Reliance Industries to hold AGM on August 28

Posted By: Jaydatt Chaudhary Posted On: Aug 04, 2023
Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai(File Photo) (REUTERS)

Reliance Industries on Friday said its annual general meeting (AGM) of shareholders will be held on August 28, 2023 through video conferencing.

The company in an exchange filing said,"This is to inform that the Forty-sixth Annual General Meeting (Post-lPO) ("AGM") of the Members of the Company wilI be held on Monday, August 28, 2023 at 2:00 p.m. (IST) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

The Company has fixed Monday, August 21, 2023 as:

(a) the "Cut-off Date" for the purpose of determining the Members eligible to vote on the resolutions set out in the Notice of the AGM and to attend the AGM;

(b) the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2022-23. The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM.

Source: Live Mint
Related Posts: RELIANCE INDUSTRIES,AGM,MUKESH AMBANI,ISHA AMBANI,RELIANCE INDUSTRIES AGM,RELIANCE INDUSTRIES AGM IN AUGUST

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India-Canada relationship ‘highly fraught’

Posted By: Preeti Dabar Posted On: Sep 19, 2023
Canada's Prime Minister Justin Trudeau walks past India's Prime Minister Narendra Modi, right, as they take part in a wreath-laying ceremony at Raj Ghat (Mahatma Gandhi's cremation site) during the G20 Summit in New Delhi, Sunday, Sept. 10, 2023. (Sean Kilpatrick/The Canadian Press via AP) (Sean Kilpatrick/The Canadian Press via AP)

The relationship between India and Canada is now “highly fraught", a leading foreign policy expert has said.

The face-to-face interaction between Prime Minister Narendra Modi and his Canadian counterpart Justin Trudeau during the G20 Summit revolved around Trudeau's concerns regarding the alleged involvement of Indian government agents in the assassination of Hardeep Singh Nijjar, a Khalistani terrorist based in Canada, according to Michael Kugelman.

India-Canada News LIVE Updates: India likely to expel Canadian official

The Director of the South Asia Institute at Wilson Center has said that Trudeau utilised the opportunity to discuss his concerns directly with PM Modi.

“I understand that PM Modi also brought to Trudeau's attention his concerns about what has been happening with Sikh leaders in Canada. I think there could have been an incentive from Trudeau's part to be in a position to meet face-to-face with Modi to warn him about these concerns," Kugelman said.

Also Read: Khalistani terrorist Hardeep Singh Nijjar's murder in Canada: What we know so far

Trudeau's visit to India had a broader agenda—participation in the G20 Summit. However, an opportunity for a tête-à-tête with his Indian counterpart provided the Canadian prime minister a platform to raise issues of immediate concern, the American expert said.

Source: Live Mint
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Can Mukesh Ambani disrupt India's wind energy sector

Posted By: Pawan George Posted On: Sep 07, 2023
Reliance Industries Chairman Mukesh Ambani. (PTI)

Mumbai: Billionaire Mukesh Ambani's proposed plan for Reliance Industries' foray into the wind energy space could disrupt the sector in the same way his group did with refineries, petrochemicals, telecom, and retail.

To his credit, Ambani has created the world's largest grassroots petroleum refinery at Jamnagar, Gujarat, doubling its capacity from 33 MTPA in 2010 to over 72 MTPA now.

Ambani launched the retail business in 2010 and today Reliance Retail Ltd is the largest retailer in India. RIL launched telecom services under the Jio brand in 2016, and it is now the largest telecom operator in India. In 2020, RIL raised a record $20 billion by selling stakes in its digital and retail businesses.

Under Mukesh Ambani, RIL's market capitalization has grown from $5.5 billion in 2002 to over $200 billion now.

With Ambani announcing his mega wind energy plans, the industry could be in for a rapid makeover.

On 28 August, Mukesh Ambani addressed shareholders at his $200 billion RIL group's annual general meeting, stating that RIL's large-scale "carbon-fibre" manufacturing capabilities (used to make wind turbine blades) could place the company in a unique position to reduce the cost of wind turbines.

“We will be partnering with the world's leading technology players in wind equipment manufacturing to deliver most cost-efficient solutions," said the billionaire business tycoon.

Ambani's plan to rope in global firms for wind energy business came as a bit of a surprise because RIL's first priority, according to Ambani, is to deliver a fully integrated, end-to-end Solar PV manufacturing ecosystem, which is something similar to plans of solar-cum-wind energy hybrid renewable power production plans being drawn by Adani Group and other conglomerates in India.

Ambani says RIL will set up one of the largest, most technologically advanced, flexible, and most cost-competitive solar giga factory globally, and will be converting sand into solar PV modules.

"Our Solar giga factory will include manufacturing of PV Modules, Cells, wafers and ingots, polysilicon, and glass at a single location in Jamnagar. We will target to bring the factory on-stream in a phased manner by the end 2025," said Ambani in the AGM, adding that RIL will also pursue cost-effective wind power generation through in-house carbon fibre blade making capacity.

Adani group has already installed a hybrid renewable energy capacity of 8.5GW through solar and wind.

Ambani feels integration of energy storage with wind and solar power generation is critical to providing grid-connected, round-the-clock electricity.

Inside RIL's solar energy plans, a key attempt is the deployment of grid-scale of batteries to convert intermittently captured photons (from the Sun) into electrons and make them available round the clock for RIL's captive requirements, as well as for India's growing energy needs.

"Reliance has a golden chance to enable India to transform itself from a net energy importer to a net energy exporter. Therefore, as I look into the future, I can clearly see Reliance creating substantial wealth for India and for all our shareholders in perpetuity," said Ambani in his AGM speech.

Ambani's statements in RIL's 46th AGM not only indicates that India could be leading from the front in Asia's net-zero journey but also hints that a fierce battle may be in the making in the world of wind energy.

Why is RIL, the country?s most valuable private firm, keen to enter wind energy biz?

India is the world's third-largest carbon emitter, after China and the US. India is also the world's third-largest wind energy producer, catering to both onshore and offshore consumers. The government wants to curb dependence on imports of oil and gas. For this, Prime Minister Narendra Modi has committed to meeting 50% of energy demand through renewable sources and reducing the carbon intensity of the economy by more than 45% by 2030.

According to a 29 June ICICI Securities report, Indian power grid needs more wind in its mix.

Alongside, clean energy transition is a global priority aiming to restrict the average global warming at 1.5 degrees Celsius by 2050, forcing companies across the globe to pace up their multi-billion dollar green energy transition roadmaps and large investment managers to shift their bets on green energy-compliant firms. Asia alone accounts for over 50% of global carbon emissions.

In hindsight, clean energy has emerged as one of the most promising businesses of the future for many global industrial groups, including RIL. With oil prices breaching the $90 per barrel due to prolonged supply cuts from Russia and Saudi Arabia, the migration to renewables such as wind and solar could be faster.

“Towards this, we have made significant progress in developing a manufacturing ecosystem critical to achieving cost-efficient Wind Power generation at giga scale.," said Ambani.

RIL wants to leverage its engineering capabilities, along with its giga-scale manufacturing ecosystem, to accelerate installation of at least 100 GW of renewable energy generation by 2030, said Ambani.

RIL owns a vast land at Jamnagar, Gujarat that may help it integrate capacities at mega-watt scale in the next few quarters.

Billionaire Gautam Adani-led Adani group too has set an ambitious green energy target, entailing investments worth $50 billion. But, RIL sees the enormous business opportunity, which is why it accelerated the journey to achieve Net Carbon Zero by 2035 and has mentioned that the group is ready to double its investment to Rs. 1.5 trillion to establish renewables and green bioenergy business.

“We are well on our way to build the New Energy ecosystem of manufacturing solar, wind…," said Ambani, who is competing with the likes of Tata, Vedanta, Adani group and L&T among others in the race to go green.

Currently, Suzlon is the leader in domestic wind energy space, with a market share of 33% (based on total installations).

However, RIL's entry may change the wind energy landscape altogether, given its financial superiority compared to hundreds of other Indian and global firms.

Currently, India's top wind energy production and services firms include Vestas India with installed capacity of 57 GW across 70 countries; Chennai-based Regen Powertech Pvt. Ltd. which manufactures wind turbines and erect wind energy projects; Suzlon Energy Ltd producing 23 GW in wind energy across 30 countries; Enercon India Pvt. Ltd. (runs under the brand Wind World Ltd.) can produce 28 GW of wind energy and is a part of the top 500 companies of Engineering News Record (ENR).

Then, firms including GE Wind Energy Ltd.(26 GW capacity); Chennai-based Indowind Energy Ltd., Gamesa Wind Turbines Pvt. Ltd. , Orient Green Power Ltd. (with capacities in Tamil Nadu, Maharashtra, Gujarat, and Andhra Pradesh), and Noida-based Inox Wind Ltd., are engaged in wind energy business.

Will India?s wind energy journey be smooth?

India's fast economic growth has so far largely been fuelled by coal ‐ the most carbon-intensive fossil fuel, which accounts for over 70% of India's power mix.

Ambani said the next few years are going to be “transformational" for RIL, which will help position India to be a world leader and trendsetter in energy transition.

Even though wind generates power in monsoon and nights when solar generation is low, and higher wind will lead to lower battery storage requirement for a decarbonised grid, growing demand for wind energy will require substantial land and air space.

In 2003, when Minnesota-based DanMar & Associates placed an order for 24 wind turbines first time with an Indian wind energy firm -- Gujarati businessman Tulsi Tanti-led Suzlon Energy Ltd., several Indian business houses were possibly enthused to redraw their diversification roadmaps.

But in 2012, the market was shocked when India's biggest convertible debt default occurred as Suzlon failed to repay $209 million, following reports of orders running dry, top level exits and poor quality of blades – the most expensive component of a wind turbine, whose one rotation covers an area equal to the size of a standard soccer turf and can generate power that is enough for an American home for a day, according to global reports.

Technological advancements

“Wind power industry faces size problem as blades get longer than football pitches· The growth in offshore wind turbine size is accelerating," said a 29 August report by Financial Times.

“The 169 wind turbines spinning off the Yorkshire coast are an engineering feat: each eight-megawatt model erected by Danish developer Orsted can power a home for 24 hours with a single rotation of its 81-metre turbine blades," said the FT report.

Dozens of miles north, the FT report said, rival wind farm developer SSE is already upping the ante with its newest turbines, where a single rotation of the 107-metre blade can power a home for two days.

The jump in turbine size in the offshore wind industry, where blades can reach higher than New York's Rockefeller Center and provide electricity for millions of homes, reflects the fierce race for scale over the past decade or more.

As a result, windmills will require larger spaces in the future. There is a possibility that RIL, which has built offshore rigs, will now build mega-windmills offshore as well.

A windmill to generate 1 MW energy costs at least ₹10 crore and it requires more land than any other power generation plant. The upfront cost is high but the production cost is cheaper.

However, wind energy could be the trickiest of all the energy businesses.

Wind's occurrence is beyond human control and given the climate change (like the ongoing El Nino storm) wind's intensity pattern may completely change from one geography to another.

While RIL and Adani group are setting up their wind energy capacities in Gujarat, Suzlon already has an 1100 MW wind park in the Kutch district. Apart from Gujarat, Indian companies have set up windmills in Kerala, Karnataka, Rajasthan, Maharashtra, Tamil Nadu and Andhra Pradesh.

Also, windmills are set up typically in the countryside since enough lands are not available in cities. Any growth in wind energy business will need more land acquisition, which has been a decades-old problem in India due to fragmented land ownership, importance of agriculture, farming, and changing political influences that impact land acquisition and habitat. With India's population surpassing 1.4 billion, this may turn out to be a major issue.

In India, wind energy business could be even trickier with most of the windmills located in the top-most earthquake-prone states including Gujarat. Any adverse seismic event in these states, where companies like RIL and Suzlon are betting on the most, could expose the wind energy business to bigger threats that could completely disrupt India's wind energy ambitions.

Source: Live Mint
Related Posts: RIL,MUKESH AMBANI,REFINERIES,PETROCHEMICALS,TELECOM,WIND ENERGY,RENEWABLE ENERGY,RELIANCE RETAIL,SOLAR ENERGY,SUZLON

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Viacom 18 bags TV and digital rights for Indian cricket team's home matches

Posted By: Tarun Kumar Posted On: Aug 31, 2023
Indian cricket team captain Rohit Sharma during a training session ahead of the Asia Cup 2023, in Bengaluru (PTI)

Viacom 18 bags TV and digital rights for Indian cricket team's home matches for five years. Viacom18 won the media rights for all BCCI India matches for a total of ₹5963 crore. It will pay ₹3101 crore for digital rights which is ₹35.23 per match and for TV, it will pay ₹2862 or 32.52 crore per match.

Jay Shah, Secretary, BCCI in a tweet wrote," Congratulations Viacom18 for winning the @BCCI Media Rights for both linear and digital for the next 5 years. India Cricket will continue to grow in both spaces as after @IPL and wplt20 we extend the partnership @BCCI Media Rights as well. Together we will continue to capture the imagination of cricket fans.

Source: Live Mint
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Jio True5G Developer Platform And Jio True5G Lab

Posted By: Ramesh Sharma Posted On: Aug 28, 2023

Reliance Jio has become a complete tech solution provider that is not only limited to the consumers but equally focused on its network for business as well. The telco's digital platform is now geared up to take the next step and build a new platform that allows enterprises and tech startups to engage in the digital world.

Jio has announced its Jio True 5G Developer platform that will cater to the needs of local enterprises and small businesses, and offer them a wholesome comprehensive platform that combines the strength of the Jio 5G network, edge computing and a host of applications.

“Today, we are announcing the Jio True5G Developer Platform, a comprehensive platform combining our 5G network, edge computing, and a spectrum of applications and services,” as announced by Akash Ambani, Chairman, Reliance Jio at the Reliance AGM 2023.

He talked about the need for businesses to have control over activating network slices as per their demand and Jio will help them deploy the applications using its multi-access compute locations and a diverse set of partners. Akash Ambani also mentioned that having the fusion of a 5G network, edge computing and other applications will help Indian businesses in a transformative way, who don't need to rely on multiple tools anymore.

“Jio True5G Developer Platform enables secure, quick deployment of 5G Edge compute and low-latency applications, enabling faster autonomous decisions, immersive experiences, and real-time Edge AI,” he explained.

All these implementations will not only accelerate innovation for the enterprises but also help them operate at a reduced cost. “And through the Jio True5G marketplace, our partners can integrate their offerings and develop tailored solutions that cater to specific needs,” he adds.

In addition to sharing details about the Jio True 5G Developer Platform, Akash Ambani also announced the Jio True5G Lab, which is a facility based out of the Reliance Corporate Park. This unit will help the telco to develop new 5G solutions with help from its industry partners, who can later test and deploy the applications as well. The new 5G Lab will act as the nerve centre for shaping India's 5G future.

Source: News18
Related Posts: JIO 5G,JIO 5G NETWORK,RIL AGM

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Jio Smart Home Announced

Posted By: Tarun Kumar Posted On: Aug 28, 2023

Reliance Jio has a broad set of services in the market that cater to both outdoor and indoor connectivity and now it has announced the Jio Smart Home services that look to take advantage of the indoor data consumption in the country. “More than 80% of data consumption in India happens indoors, and through our home offerings, we meet our customers where they consume most of their data,” Akash Ambani, Chairman, of Reliance Jio pointed out.

Jio Smart Home is anchored by our robust and extensive home broadband offerings. Our extensive JioFiber service already serves over 10 million customers, with hundreds of thousands more getting connected each month.

Jio is offering the new Smart Home solution through its home broadband service which is already available with over 10 million customers. So when you sign up for JioFiber, the telco will assist you and help transform the home into a Jio Smart Home. “Jio Smart Home services provide you with multiple services for simplifying, enriching, and securing your life within your home,” he said.

The first stage of building the Jio Smart Home is through the next-gen Jio Home Router which offers high-speed Wi-Fi coverage. You can use the Jio Home app from your smartphone to manage and control the settings of the device.

It has features like setting parental controls, making the network security stronger, offering troubleshooting issues, and even getting advice if a part of your home needs Wi-Fi extenders to improve the Wi-Fi coverage. Jio is also bringing an AI-driven monitoring system that will track your usage pattern and ensure no major issue occurs. The company is also securing the network and preventing untrusted traffic from entering your home network.

The Jio Smart Home app is also an extension for the Jio Set-Top box thanks to the eRemote feature. You can also double it up as a gamepad controller.

You also have interactive features with Jio Smart Home, such as the With Jio Home's Photos that allow you to access images anytime, anywhere. A smart home solution is incomplete without integrating with home devices and Jio Smart Home does that effectively, letting you pair a home security camera or other smart devices. You can get live video feeds, send alerts and record the clips using the app. Jio Smart Home makes all this possible, giving you the ideal 360-degree smart solution.

Source: News18
Related Posts: JIO 5G,RIL AGM

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Jio Smart Home Services announced at RIL’s AGM

Posted By: Jogendra Kumar Posted On: Aug 28, 2023
Akash Ambani, Chairman, Reliance Jio (For representation purposes only)

Reliance Jio has unveiled Jio Smart Home Services, aiming to revolutionize home appliance control. Competing with tech giants like Google and Apple, they're also launching Jio AirFiber for broadband connectivity. The service includes Jio Smart Home devices, a Set-Top Box for entertainment, and a Smart Home app. JioAirFiber uses 5G tech to provide high-speed internet, bypassing last-mile fiber constraints. This initiative is set to redefine the Indian home experience.

During the Reliance Industries Ltd's (RIL) AGM, Jio Chairman Akash Ambani emphasized that Jio Smart Home Services are set to revolutionize our home management and living experiences.

With the introduction of Jio Smart Home Services, Reliance Jio is positioning itself in direct competition with tech giants like Google and Apple, among others. Additionally, Jio is set to launch Jio AirFiber for broadband connectivity, as announced by RIL Chairman Mukesh Ambani during his presentation, with a scheduled launch date of September 19.

According to a report by Business Today, Jio Smart Home devices have been unveiled, designed to integrate seamlessly with both JioFiber and Jio AirFiber services. Additionally, a new Jio Set-Top Box has been introduced, positioned as a gateway to a comprehensive world of entertainment. This encompasses access to TV channels, streaming content, immersive large-screen gaming, and various digital applications, adds the report.

The package includes a dedicated Jio Smart Home app featuring an eRemote for the Jio Set-Top Box, and the added functionality of using your smartphone as a gamepad. Notably, the Jio Set-Top Box supports JioCinema and JioTV+, along with compatibility with leading global streaming apps.

Akash Ambani, Chairman, Reliance Jio, says," Over 80% of data consumption in India happens indoors. I'm thrilled to introduce Jio Smart Home services, which is poised to redefine how we experience and manage our homes."

He further stated, “Entertainment is changing rapidly worldwide, shifting from linear to interactive. Jio is accelerating this trend in India. Our Set-Top Box supports JioCinema and JioTV+, with leading global streaming apps."

Source: Live Mint
Related Posts: JIO,JIO SMART HOME SERVICES,JIO SMART HOME SERVICES ANNOUNCED,AGM,RELIANCE AGM EVENT,AGM EVENT,RELIANCE A,RIL

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