RIL 47th AGM:Mukesh Ambani announces 26% efficient bifacial solar panels, 30 GWh battery facility by 2024

Mumbai, Reliance 47th Annual General Meeting Highlights, RIL AGM 2024 Updates: Reliance Industries is shifting towards becoming a deep tech company, as Chairman Mukesh Ambani highlighted during the 47th Annual General Meeting. Emphasizing artificial intelligence as a transformative force, Ambani detailed RIL’s tech-driven evolution to enhance growth and value.

The company is embedding advanced technologies across its businesses, developing in-house innovations, and building an AI-native digital infrastructure. RIL’s R&D expenditure exceeded ₹3,643 crore in FY24, with over ₹11,000 crore spent in the last four years. It has more than 1,000 scientists working on critical projects, leading to over 2,555 patents filed, including in 5G, AI, and green energy.

Ambani expressed confidence in RIL’s potential to rank among the world’s top 30 companies. Additionally, the Board will meet on September 5, 2024, to consider a 1:1 bonus issue for shareholders, potentially doubling their shares without additional cost by capitalizing the company’s reserves.

Mukesh stated, “India needs many more companies like Reliance to achieve an inclusively prosperous and fully modern nation by 2047. It’s time for all Indian businesses to unite in a Grand Coalition, embracing cooperation, collaboration, and mutual support.”
Akash, Isha, and Anant have just completed one year as board members. They have stepped up to take on greater responsibilities, as first among equals in Reliance’s next generation leadership. I congratulate them on their excellent beginning. In addition to them, we are mentoring a large team of dynamic and exceptionally competent young leaders who are eager to assume bigger roles at Reliance, said Mukesh Ambani

Our New Energy business will be the new jewel in Reliance’s crown. I foresee it becoming as big and profitable over the next 5-7 years, as our O2C business which we had built over the past 40 years, Mukesh added.

Nita Ambani announced Reliance Foundation’s role as a founding member of LiftEd, a unique consortium focused on strengthening foundational literacy for four million children in India. This initiative, aligned with the Government’s Nipun Bharat Mission, aims to achieve Foundational Literacy and Numeracy for every primary school child by 2025.

Additionally, we have partnered with the National Skill Development Corporation to create 100 future-ready courses, including cybersecurity, AI, and sustainability, targeting 500,000 youngsters.

Additionally, a multi-GW electrolyser manufacturing facility will be established on the west coast by 2026. Over the next few quarters, we will integrate backward to cell manufacturing and battery chemicals production, creating the world’s only fully integrated battery giga-factory and driving value chain synergies.

“We have also developed an end-to-end digital platform that reduces the time from concept design to store shelf to just 30 days, ensuring that our stores are always stocked with the freshest merchandise,” said Isha.