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We attended the 45th annual general meeting of Reliance Industries Ltd. on August 29, 2022, following are the key highlights from the event:
The AGM touched upon the company’s ambitious plans across business verticals, particularly the ensuing 5G launch, foray into the fmcg space, and new energy investments.
Reliance Jio: plans to launch 5G services over the next two months across major cities with a target to achieve a pan India coverage by December 2023, incurring an investment of Rs 2,000 billion. It also plans to launch JioAir, a 5G wireless device that will accelerate its home broadband services.
Media: It plans to make inroads in the digital space, with investments in movie rights, original OTT content, and sports content across the spectrum.
Retail: It will continue to expand in all categories (grocery, electronics, fashion, and pharma) through physical as well as digital platforms. It also plans to foray into the fmcg space, thanks to its sizeable private label business.
Oil-to-chemicals: It announced a capex investment of Rs 750 billion, underscoring capex towards a single train PTA plant of 3 million metric tonnes per annum capacity, 1 mmtpa PET capacity, 1mmtpa polyester capacity, and an increase of ~three times in vinyl chain capacity from its existing capacity (1.5 mmtpa integrated) by CY26.
New energy: It recently acquired 100% stake in REC Solar, which specialises in solar panels.
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