all over the world, fixing international issues each just about and bodily. This shiny future may be realised inside a single technology, setting the stage for Viksit Bharat.
Three, Healthcare. ‘Sarve Santu Niramaya’ ─ May All Be Healthy ─ has been India’s prayer and aspiration since Vedic occasions. AI Doctors will realise this age-old aspiration by making India a wholesome, rich, and match nation. Simple body-compute interfaces will turn into as commonplace as smartphones right this moment. They will probably be inexpensive for all in the identical manner that Jio has made smartphones inexpensive even to widespread Indians. AI Doctors will even be accessible to all, and out there all over the place 24×7. They will enhance analysis and therapy, allow early detection of ailments, personalise therapy plans, and promote preventive and predictive remedy, particularly for youngsters and senior residents. In this manner, AI will meaningfully extend each Indian’s disease-free life span.
Four, Small Businesses. AI Vyapar will allow retailers and small companies obtain excessive ranges of innovation and productiveness. It will automate routine duties, improve decision-making with data-driven insights, and open new avenues for progress and competitors. Using AI, even a small enterprise proprietor working in a Tier III metropolis of India will have the ability to compete on a world scale. I’m extraordinarily assured that by harnessing the ability of AI, India will leap right into a way forward for unprecedented progress and prosperity. By embracing this technological revolution, we are going to unlock the total potential of our nation, remodeling lives and making a brighter tomorrow for each Indian.
And extra importantly, these AI fashions and companies will probably be hosted inside India’s borders. They will comply totally with Indian knowledge and privateness rules, guaranteeing the safety and privateness of our residents are at all times protected. To obtain AI management, we additionally must put money into expertise growth. That is why Jio is partnering with Jio Institute to develop a cutting-edge AI program. This programme is designed to domesticate the subsequent technology of AI expertise in India. By equipping younger minds with the talents for superior AI, we’re securing Jio’s future and contributing to India’s growth as a world know-how hub.
At Jio, we consider that AI shouldn’t be a luxurious reserved for a choose few. AI companies should be accessible on all units, not simply costly, high-end units. This requires a supply mannequin the place AI companies and the information processed by AI are each hosted within the cloud, permitting each person to entry their knowledge and AI companies from wherever, on any machine, over low-latency broadband networks. This is the one manner to make sure that everybody, regardless of their socio-economic background, will profit from AI. We name this idea Connected Intelligence.
As a primary step to Connected Intelligence, each person wants ample and inexpensive knowledge storage capability within the cloud, with the very best ranges of privateness and safety. With knowledge safely saved within the cloud, AI can ship clever, personalised companies over the community.
Today, to assist our AI Everywhere For Everyone imaginative and prescient utilizing Connected Intelligence, I’m thrilled to announce the Jio AI-Cloud Welcome provide. Today, I’m saying that Jio customers will rise up to 100 GB of free cloud storage, to securely retailer and entry all their images, movies, paperwork, all different digital content material, and knowledge. And we will even have probably the most inexpensive costs out there for these needing even increased storage.
We plan to launch the Jio AI-Cloud Welcome provide beginning Diwali this 12 months, bringing a robust and inexpensive answer the place cloud knowledge storage and data-powered AI companies can be found to everybody all over the place.
Dear shareholders, with deep tech innovation and a give attention to buyer and shareholder worth, Jio is poised to be a cornerstone of India’s digital future. Led by our momentum in connectivity, we’re focusing on to double our revenues and EBITDA over the subsequent three to 4 years. And past that, the potential of AI as a progress engine is gigantic, and I’ll hold you up to date on our progress in AI.
As we glance forward, our each step in innovation and know-how brings us nearer to a future the place Jio’s success is measured not simply by income, however by the optimistic impression we’ve got on a whole lot of tens of millions of Indians.
Dear shareholders, right this moment, I’m happy to share with you the exceptional progress made by our Media & Entertainment enterprise. It is remodeling India’s media panorama. Our media enterprise achieved over Rs 10,000 crore ($1.2 billion) of income. This represents an industry-leading progress of 49 per cent.
Viacom18, our leisure arm, did even higher. Driven by the Sports phase, it noticed a exceptional progress of 62 per cent. JioCinema is revolutionising digital Sports and Entertainment. In a short while, it has reached main milestones. The second season of IPL on JioCinema was an enormous success. It reached 62 crore Indians. That is a 38 per cent improve over the earlier season. Total viewership grew by 50 per cent. This made it the most-watched livestream occasion on this planet. This success continued throughout the Olympics. JioCinema’s new subscription pack is a game-changer. It presents OTT originals, actuality exhibits, blockbuster motion pictures, and high content material from HBO, Paramount, and NBCU. In simply 100 days, JioCinema crossed 15 million paying subscribers. This is the quickest progress on this class. Colors, our flagship Hindi channel, reached its highest market share in 12 years. It climbed to the Number 1 place final 12 months.
Dear associates, our information enterprise is reaching new heights. This is because of our give attention to high-quality journalism. We lead in each common and enterprise information. We are the one community in India with international ambitions. News18 was India’s high TV community for election information. On June 4, the counting day, its attain was practically 50 per cent increased than the IPL last. CNBC-TV18 had an 82 per cent viewership share on the Budget Day. This is according to its weekly efficiency. CNN-News18 typically outperforms all different channels mixed. It has been No. 1 for over two years. Moneycontrol is remodeling into a complicated fintech supplier of knowledge and analytics for customers in India and past. It is unmatched in pace and accuracy. It has 70 million distinctive guests. Our premium service, MC Pro, now has over 8,50,000 paid subscribers. This makes it a Top-10 subscription web site globally and the most important in India.
Firstpost is changing into a world information powerhouse. Its subscriber base has greater than doubled within the final 12 months. In July, Firstpost recorded 127 million video views. This ranks it sixth amongst international friends. Firstpost is recruiting high expertise to turn into the definitive international information vacation spot from India. I consider it’s time for India, because the world’s most populous nation, to claim its voice and achieve its rightful area within the influential international media.
Dear shareholders, allow us to now discuss our partnership with Disney. This marks the start of a brand new period in India’s leisure {industry}. We are combining content material creation with digital streaming. Our digital-first method will ship unparalleled content material at inexpensive costs. We will cater to each shopper’s tastes. We will present world-class digital leisure throughout the spectrum. We are enthusiastic about this partnership. I warmly welcome Disney to the Reliance household. Just like Jio and Retail, our expanded Media enterprise will probably be a useful progress centre within the Reliance ecosystem.
Dear Shareholders, Reliance Retail continues to construct on its place because the chief of the Indian retail sector whereas attaining scale akin to high retailers globally.
I’m glad to tell that Reliance Retail now’s:
• Among the Top-5 international retailers by way of variety of shops
• Among the Top-10 retailers by way of market capitalisation
• Among the Top-20 retailers by way of variety of staff
• Among the Top-30 retailers by way of revenues
Our distinctive working mannequin has been the muse of the aggressive benefit and management place of our Retail enterprise. First, we’ve got an unbeatable omni-channel mannequin offering prospects seamless expertise throughout bodily and on-line channels and comfort. We have a typical stock throughout channels that gives hyperlocal supply leveraging our widest retailer community. We have constructed a number of channels to serve prospects by way of about 19,000 personal shops with practically 80 million sq. ft. throughout 7,000+ cities, 4 million kirana companions and a large bouquet of digital platforms which offers us entry to customers throughout the nation. We have constructed an in depth and environment friendly provide chain with over 32 million sq. ft. warehouse community to assist our pan-India operations.
Second, we’re a top quality and design-led firm and supply the very best high quality merchandise at aggressive costs with a number of design labs and centres throughout the nation in all our main segments. Third, we’re utilizing Deep Tech with actual time dashboards, built-in AI workflows to make our operations AI-enabled throughout the worth chain. Fourth, we’re constructing vital capacities in knowledge analytics and personalisation for best-in-class buyer expertise. Fifth, we’re dedicated to sustainability in all our operations. We have carried out sustainable packaging, renewable vitality, range, moral sourcing, waste administration, and supporting native communities in our enterprise on a day-to-day foundation. Sixth, our organisation design and structure with empowered groups and clear accountability are enabling our progress with self-discipline and driving scale and working leverage. I’m glad to tell you that our Retail enterprise can also be selling a number of necessary societal targets. We are enriching India’s kisans and MSMEs by procuring their high quality produce. We are sourcing extra from tribal areas. We are selling girls entrepreneurs. Above all, our Retail enterprise is producing extra direct and oblique livelihood alternatives.
My expensive shareholders, Reliance’s unwavering dedication to India’s vitality safety has made our exploration and manufacturing enterprise a cornerstone of success within the nation’s vitality sector. I’m proud to announce that our fields within the KG Basin have reached peak output ranges this 12 months — a big milestone that displays the laborious work and dedication of our E&P group, in collaboration with our esteemed companions, bp. Congratulations to all concerned in attaining this exceptional feat. As pioneers in deepwater growth and manufacturing in India, we’ve got efficiently commissioned six deepwater fields, establishing ourselves as a world-class deepwater operator.
Despite going through quite a few challenges, our group ensured the secure and well timed graduation of the MJ area, a testomony to our dedication and resilience. Currently, manufacturing from the KG D6 fields is sort of 30 MMSCMD of fuel and 22,000 barrels per day of condensate. Our fields now contribute to almost 30 per cent of India’s home fuel manufacturing, supplying a various vary of shoppers throughout sectors comparable to fertilizer, energy, metropolis fuel distribution, and numerous industries. This achievement marks a big step towards realising the nationwide purpose of accelerating pure fuel’s share to fifteen per cent in India’s vitality combine by 2030.
This 12 months, we additionally celebrated a significant monetary milestone, surpassing Rs 20,000 crore ($2.4 billion) in EBITDA, with our revenues approaching the Rs 25,000 crore ($3 billion) mark. We stay dedicated to investing in secure and sustainable operations, useful resource enlargement, and extra growth wells to maintain and improve our manufacturing capabilities. In line with our strategic imaginative and prescient, we acquired the KG-UDW2 block beneath the OALPVIII licensing spherical and have deliberate exploratory wells within the KG Basin. In the Coal Bed Methane, or CBM sector, we’ve got efficiently drilled multi-lateral wells for the primary time in India, boosting effectively productiveness by practically 4 occasions. This success is driving us to increase our effectively marketing campaign throughout the remainder of our CBM acreages.
Looking forward, we are going to leverage our E&P experience to develop low-carbon vitality options, together with geothermal vitality, underground coal gasification, pure hydrogen, and helium. These initiatives will be certain that Reliance continues to play a pivotal position in shaping a sustainable vitality future for India.
Dear associates, our gasoline retailing three way partnership with bp, Jio-bp, is setting new benchmarks within the {industry}, as highlighted in our latest “You Deserve More” marketing campaign. We are proud to supply high-performance diesel that delivers 4.3 per cent additional mileage per litre at no further price throughout our 1,778 shops nationwide. In addition, we launched the nation’s solely truck driver loyalty program and now function 105 comfort shops at our gasoline stations, offering added worth to our prospects. Jio-bp has additionally greater than doubled its market share in aviation turbine fuels, solidifying our place on this important sector. Moreover, Jio-bp has quickly grown to turn into India’s main quick and dependable charging firm, with over 4,800 cost factors throughout the nation.
We are additionally proud to be India’s largest retailer of high-methane content material Compressed Biogas, contributing to a extra sustainable vitality future. As we glance forward, we’re totally dedicated to persevering with our sturdy progress by constantly delivering the very best high quality services and products to our prospects.
Dear shareholders, I now come to our largest progress engine, the Oil-to-Chemicals enterprise. Just a few years in the past, we undertook a strategic restructuring of our refining and chemical compounds segments, merging them into an built-in Oil to Chemicals enterprise. This pivotal transfer has considerably enhanced our operational excellence, fortified our provide chain, and ensured resilient monetary efficiency in an {industry} extremely weak to its volatility and cyclical nature. Over the previous 12 months, we confronted a posh international panorama, characterised by geopolitical conflicts and weak financial progress in Western international locations, resulting in subdued demand. On the availability facet, large-scale capability additions, significantly in China, created a surplus, inflicting vital fluctuations in gasoline and downstream chemical margins, with some dropping to multi-year lows. Despite these challenges, I’m happy to report that Reliance navigated by way of the headwinds to ship industry-leading efficiency.
The O2C enterprise achieved revenues of Rs 5,64,749 crore ($67.9 billion) and an EBITDA of Rs 62,393 crore ($7.5 billion) final 12 months. This sturdy efficiency was made doable by way of a number of key actions. Let me spotlight a couple of: First, we maintained our sharp give attention to operational excellence. Our manufacturing property operated at their most capacities, with our gasification items contributing considerably by way of steady operations and better throughput. Second, we made sustained efforts to supply advantageous feedstock from various and sophisticated geographies in a difficult setting. Our diversification efforts led to processing 60 grades of crude oil, together with 13 new grades.
Third, freight markets skyrocketed because of geopolitical elements, with vessels coming beneath missile assaults within the Red Sea. We acted swiftly to regulate our freight prices, chartering extra vessels on a long-term foundation. Fourth, sturdy home demand for fuels and downstream chemical compounds helped enhance product placement within the home market. Fifth, we proceed to construct our deep-tech and Advanced Manufacturing competencies. We are pioneers in utilizing AI-powered real-time optimisation throughout our provide chain and superior crude oil and feedstock characterization, all of which drive elevated profitability. In the realm of Polymers, we produce new grades for plastic gasoline tanks, making them safer and lighter, resulting in decrease gasoline consumption in autos. In Chemicals, we commissioned a brand new column to boost our capability of Ethylene Oxide by 45,000 tonnes each year, rising our capability by 15 per cent and rising profitability.
In Polyesters, we built-in polyester capacities by way of strategic acquisitions, making us among the many high spinners within the nation and finishing the one lacking ingredient in our textiles worth chain. Reliance is now the most important producer of specialty fibres in India, with purposes in mobility, residence furnishings, and industrial makes use of. Friends, India’s consumption of petrochemicals and polyester is predicted to exhibit wholesome progress throughout sectors comparable to shopper items, infrastructure, automotive, packaging, and agriculture, pushed by the fast enlargement of our home manufacturing base. To meet this rising demand, we’re including capacities throughout each current and new chemical worth chains. Our new built-in services within the Vinyl worth chain will add 1.5 million tonnes each year (MMTPA) of PVC and CPVC at Dahej and Nagothane by the 12 months 2026-27. We are additionally including 1,000,000 tonnes of specialty polyester capability by the 12 months 2026-27, which will probably be additional built-in backwards with a 3 million tonne PTAcapacity by 2027. As demand for conventional polymers continues to develop, India will even require new and versatile supplies.
Reliance is constructing India’s first world-class built-in Carbon Fibre plant at Hazira, which is able to rank among the many high three items globally. We proceed to increase our portfolio of composites of Carbon Fibre to be used within the infrastructure sector. In addition to increasing capacities and creating new supplies, we stay centered on enhancing our international feedstock sourcing and bettering our provide chain. We are including three extra Very Large Ethane Carriers (VLECs) to our current fleet of six ethane carriers used for sourcing ethane from North America.
Dear shareholders, sustainability continues to be a key ingredient in our O2C enterprise. We are accelerating using renewable vitality and are effectively on our approach to changing into one of many largest customers of renewable vitality in India. Additionally, Reliance is making vital progress on numerous sustainability initiatives, together with PET recycling, chemical recycling of plastics to supply pyrolysis oil, polyolefin recycling, conversion of hazardous waste into different fuels and uncooked supplies and the event of zero-waste shops. Reliance already recycles over 2 billion PET bottles in India and is on monitor to succeed in a capability of 5 billion bottles each year by subsequent 12 months.
In abstract, I want to reiterate that our Oil to Chemicals enterprise continues to be a strong progress engine, steadily enhancing its monetary efficiency for a very long time to come back. We are actively investing in new capacities and capabilities to fulfill the demand progress in India.
Dear shareholders, let me replace you on the progress we’ve got made in our New Energy enterprise — our latest and most bold engine for progress and worth creation at Reliance. This is a enterprise with a particular goal, pushed by our deep dedication to the philosophy of ‘We Care’ for our Mother Earth. Two mega-concerns compelled us to embark upon this journey: First, the planetary crucial to mitigate the Climate Crisis. Second, India’s personal crucial to turn into a self-reliant Green Economy powered by Green Energy.
Last 12 months, I defined how India is confronted with a urgent Energy Trilemma — the provision of Affordable, Sustainable, and Self-Sufficient Energy. This Energy Trilemma will turn into extra acute as India’s financial system turns into bigger and grows sooner. In 2023, India generated practically 1,600 billion items of electrical energy. To meet India’s progress projections, this quantity must double within the subsequent 10 years. Obviously, Green and Clean vitality might want to present the lion’s share of this progress.
My expensive shareholders, final 12 months, at our AGM, I shared our work in Bioenergy. I defined how your organization is embracing societal challenges, delivering a singular answer to India’s drawback of practically 230 million tonnes of non-cattle feed biomass — a big contributor to air air pollution. Starting from simply two demo items a few years in the past, we at the moment are quickly increasing our investments in bioenergy to succeed in 55 working Compressed Biogas (CBG) vegetation by 2025. These 55 built-in CBG vegetation will improve the incomes of our farmers by changing Anna Datas to Urja Datas — meals producers to vitality producers. They will even 15 generate over 30,000 direct and oblique jobs in rural areas, making a mannequin of all-round prosperity of the agricultural financial system. Additionally, we’ve got initiated an vitality plantation pilot on 1,000 acres of arid wasteland to determine a first-of-its-kind built-in CBG plant. This initiative will create a self-sustaining ecosystem by remodeling India’s massive wastelands into productive lands by way of the cultivation of vitality crops.
Spearheaded by our dynamic group of technologists and agro-scientists, we’re additionally establishing the world’s largest bio-energy deep-tech R&D centre at Jamnagar, specializing in: First, course of enhancements by way of customised biocatalysts and microbial consortia. Second, creating high-yield, drought-resistant variants for vitality crops. Third, automating bioenergy plant operations and the availability chain from farm to plant. Fourth, integrating vitality wants of the plant by way of photo-agro-voltaic photo voltaic know-how for a sustainable electrical energy provide. Together, these efforts symbolize our dedication to main the best way within the bioenergy revolution and making a sustainable future for India and past.
Dear associates, I’m delighted to announce that by the top of this 12 months, we are going to begin the manufacturing of our personal photo voltaic photo-voltaic (PV) modules. In the next quarters, we are going to full the primary section of our built-in photo voltaic manufacturing services. This consists of modules, cells, glass, wafer, ingot, and polysilicon, with an preliminary annual capability of 10 GW. Our giga-factory is designed for modular enlargement at minimal price and within the shortest time doable. We have totally built-in and indigenised the HJT know-how from REC Singapore, our wholly owned subsidiary, to develop 1st Gen bifacial photo voltaic panels with cell effectivity exceeding 26 per cent. Additionally, we’ve got considerably enhanced our R&D capabilities by establishing a state-of-the-art prototyping, testing, and validation lab in India, and we’re increasing our Advanced Solar Technology Lab in Singapore. These developments will present a transparent path to improve our Gen 1 merchandise by way of price reductions and optimisation of provide chains, in addition to effectivity enhancements. This will even enable us to develop disruptive applied sciences like perovskites and back-contact HJT-IBC — which we’ve got already demonstrated at pilot scale, with plans to commercialise them inside the subsequent two years. This innovation has the potential to essentially remodel the photo voltaic PV {industry}.
Our next-generation modules will provide even better effectivity, delivering extra energy from the same-sized modules at a decrease lifecycle price. Dear shareholders, to harness low-cost photo voltaic vitality and make it out there around the clock, we want vitality storage options utilizing stationary batteries. We have already begun development of an built-in superior chemistry-based battery manufacturing facility with a 30 GWh annual capability at Jamnagar. Production will begin by second half of subsequent 12 months. We will begin by assembling Battery Energy Storage Systems (BESS) for utility scale purposes and pack options for residential, business, industrial, telecom, and mobility markets. Progressively, over the subsequent few quarters, we are going to combine backward to cell manufacturing and ultimately to battery chemical compounds manufacturing. This will create the world’s solely totally built-in battery giga-factory, driving synergies throughout the worth chain. Our giga-factory will probably be SMART from the beginning and totally Digital Native. We may have full monitor and hint functionality from battery supplies to cells to programs/packs put in within the area. These manufacturing traces will probably be future-proof and adaptable to totally different chemistries and altering cell type elements. The modular design will enable us to quickly increase annual capability in multiples of 30 GWh, responding to each home and international demand, whereas assembly various necessities from stationary to mobility purposes. We have constructed deep strengths in electrochemical and product improvements.
With entry to expertise together with from our subsidiaries LithiumWerks, and Faradion, we’ve got a powerful group of practically 150 technologists dedicated to ship next-generation batteries and storage options that target security, stability, and decreased lifecycle prices.
My expensive shareholders, our deep understanding of electro-chemistry, mixed with our means to industrialise at scale and combine with low-cost photo voltaic vitality, offers us a singular benefit in delivering inexperienced hydrogen and inexperienced fuels on the most economical price.
To obtain this, we’ve got begun work on establishing a completely automated, multi-GW electrolyser manufacturing facility on the west coast of India, which will probably be prepared by 2026. This giga-factory will probably be totally adaptable, able to supporting numerous applied sciences comparable to Alkaline, PEM, and AEM. The facility is constructed utilizing Industry 4.0 requirements and will probably be expandable in a modular vogue to fulfill market demand. In parallel, we’re constructing capabilities for futuristic electrolysis-based applied sciences to deal with challenges in vitality effectivity and capital price discount for our next-gen electrolysers.
Dear shareholders, Reliance’s imaginative and prescient and mission is to make India a world chief in inexperienced and clear vitality, which is certainly mankind’s vitality future. We are effectively on our approach to changing our imaginative and prescient into actuality inside the timelines we had set. This is a testomony to our unparalleled mission execution capabilities and the relentless efforts of our group. Jamnagar is the Energy Capital of the World. I’m proud to say that by 2025, Jamnagar will even turn into the cradle of our New Energy enterprise. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex would be the world’s largest, most trendy, modular, and built-in ecosystem at a single location. We are on monitor to totally commit and make investments as much as Rs 75,000 crore to determine this manufacturing ecosystem, extensively enabled by all rising applied sciences together with AI, IoT, Machine Learning, and Robotics. Our full possession and automation of the built-in worth chains will enable us to maximise margins which are increased than these of stand-alone, non-integrated gamers. To assist our investments, we’re dedicated to partnering with main international know-how corporations, constructing world class, state-of-the-art R&D capabilities, and increasing our massive, dynamic expertise pool of PhDs, technologists, and engineers from numerous nationalities. This will be certain that our firm emerges as a deep-tech new vitality chief with superior manufacturing capabilities. This will hold us on the forefront of innovation and assist us repeatedly introduce increased effectivity, decreased lifecycle price, next-gen merchandise.
Friends, Earlier, I shared with you my imaginative and prescient to maximise the harnessing of photons, convert them into low-cost electrons, and add worth by creating inexperienced molecules by way of electrolysis. I’m happy to report that we’re effectively on our approach to realizing this imaginative and prescient. We have leased arid wasteland in Kutch, simply 250 kilometres from Jamnagar. This wasteland has the potential to generate about 150 billion items of electrical energy within the subsequent 10 years — offering practically 10 per cent of India’s vitality necessities. We have already begun vital mission growth work and are constructing our personal transmission infrastructure to convey on-line photo voltaic technology tasks that can ship steady, renewable vitality on a round the clock foundation (RE-RTC) at GW scale, in a phased method commencing 2026.
Our confirmed engineering and development capabilities, mixed with the utilisation of AI and data-driven approaches for configuration, design, mission execution, and operations, will allow us to ship probably the most inexpensive and steady RE-RTC energy within the shortest time. In addition, we’ve got secured entry to almost 2,000 acres of land at Kandla port, which enhances our current marine infrastructure at Jamnagar. This built-in coastal infrastructure will present us with an unparalleled aggressive benefit for the manufacturing, storage, evacuation, and delivery of inexperienced fuels to varied markets in India and throughout the globe, guaranteeing we fetch the very best worth for our inexperienced gasoline molecules.
My expensive shareholders, with this sturdy ecosystem, we are going to speed up the event of RE-RTC and inexperienced fuels tasks in a modular and phased method. The prospects of perpetual progress and profitability of our New Energy companies are assured by 5 elements. First, our focus will probably be on assembly our massive captive RE-RTC necessities throughout our group companies over the subsequent 5 to 7 years, drastically saving their vitality prices. These tasks will probably be backed by agency offtake contracts and can generate optimistic money movement for our current companies. Second, our investments in inexperienced fuels tasks will probably be supported by value-accretive offtake agreements with massive international counterparts. Third, with brief gestation durations from conceptualisation to commissioning and money movement technology, we are going to guarantee with razor sharp focus that these tasks are money movement optimistic from Day 1. Fourth, as we increase, our next-gen merchandise—developed by way of our deep-tech R&D—will ship increased effectivity and decreased prices, resulting in additional margin enlargement. Fifth, these companies are being constructed with a mindset of start-up progress corporations with empowered activity drive groups with best-in-class international expertise. Your firm has a powerful steadiness sheet, sturdy annual accruals, and entry to probably the most aggressive international institutional capital to responsibly put money into and assist our New Energy commitments. We consider that our New Energy enterprise will probably be really distinctive—delivering money flows which are much less cyclical and extra predictable. I’m, due to this fact, assured that within the subsequent 5 to 7 years, our New Energy progress engine can goal to ship an incomes capability, like what our current O2C enterprise earns and what it has achieved over the past 4 many years.
My heartiest congratulations to you [Nita Ambani] and the whole Reliance Foundation group for the outstanding work you’re doing in making our ‘We Care’ philosophy come alive throughout the nation. Today I want to guarantee you and Isha that I’m right here to hitch your group. I’m right here to commit extra of my time and vitality for the actions of Reliance Foundation, that are very near my coronary heart. I’m particularly dedicated to empowering India’s 300 million kids with good schooling and good healthcare and guaranteeing a shiny future for them. For Nita and me, they too are our personal kids. Let us due to this fact put together a extra inspiring imaginative and prescient and a extra bold plan for the subsequent ten years in order that when Reliance Foundation celebrates its Silver Jubilee, we may have enhanced our transformative impression on society a hundred-fold. Let us collaborate much more carefully with like-minded organisations to construct a powerful philanthropic motion in India.
Dear associates, right this moment, it offers me nice pleasure to share with you an outline of Reliance’s worth creation roadmap for the approaching 12 months and past. Following within the footsteps of my father, Shri Dhirubhai Ambani, I’ve at all times believed that for Reliance, wealth creation for India and worth creation for all our stakeholders are two sides of the identical coin. When India’s financial system grows sooner and stronger, which it certainly will, it creates extra alternatives for Reliance to develop all its companies and create worth exponentially. And when Reliance grows exponentially, which it actually will, it can contribute extra to India’s inclusive prosperity.
Our resolve to make Bharat affluent and remodel the life of each Bharatiya has led us to take daring enterprise dangers originally of each funding cycle. We have constructed every of our companies from scratch and grown them to a world scale. We didn’t obtain them as largesse. We typically ventured past our consolation zones and explored uncharted territories. We helped create markets that others didn’t foresee. We did this not simply a couple of times, however repeatedly. In doing so, we’ve got constantly created vital worth for our prospects, staff, distributors, buyers, shareholders, and society at massive. Our worth creation technique for the longer term rests on the strong basis of our monitor file, which is matched by only a few corporations globally.
When we celebrated our fortieth Anniversary in 2017, I had promised that Reliance would enter the world’s Top 50 earlier than our Golden Jubilee. I’m happy to tell you that this 12 months, Reliance is among the many world’s Top 50 most dear firms. In July 2018, Reliance crossed the $100 billion valuation mark. And in simply six years, we’ve got turn into the primary Indian firm to cross $250 billion in market worth. In 2022, I promised that Reliance would double its worth by the point we full 50 Glorious Years in 2027.
Friends, Reliance has by no means rested on laurels. Complacency shouldn’t be in our DNA. I’m supremely assured that Reliance will proceed to succeed in new heights of progress and profitability sooner or later. It has been my privilege to determine, lead, and nurture our 5 progress engines — O2C, Retail, Jio, Media, and Green Energy and fuels. We are uniquely positioned to develop new companies across the adjacencies of all these progress engines. Today, three of those engines have a valuation of over $100 billion every, and they’re going to proceed to develop even sooner. As I’ve already defined, Jio and Retail are anticipated to double their revenues and EBITDA within the subsequent 3-4 years. I see immense progress potential in our media enterprise. Our New Energy enterprise would be the new jewel in Reliance’s crown. I foresee it changing into as massive and worthwhile over the subsequent 5-7 years, as our O2C enterprise which we had constructed over the previous 40 years. And I’m assured that Green fuels and AI-based options will turn into long-term progress engines for Reliance.
Overall, the Reliance Group is effectively on monitor to greater than double in measurement earlier than the top of this decade and develop sooner within the many years forward. This will additional cement our place among the many most revered and worthwhile corporations on this planet. I guarantee you that we’ll proceed to function inside our prudent monetary framework, allocating assets to tasks and companies that ship superior returns to our shareholders whereas guaranteeing our steadiness sheet stays sturdy. I search your continued assist on this endeavour.
Dear Friends, I need to share some ideas on our persevering with efforts to strengthen the establishment of Reliance. Today, Reliance is greater than only a firm. It is a proud nationwide establishment, an establishment that belongs to the folks of India. I firmly consider that my household and I, and likewise different senior members of the administration group, are merely trustees of this nice establishment. Personal or household wealth holds no significance for me. What really issues is our duty to cross on this valuable establishment to the subsequent technology on a strong basis. This will allow them to raise Reliance to even better heights of success. In my earlier addresses, I’ve mentioned our philosophy and plans to complement our institutional tradition and perpetuate our worth system, particularly as Reliance navigates this era of generational transition. We are executing these plans with utmost dedication.
As Reliance takes on new and better challenges, we are going to want an ever-expanding pool of succesful leaders — leaders who’re totally dedicated to the aim, philosophy, ardour, and pioneering spirit of our Founding Chairman. I’m personally devoting the most important a part of my time to this activity, together with our esteemed board members and senior colleagues. I’m happy to report that we’ve got made large progress in these efforts.
Dear associates, Akash, Isha, and Anant have simply accomplished one 12 months as board members. They have stepped as much as tackle better duties, as first amongst equals in Reliance’s subsequent technology management. I congratulate them on their glorious starting. In addition to them, we’re mentoring a big group of dynamic and exceptionally competent younger leaders who’re desirous to assume greater roles at Reliance. We proceed to develop our skilled expertise pool from all over the world, aligning with our imaginative and prescient of constructing Reliance a world company. Working with this military of motivated, proficient, and impressive kids evokes and energises me each single day. It has strengthened my conviction that Reliance’s future is in secure fingers, and its legacy of superior worth creation will proceed to flourish.
My expensive shareholders, I discussed originally of my tackle that in a world of many uncertainties, the continued rise of New India is an absolute certainty. No drive on earth can now cease our beloved nation’s march in the direction of the purpose of Viksit Bharat. I do know that the folks of India have nice expectations from Reliance. From the platform of this AGM, I guarantee my fellow countrymen that we’re decided to exceed your expectations. I additionally know that India wants vastly extra entrepreneurs, each massive and small, in order that we are able to fulfil folks’s rising aspirations for a greater life. Indeed, India wants dozens of Reliances in order that we are able to construct an inclusively affluent and totally trendy Developed Nation by 2047.
Now is the time for all companies in India to work collectively as a Grand Coalition with the spirit of cooperation, collaboration, and mutual assist. Today, I pray to God Almighty to proceed to bathe His blessings on Reliance in order that we are able to proceed to serve Mother India as a humble and devoted member of this patriotic coalition.
Finally, on behalf of all our shareholders, I heartily thank our Board of Directors for his or her steering and oversight. My appreciation to all our staff – our best asset. Your dedication and dedication have helped the Company scale new heights. I’d additionally prefer to thank our enterprise companions for his or her constant assist in delivering high quality options. And final, however actually not least, I convey my deepest gratitude to India and all Indians for retaining religion in Brand Reliance over time. Thank you, and Jai Shri Krishna!
