Reliance AGM 2024: Jio AI Plans
Here are some of the most noteworthy highlights from Reliance Industries Limited's 47th Annual General Meeting (AGM), which took place on Thursday, August 29. In his speech, Chairman Mukesh Ambani of Reliance Industries Limited announced a number of projects for the company. Ambani emphasized the conglomerate's shift towards a deep tech company supported by Artificial Intelligence (AI).
Plans for Jio Brain and AI:
Chairman of Reliance Mukesh Ambani unveiled "Jio Brain," a feature-rich toolkit designed to expedite the integration of AI throughout the Jio network. Jio Brain will enable more accurate forecasting, speedier decision-making, and a better comprehension of client needs.
"To enhance AI adoption, we are developing the Jio Brain, a comprehensive suite of tools and platforms covering the entire AI lifecycle," Ambani stated.
Disney and RIL combine:
When the Walt Disney Company's Indian division and RIL announced their agreement, Mukesh Ambani declared that it was a "new chapter in India's entertainment landscape."
The statement, "I warmly welcome Disney to the Reliance family," emphasizes the significant impact that is expected from this important partnership.
Additionally, the RIL Chairman stated that the partnership will integrate digital streaming with content development and guarantee that these services will be provided at a reasonable price.
The entertainment business in India is entering a new age with this. Unmatched content will be provided at reasonable costs thanks to our digital-first strategy, Ambani stated.
Bonus Issue 1:1:
On August 29, Reliance Industries announced that it would be issuing bonus shares to its shareholders at a 1:1 ratio. According to Mukesh Ambani, the founders of the company thought that shareholders ought to be rewarded.
The chairman of RIL stated, "Our Founder felt that the shareholders deserve a reward and a part in our company's progress."
The RIL Chairman stated that the company is not in the business of seeking short-term profit and hoarding riches, even if the record date for the aforementioned bonus issue has not yet been established.
The RIL Chairman declared, "We are not in the business of hoarding wealth and pursuing short-term profit."
Jio Cloud Storage and AI for Phone Calls:
At the Reliance AGM 2024, Jio Phone Call AI, a new service that incorporates AI into every phone call, was also unveiled. The new service will turn phone calls into text transcriptions in addition to recording and storing them in Jio Cloud. Jio Phone Call AI can also translate phone conversations into other languages and summarize the conversations that are had. Additionally, the business declared that it will begin offering the Jio AI-Cloud Welcome offer this year on Diwali.
Users can receive up to 100 GB of free cloud storage as part of the Jio AI-Cloud Welcome promotion.
Jio is considered a deep tech company:
According to Mukesh Ambani, Jio holds more than 350 5G and 6G patents. Jio is a deep tech pioneer, he continued, and the business is focusing more on deep tech to maintain its competitive advantage.
Jio is a genuine deep-tech innovator in the modern era. The fundamental element of our triumph is our entirely in-house 5G stack, crafted by Jio's skilled engineers. "We are doubling down on deep tech to further extend our competitive edge... this end-to-end solution, tailored for India's unique needs, has proven itself on a national scale," Ambani continued.
"Biggest mobile data company in the world"
According to Reliance Chairman Mukesh Ambani, Jio is currently the biggest mobile data provider in the world, with each subscriber using 30 GB of data per month.
In just eight years, Jio has grown to be the biggest mobile data provider in the world. According to Mukesh Ambani, each Jio customer uses 30 GB of data per month at a cost that is one-fourth of the global average.
In addition, he stated that Jio Airfiber now has over 2 million users and that it intends to add a million new users every thirty days.
The fastest-growing retailer is Reliance Retail:
According to Isha Ambani Piramal, Executive Director of Reliance Retail Ventures, Reliance Retail is not only the biggest grocery store, but it is also expanding at the quickest rate. She went on to say that the company's emphasis on smaller communities is what is driving this growth.
Our growth in the grocery industry is 2.5 times faster than the rest of modern trade, making us not just the largest but also one of the fastest-growing merchants. Our concentration on smaller towns—where more than two-thirds of our new stores are opening—is what fuels our development. We are the first contemporary store to establish a foothold in many of these markets, according to Isha Ambani.
Jamnagar, the global center of energy:
Jamnagar is the "Energy Capital of the World," according to Mukesh Ambani. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex, according to Ambani, will house the largest, most advanced, modular, and interconnected ecosystem in a single site worldwide. He declared that the corporation would create this industrial environment by investing up to ₹75,000 crore.
In order to build this manufacturing environment, which will be greatly aided by all new technologies like artificial intelligence (AI), the internet of things (IoT), machine learning, and robotics, we want to completely commit and invest up to ₹75,000 crore. We will be able to maximize margins that are larger than those of stand-alone, non-integrated businesses thanks to our total ownership and automation of the integrated value chains, he said.
