Reliance AGM 2023: 7 key takeaways – JioAirFiber, AI, and more

At the Reliance Industries' 46th AGM, Chairman Mukesh Ambani announced significant developments. From launching its 5G home broadband service, JioAirFiber to Reliance's commitment to AI, here are the key highlights:

1. JioAirFiber Launch: Reliance Jio will introduce its 5G home broadband service, JioAirFiber, on September 19, utilizing the pan-India 5G network to provide high-speed fixed wireless broadband.

2. Jio True5G Lab and Developer Platform: A Jio True5G Lab will facilitate technology partners and enterprise clients in developing and testing industry-specific solutions. The Jio True5G Developer Platform will offer a comprehensive range of 5G network, edge computing, applications, and services.

3. Revolutionizing Home Broadband: JioAirFiber is expected to reach up to 150,000 connections daily, enhancing home broadband accessibility and bypassing last-mile fibre requirements.

4. AI and Innovation: Reliance aims to create up to 2,000 MW of AI-ready computing capacity and emphasizes AI's growth potential. The company is striving for innovation, cost reduction, and market leadership through AI integration. Ambani envisions AI as the "most exciting frontier of growth" for Jio, pledging to extend AI benefits to citizens, businesses, and the government. Reliance aims to harness AI for innovation and national prosperity.

5. 5G Network Progress: Mukesh Ambani stated that Reliance Jio is on track to achieve a complete 5G network coverage across India by December 2023, boasting over 50 million 5G customers already.

6. Ambani Family Succession: Mukesh Ambani's children, Isha, Akash, and Anant, were appointed to the board of Reliance Industries. The succession plan aims to ensure the company's continued growth and transformation under the next generation of leadership.

7. Diversification and Expansion: Reliance Retail crossed 100 crore transactions in FY23, witnessing a 42% YoY increase. The company added 3,300 new stores and achieved a registered customer base of 249 million.