RIL AGM 2024 Live: Mukesh Ambani, the Reliance Industries Chairman, began his address to shareholders at the RIL AGM by congratulating PM Narendra Modi for securing a record third term. Ambani said that a notice has been sent to the stock exchange that the Board of Directors will be meeting on September 5, 2024 to vote on the issue of announcing bonus shares in the ratio of 1:1.
Since January 1, 2000, Reliance Industries has not split the face value of its shares. However, the company has issued two bonus shares, both at a 1:1 ratio, since November 26, 2009. The most recent bonus issue had an ex-date of September 7, 2017, according to an ET report.
‘Not in business of short-term profit’
Mukesh Ambani said that his conglomerate, which spans from oil to telecom, is not focused on generating short-term profits or accumulating wealth for its own sake. Instead, the company’s primary goal is to create wealth for the nation as a whole.
During his speech, Ambani highlighted Reliance’s commitment to ensuring India’s energy security. He also noted that the company has undergone a transformation, evolving into a deep tech enterprise that now produces its own technology rather than merely consuming it.
‘Reliance transforming itself into deep tech company’
Mukesh Ambani announced that the company is undergoing a transformation into a deep tech entity. He emphasized the significance of AI as a groundbreaking development in human evolution, opening up possibilities to tackle intricate challenges faced by humanity.
Ambani expressed confidence that Reliance’s strategic embrace of deep tech and advanced manufacturing will propel the company into the global top-30 league in the near future, assuring that the future holds even greater promise than the past. He highlighted Jio’s position as a genuine deep tech innovator.
“As I told you last year, Reliance has now become a net producer of technology. Breakthrough technologies and innovation have always been the greatest wealth creators for nations, as well as for corporates. Reliance internalised this ‘Vikas Mantra’ at every stage of our growth,” Ambani said.
Reliance is undergoing a transformation into a deep tech company with advanced manufacturing capabilities through several means. Firstly, the company is integrating innovative technologies into every business to generate increased value for customers. Secondly, Reliance’s skilled engineers and scientists are developing critical technological innovations in-house to enhance product and service offerings. Lastly, the company has established an AI-native digital infrastructure for all its businesses and has built its own software stack, integrating end-to-end workflows and real-time dashboards.
Watch RIL AGM 2024: Full address of Mukesh Ambani
AI goals
Mukesh Ambani announced at Reliance Industries’ AGM that the company will establish gigawatt-scale, AI-ready data centers in Jamnagar, Gujarat. He also highlighted Reliance’s goal of achieving the world’s lowest AI inferencing costs. Ambani noted that the advent of AI has created new opportunities to tackle complex challenges facing humanity.
“The birth of AI has opened up opportunities to address complex problems facing humans,” Ambani said, recognizing the potential of artificial intelligence to tackle significant challenges. Ambani also unveiled the Jio AI Cloud Welcome offer, which provides Jio users with 100 GB of free cloud storage.
‘India a bright spot’
Ambani spoke of the global economy, the hope that revolutionary breakthroughs in science like Artificial Intelligence offer, and the concerns surrounding geopolitical conflicts. “World today brings hope and concerns, on one hand we are living with scientific breakthrough like artificial intelligence, we are promised proprietary. The birth of AI has opened up opportunities to help solve multiple problems, but geopolitical tensions threaten to challenge global economy,” said Mukesh Ambani.
Mukesh Ambani also highlighted that India remains the ‘brightest beacon of hope’ for the world. He added that IMF’s projections of India surpassing Japan and Germany to become the world’s third largest economy in the coming years, means that by the time India hits the 80th year of Independence, we would have achieved this milestone.
“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. With our strategic adoption of Deep-Tech and Advance Manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future,” he said.
