Jio to launch 5G by Diwali, aims to cover entire country by 2023, Mukesh Ambani tells shareholders

Jio to launch 5G by Diwali, aims to cover entire country by 2023, Mukesh Ambani tells shareholders

Reliance Industries Chairman and Managing Director, Mukesh Ambani, virtually addressed the shareholders at the 45th annual general meeting on Monday afternoon in the immersive and interactive 3D world of metaverse

Reliance Industries broadcasted its annual shareholder meeting simultaneously on a virtual reality platform as well as on five social media platforms.

Reliance Chairman and Managing Director, Mukesh Ambani, virtually addressed the shareholders at the 45th annual general meeting on Monday afternoon in the immersive and interactive 3D world of metaverse.

He started his address by saying that while digital platforms enable shareholders across the world to participate, however he hoped that they would be able to switch to hybrid mode next year.

He said that while there is severe economic stress and political instability in some parts of the world, India stands strong. He congratulated PM Modi for this.


Reliance became India’s first corporate to cross $100 billion in annual revenues, said Ambani. It’s consolidated revenues grew 47 per cent to $104.6 billion and its annual consolidated EBITDA crossed a crucial milestone of ₹1.25 lakh crore

He also stated that #WeCare is the core philosophy of #Reliance.

“It is the philosophy of doing good to others before doing well for ourselves. Our ever-expanding circle of care enhances respect for Reliance globally and ensures its sustainable growth,” stated Mukesh Ambani.

Higher Benchmarks

Reliance Industries set higher benchmarks of serving the community and also created business and societal value on unparalleled scale, said Ambani.

Its exports grew 75 per cent to ₹250,000 crore and the contribution to national exchequer grew 39 per cent to ₹188,012 crore, adding 2.32 lakh jobs in Financial Year 2022, added Mukesh Ambani

Over the past year, Jio has further consolidated its position as India’s number one digital service provider, stated Mukesh Ambani.

“Today, we have 421million mobile broadband subscribers on our 4G network and they consume, on an average, 20 GB of data every month,” said Mukesh Ambani.

“Inspired by the #DigitalIndia vision of our PM Modi India has seen the emergence and scale-up of multiple world-class national platforms like #Aadhaar, #JanDhan, #Rupay, #UPI, #AyushmanBharat, #StartUpIndia,” added Mukesh Ambani.

Reliance Jio

Reliance Jio’s high-quality, redundant and always-available fibre-optic network is backbone of data traffic from India’s every corner, said Ambani.

“Jio’s pan-India fibre-optic network is over 11 lakh km in length – enough to go around Planet Earth 27 times,” said Mukesh Ambani.

JioFiber is now the #1 FTTX service provider in India, with over 7mn connected premises, a feat achieved in less than two years despite COVID-19 lockdowns.

“We will launch India into the Top-10 league in fixed broadband adoption,” said Mukesh Ambani.

“Today, I want to announce the next leap forward that Jio is creating in digital connectivity, especially in fixed broadband. That is JIO 5G. With 5G, we will connect 100mn homes with unparalleled digital experiences and Smart Home solutions,” said Mukesh Ambani in his speech.

“With Jio 5G, we will connect every-one, every-place and every-thing with the highest quality and most affordable data. In addition to meeting India’s needs, we are confident of offering digital solutions to global markets,” added Mukesh Ambani.

Jio 5G

Jio 5G will be the world’s largest and most advanced 5G network.

Jio will deploy the latest version of 5G, called Stand-Alone 5G, which has zero dependency on our 4G network.

“The three-fold advantage of Stand-Alone 5G architecture, largest and best mix of spectrum, and Carrier Aggregation means Jio5G will be able to offer an unparalleled combination of coverage, capacity, quality, and affordability,” stated Mukesh Ambani.

For pan-India 5G network, Reliance Jio committed ₹2 lakh crore in investment and has prepared the world’s fastest 5G rollout plan, according to Ambani.

“By Diwali, we will launch Jio 5G across multiple key cities. By December 2023, we will deliver 5G to every town of India,” Mukesh Ambani added.

“We have indigenously developed end-to-end 5G stack which is cloud native, software defined, digitally managed, with support for advanced features like Quantum Security. This is developed in-house by our 2,000 plus young Jio engineers,” Mukesh Ambani said.

Akash Ambani added that Jio True 5G delivers breakthrough increases in broadband speed and drastically lowers latency.


Jio 5G gives ultra-high fiber-like speed over the air without any wires.

“We are calling it JioAirFiber. With JioAirFiber, it will be easy to quickly connect your home or office to Gigabit-speed Internet,” said Akash Ambani.

Due to the high speed of JioAirFiber, people can view multiple video streams, showing multiple camera angles at same time and that too in ultra-high definition. They can also choose which camera angle we want to focus on, added Akash Ambani.

Kiran Thomas, President of Reliance Industries said that using JioAirFiber, customers can opt to use a virtual PC – Jio Cloud PC. No upfront investments, no upgrades. A super-affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business.

“We are excited by the endless possibilities of Jio 5G, and technology, to serve humanity and to improve lives of hundreds of millions of our citizens,” added Akash Ambani.

With 5G being rolled out in India, the current 800 million connected internet devices will double to 1.5 billion connected internet devices in just a year, stated Akash Ambani.

Collaboration with Qualcomm

It has now forged a collaboration with Qualcomm to develop a 5G solution for India, which can be taken to the rest of the world, Mukesh Ambani said.

“We are privileged to have world’s leading tech cos as partners in our ‘Made in India’ 5G collaboration viz. Meta, Google, Microsoft, Ericsson, Nokia, Samsung, Cisco. Today, I announce exciting partnership with Qualcomm,” said Mukesh Ambani

Cristiano Amon, the CEO of Qualcomm stated that they are committed to developing the digital infrastructure that enables the success of citizens and businesses, with Reliance Jio.

Media and Entertainment

Mukesh Ambani also mentioned the media business.

He said that the media business achieved its highest growth last year and the national channels, CNN-News18, CNBC-TV18, and News18 India are consistently ranked number one.

He also said that Viacom18 consolidated its leadership position with a high-decibel entry into sports, bagging digital rights of IPL for 5 years.

Viacom18 also aggressively invested in movie rights and original content for OTT, Mukesh Ambani added.

“Jio4G, JioFiber, and now Jio5G, are uniquely positioned for best quality, high value digital connectivity solutions. India can lead the world with digital solutions that solve humanity’s biggest problems in Sustainable Development,” said Mukesh Ambani

Reliance Retail

Ambani congratulated the entire leadership team of Reliance Retail on achieving a record of ₹2 lakh crore turnover and an EBITDA of ₹12,000 crore.

Reliance Retail is among the Top-10 Retailers in Asia.

“Reliance Retail’s purpose is to serve millions of customers daily with unlimited choice, outstanding value proposition, superior quality, and unmatched experience through our physical stores, or digital and omni-commerce platforms,” said Mukesh Ambani.

“We served over 200 million registered customers, equivalent to the collective population of the UK, France and Italy, at Reliance Retail’s physical stores and digital platforms,” added Isha Ambani.

“Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year. Jio Mart, delivering in over 260 towns, was rated India’s number one trusted brand for online grocery,” said Isha Ambani.

“We opened over 2,500 stores in the year to take our store count to over 15,000, with area of 42 mn sq-ft. We doubled warehousing space to 670 mn cu-ft. We generated employment for more than 1,50,000, taking employee base to 360,000,” said Isha Ambani.

“We launched our WhatsApp-JioMart partnership,” said Isha Ambani.

“Our digital commerce platforms of and JioMart provide comprehensive omni-channel network, enabling us to deliver 93 per cent online orders from stores within 6 hours,” added Isha Ambani.

The JioMart Digital (JMD) initiative enables small merchants sell entire product portfolio of Reliance Retail on an assisted selling model, helping them deliver superior customer experience and growing their income.

Oil and Gas

Mukesh Ambani congratulated the Oil and Gas team for a spectacular turnaround, with production jumping 9 times and revenues crossing $1 billion.

“With the commissioning of the MJ Field by end-2022, KG-D6 will contribute ~30 per cent of India’s gas production,” stated Mukesh Ambani.

He also stated that, it was yet another year of superlative performance for the Order to Cash business. It crossed ₹5 lakh crore in annual revenues. The EBITDA crossed ₹50,000 crore, said Mukesh Ambani.

Carbon Fibre composites

“I am pleased to share that over the next 5 years, we will invest ₹75,000 crore and expand capacities in existing and new value chains. In Polyester value chain, Vinyl value chain and New Materials,” said Mukesh Ambani.

Consistent with the vision for New Materials, Reliance Industries will build in phases India’s first and one of the world’s largest Carbon Fibre plant at Hazira with a capacity of 20,000 MTPA, based on Acrylonitrile feedstock.

“We will commence ACN production next year and first phase of carbon fibre in 2025. We will integrate composites business with Carbon Fibre to produce Carbon Fibre composites. Carbon Fibre promises to be a multi decade growth engine for Order to Cash,” said Mukesh Ambani.

“Reliance has championed the cause of sustainability through circular economy and is India’s leader in recycling of polyesters and plastics. We will more than double our bottle recycling capacity to 5 billion bottles a year,” said Mukesh Ambani.

He also added that the scientists of Reliance Industries have also developed pathways to produce biodegradable and compostable plastics to completely replace single-use plastics.

Net carbon zero by 2035

“Reliance Industries has commenced its journey to become net carbon zero by 2035 with a set of concrete actions,” said Mukesh Ambani

Ambani also admitted that decarbonising the global economy will require multi-decade investments in Green and Clean Energy to the tune of $5 trillion per year globally.

“This also offers unprecedented opportunities for multi-decade growth,” he said.

“The sheer magnitude of this responsibility and opportunity has made our New Energy business far more ambitious, far more transformational, and far more global in scope than anything Reliance Industries has ever done before,” he declared.

Power Electronics

Last year, Ambani announced setting up of Dhirubhai Ambani Green Energy Giga Complex in Jamnagar to establish four Giga Factories.

“Today, I would like to announce our new Giga Factory for Power Electronics,” he said.

“For solar PV manufacturing, we have acquired REC Solar. Our 10GW solar PV cell and module factory at Jamnagar, based on REC technology, will commence production by 2024 and scale up to 20GW capacity by 2026,” said Mukesh Ambani.

“This will be first of its kind of ‘quartz-to-module’ facility globally from quartz, to metallurgical silicon, to polysilicon, to ingots and wafers and integrate them with cells and modules,” said Mukesh Ambani.

“We will invest in Glass and POE film manufacturing – both having natural synergies with our Chemical and Materials business. It will provide supply security, unparalleled cost advantage, and ability to capture chain margins with max recycling,” said Mukesh Ambani.

Battery packs

“Batteries are critical to promote Green Mobility and stationary applications. We have formed strategic partnerships with Lithium Werks, Faradion and Ambri, each of them being an industry disruptor with superior chemistry, better performance,” added Mukesh Ambani.

“We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 GWh annual cell to pack manufacturing facility by 2024, and further scale up to 50 GWh annual capacity by 2027,” said Mukesh Ambani.


Reliance Industries is one of the largest producers of Grey Hydrogen globally.

They have partnered with Stiesdal to accelerate cost reduction and commercialisation of their Pressurised Alkaline Electrolyzer technology. They aim to progressively commence transition from Grey Hydrogen to Green Hydrogen by 2025.

Reliance Industries is actively working on bio-energy.

“I am happy to inform you that Reliance Industries has inaugurated Phase I of its Bio-Energy Technology (BET) Centre at Jamnagar on 15 August 15, 2022,” said Mukesh Ambani.

RIL’s captive requirement provides a large base-load demand to accelerate ₹75,000 crore commitment to establish New Energy manufacturing ecosystem.

“Once proven at scale, we are prepared to double the investment to scale up our manufacturing ecosystem,” added Mukesh Ambani.

National Institution

Ambani said that today, Reliance Industries has grown into one of the world’s largest and most valuable business enterprises.  It has become a feather in India’s cap as a National Institution.

“It has been my personal privilege to have attended every single AGM of Reliance Industries over the past 45 years. This year, 2022, is a happy milestone in my association with Reliance Industries – I complete two decades of serving your company as its Chairman,” said Mukesh Ambani.

Ambani while concluding his speech, said that Reliance Industries’ story reads like an unputdownable book with never-ending chapters of success.

“We have collectively succeeded in growing RIL only because each one in the Leadership Team has internalised Founder’s Mindset,” added Mukesh Ambani.

He also said that they have nurtured Reliance Industries’ unique institutional culture, due to which its every business has been super-success. Maintaining this institutional culture to achieve perpetual growth is the hardest task before the existing and future leadership teams, added Mukesh Ambani.

New India

The New India will have increasingly higher expectations from Reliance Industries.

Reliance Industries must quickly, and vastly, increase its contribution to the prosperity of India, and the wellbeing of all Indians, said Mukesh Ambani.

“Aware of this enormous responsibility and opportunity, our existing leadership and I, under the guidance of the Board of Directors, are going to give our very best in coming years to enrich RIL’s Leadership Capital and Institutional Culture,” said Mukesh Ambani

Akash Ambani and Isha Ambani have assumed leadership roles in Jio and Retail respectively. Anant Ambani has joined the New Energy business.

“When I see them, I see Dhirubhai Ambani’s pioneering spirit in action. I feel supremely confident that tomorrow’s Reliance will have a better army of leaders, as should happen in any dynamic organisation that empowers its young leaders,” Mukesh Ambani

“Even as I continue to provide hands-on leadership as before, my existing team of leaders and I, along with our Board of Directors, will dedicate ourselves to making RIL more robust, more resilient, more purpose-driven, and truly future-ready. So that, in the near term, Reliance more than doubles its value by the end of its Golden Decade in 2027, and thereafter continues to grow ever more rapidly,” said Mukesh Ambani.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Firstpost.

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