Reliance AGM 2023: Nita Ambani To Step Down From Reliance Board, Isha-Akash Entrusted With Significant Responsibilities

Reliance Industries’ annual general meeting (AGM) was held on Monday, addressed by Chairman Mukesh Ambani. In his address, Mukesh Ambani referred to Prime Minister Modi’s speech on August 15 from the Red Fort and also mentioned the success of Chandrayaan-3. He stated that the country is experiencing rapid economic growth and expressed hope that by 2047, India will become a fully developed nation. During this event, Mukesh Ambani made several major announcements.

Announcement of Jio AirFibre

Mukesh Ambani announced that the rollout of Jio 5G will begin in late October and will be completed by December. He highlighted that the country has 85% 5G coverage, a significant achievement. He also stated that Jio AirFibre will be launched on Ganesh Chaturthi (September 19). Furthermore, while addressing the Reliance AGM 2023, Ambani also revealed significant changes within the board.

Nita Ambani to step down from the Board

As per regulatory information, the Board of Directors has approved the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as non-executive directors on the board. This signifies the new generation’s involvement in crucial roles. With shareholder approval, these appointments will become effective. Additionally, Nita Ambani will step down from the board. In the 46th Annual General Meeting, Mukesh Ambani disclosed that the company employs a total of 390,000 on-roll employees.

Isha Ambani stated that they have opened over 3,300 retail stores, bringing the total number of stores to 18,040. Among these, three-fourths of the retail stores are located in Tier 2, Tier 3, and smaller towns.

Isha Ambani also mentioned that their aim, as announced in the previous AGM, was to provide world-class products to Indian consumers at affordable prices. She highlighted the launch of FMCG (Fast-Moving Consumer Goods) business, which successfully entered multiple categories through various brand and strategic partnerships. This business seeks to make Indian brands contemporary and relevant for today’s Indian consumers while keeping the promises of centuries-old brands intact. Collaborations with brands like Campa Cola and Lotus have been initiated.