Reliance Industries Limited (RIL) held its 45th Annual General Meeting on Monday through virtual reality platform.
Reliance Chairman and Managing Director Mukesh Ambani addressed the meeting in the immersive and interactive 3D world of metaverse.
The highlight of Ambani’s speech in this year’s annual shareholder meet included the announcement of 5G services in India, which was much anticipated ahead of the AGM. Another highlight was Mukesh Ambani introducing his daughter Isha Ambani as the leader of Reliance Retail, indicating towards a succession plan.
In his address, the RIL Chairman announced that 5G services will be rolled out in key cities of the country including metropolitan cities of Delhi, Mumbai, Kolkata and Chennai by the month of October this year and will complete the roll out in the entire country by December 2023.
Reliance AGM 2022: Highlights
Deployment of standalone 5G telecom services. First phase of the rollout will be done by the month of October this year and will cover key cities of the country including metropolitan cities of Delhi, Mumbai, Chennai, and Kolkata. By December 2023, 5G services will be made available throughout the country. An investment of Rupees 2 lakh crore will be made to make the 5G services availabe in the country. In his address, Mukesh Ambani said, “we are working closely with all leading global smartphone OEMs and we have their commitment that they will support 5G in India. The RIL Chairman also announced partnership with US-based semiconducter manufacturer Qualcomm to develop 5G solutions. Working with Google to develop “ultra-affordable” 5G smartphones. Indicating towards a succession plan, Mukesh Ambani introduced his daughter Isha Ambani as head of Reliance Retail who announced launch of FMCG business. RIL will invest Rupees 75,000 crore in petrochemicals and textile business. Isha Ambani also announced launch of two institutions by Reliance Foundation — Jio Institute and Nita Mukesh Ambani Junior School as an expansion of Dhirubhai Ambani International School.