Music. Vslide: Slide 1:Mukesh Ambani standing at the podium, warmly welcoming shareholders and stakeholders as he formally opens the meeting. The background slide reflects Reliance’s legacy, values, and vision, setting the tone for the AGM with a message of gratitude, confidence, and commitment to creating long-term value for India and all stakeholders. [Mukesh Ambani]: Dear share owners, ladies and gentlemen, good morning, its 11 o'clock and time to start the meeting. We have changed the format today because today we will write history for India. I welcome all of you to the 39th annual general meeting. of the company, the Requisite quorum is present and therefore, I call the meeting to order with your permission. The register of directors and the key managerial personnel and their shareholding and register of contracts or arrangements in which directors are interested are available here and will remain accessible to the members for inspection. If they are so desired. Authorizations and proxies have been lodged with the company for 159. 94 crores shares representing 52. 18% of the company's voting capital. I wish to introduce for the benefit of the new members of our company, my colleagues, on the board of the company. So, from my right, a most respected Srimal Bhakta, Dr. Masheilkar, Nikhil Misswani, Shri R. S. Gujarat, [ Shri P.M.S Prasad, Nita Ambani, Shri Y. P. Trivedi, or from my left. Dr. Devi Kapoor, Nikhil Misswani, Professor Ashok Mishra [Applause][Visual] and Shri kapil, who will join us in a few minutes. Due to preoccupation, both Professor Deepak Jang and others are not able to attend this meeting. Ladies and gentlemen, notice dated July 15, 2016, convening this annual general meeting, along with the copy of the annual report for the financial year, ended March 31, 2016, has already been circulated to the members of the company. With your permission, I shall take them as read. Thank you. The auditor's report on the standalone and the consolidated financial statements, and the secretarial audit report of the company for the year ended 31 March 2016. Do not contain any qualification, reservation, adverse remark or disclaimers. Accordingly, the reports are not being read out before the meeting as provided in the company's act, 2013. [Sound] Before I start my speech I want to share with all the shareholders that it is indeed a very proud moment. For all of us, that government of India has conferred the Padma-Vibushan award on our founder, Chairman Sri Dhirubhai Ambani. Let me now address you. For all of us at reliance, starting with our founder, Sri Dhirubhai Ambani, shareholders and the reliance AGM has always had a special place in our heart. And this meeting is secret. So, it is only apt that as we launch our biggest investment in the history of reliance, we do it in front of our shareholders who have made reliance what it is today. Thank you for your unflinching trust and unconditional support always. [Applause] So, my dear shareholders, a very good one, a very warm good morning to each and every one of you. It gives me great pleasure to welcome you to the annual general meeting of reliance industries limited. The company's accounts for the year ended March 31, 2016, along with the directors and the auditors report, a letter to the shareholders and the management discussion and analysis have already been circulated to you. With your permission, I would like to take them as well. Dear shareholders, this morning I start with the newest and the youngest member of the reliance family, Jio. Vslide: slide2:Mukesh Ambani standing at the podium, introducing Jio Digital Life, while the background slide showcases Jio’s digital ecosystem. The visuals highlight high-speed connectivity, AI-powered services, digital platforms, and everyday digital experiences, reflecting how Jio is transforming lives, empowering businesses, and accelerating India’s journey toward a digitally inclusive future. [Mukesh Ambani]: Let me begin my words with dedication. In the journey of time, they come with a few life-changing movements. Our Prime Minister, Sri Narendra Modi's inspiring vision of a digital India is one such movement. Jio is dedicated to realizing a Prime Minister's vision for 1.2 billion Indians. Jio will give the power of data to each Indian to fulfill every dream and to collectively take India to global digital leadership. With these words, I want to dedicate the commencement of Jio to the digital India vision of our Prime Minister to my fellow 1.2 billion Indians and India. [Applause] A steamed share of owners, why did we call it our venture Jio? Why is our motto Jio digital life? Permit me to articulate the philosophy that has given birth to Jio. The world is at the beginning of a digital revolution. Anything and everything that can go digital is going digital. At an exponential rate, faster than what you and I can imagine. Whether it is manufacturing, commerce, health care, education, entertainment, life is going digital. Through the ages, information and knowledge have driven humanity's progress. When you put the power of data connectivity, computing, software and information together, the price performance of everything changes drastically. Everything gets disrupted. I believe in the next 20 years, as a human civilization, we will collectively achieve more than what has been achieved in the last 300 years. We are at the beginning of a new era of humanity. In this era, if you are not digital and if you don't have globally competitive digital tools and skills, you simply will not survive. You will get disrupted. You will be out competed. You will be left behind. You will become irrelevant. India and Indians cannot afford to be left behind. Today, India is ranked 155th in the world for mobile broadband internet access out of 230 countries. Jio is conceived to change this. I have no doubt that with the launch of Jio, India's rank will go up to among the top 10 in the world. [Applause] 1.2 billion Indians cannot be left behind as the world enters a new era. We have the youngest population in the world. Give them affordable digital tools. Give them the skills. Give them the environment. They will surprise us. It is this opportunity to transform India and transform the lives of 1.2 billion Indians that motivated reliance to invest in this space. And Jio is the result. We have called it Jio because Jio means to live. There is nothing more precious in this world than life. I believe it is the fundamental right of every Indian to live a life of freedom, a life of fulfillment and to realize their fullest potential. Digital technologies open the doors to this life, the digital life. However, life cannot survive without oxygen. Data is the oxygen of digital life and oxygen must never be in short supply. First, the supply of oxygen for digital life must never be unaffordable for any user. Doing so shows disrespect for life. Jio respects life, which is why reliance created Jio. Jio is more than just a business for us. Jio is a solemn commitment to enrich the life of every Indian. Jio means to live and to be alive to every opportunity and realize the potential of every Indian. [Applause] Dear shareholders, the world's demand for digital oxygen, that is data, is growing explosively. Jio's mission is to meet this exploding need for India and to take our nation from a data shortage to data abundance and to enable digital life for a digital India. A digital India where the digital life of no Indian is ever threatened by scarcity, poor quality or unaffordability of data. Where access to information knows no barriers. Where quality education reaches the most inaccessible corners of the country driven by digital learning. Where quality health care percolates right up to the remotest regions powered by health care. Where farmers are empowered with real-time information to be connected with global markets. Where mobile and e-mook banking ensures financial inclusion. Where connected Indians drive innovation and the world looks to India for the next big idea. This is our prime minister, Sri Narendra Modi's vision for digital India. And Jio's mission is to realize this digital India vision to ensure that Indians have the highest quality and quantity of data connectivity at the most affordable prices. Ladies and gentlemen Vslide: slide3:Mukesh Ambani standing at the podium, and slide highlights about “Jio Ecosystem” [Mukesh Ambani]: Jio is an entire ecosystem that will allow Indians to live digital life to the fullest. The Jio ecosystem stands tall on five fundamental pillars. First, the best quality broadband network with the highest capacity. Second, a world of affordable 4G smartphones and wireless IP devices. Third, compelling applications and content. Fourth, superior digital service experiences. And fifth, affordable and simple tariffs. Vslide: slide4:Mukesh Ambani standing at the podium, and slide highlights about “Jio Network” [Mukesh Ambani]Let me start with the first pillar, the network. All communications on the internet is done using a digital language called the internet protocol or IP for short. All smartphones, all computers, all the servers that sit in the back end. In fact, each and every participant on the internet speaks IP. In the ensuing future, even household items like televisions, refrigerators, air conditioners, washing machines and even light bulbs will dock IP. Industrial equipment, instrumentation systems and control systems speak IP. Public infrastructure like traffic lights and safety cameras also will speak IP. Most legacy telecom providers have not built their networks for data or the internet. They have built their networks to support voice and essence. As the internet revolution caught on, they have had to retrofit the legacy network to deal with data and IP as an afterthought. Imagine using a translator to speak a language that you don't understand versus speaking your mother tongue. The more you have to speak, the more cumbersome the translation process becomes. Translation is slow. It is inefficient. It is unnatural. As legacy telcos are confronted with the explosion of data usage, they have been trying to push this unnatural act to its breaking point. Jio, on the other hand, has created an all IP network. This means there is only one language spoken on the Jio network, the language of the internet. With the launch of Jio, India's digital mother tongue will be IP. Jio's IP. With this single digital mother tongue, we will connect all of India into a single family and a single United Nation. The all IP design also makes Jio's network the most extensive and future proof network in the world. It is a network. [Applause] It is a network built for ever increasing volumes of data and the best that the internet has to offer. Jio is a data strong network built for the internet from the ground up. Today, Jio's network already covers 18,000 cities and towns and over two lakh villages. By March 2017, we will cover 90% of India's population. [Applause] Jio is the first mobile network in the country that is only 4G LTE. This means that there is only 4G on the Jio network and not mostly 2G, sometimes 3G and once in a while 4G. [Applause] In fact, it is the largest 4G LTE network in the world today. [Applause] We have also deployed the largest 100% voice over LTE network. Volte provides crystal clear voice and video quality, instant call connectivity, the least call drops and a unique ability to use voice and data simultaneously on the phone. So, when you are talking to somebody and you want to check your email, you can do both of that on the same screen. Today, [Applause] today we know that the networks are moving to high definition video. Jio is the only network conceived and born as a mobile video network from the ground up. As we progress, the internet could offer even more compelling content than video, like virtual reality and augmented reality. Jio has the necessary foundation to be a leader in these areas as well. It is future ready and it can easily be upgraded to support even more data as technologies advance to 5G, 6G and beyond. Because of this, we will be able to provide an abundance of high quality, high speed data and transform India from a high price data market to one with the lowest data rates anywhere in the world. [Applause] Vslide: slide:Mukesh Ambani standing at the podium, and slide highlights about “DEVICES” [Mukesh Ambani] Now, let us look at the second pillar of Jio's digital life devices. As a result,the proactive work done by Jio and Reliance digital teams with all leading device manufacturers, more than 70% of all smartphones sold in the country today are 4G LG. The time is near when nearly every smartphone sold in India will support 4G LG. As I had predicted during the last AGM, there are 4G LG smartphones available in India today at 4000 rupees. But I believe this is not enough. So today, Reliance digital is introducing a line of super affordable 4G LG smartphones under our popular live brand. [Applause] Starting at 2000, [Applause] the smartphones starting at 2999. More feature-rich models are available for progressively higher price points, like 3,999, 4,999, and 5,999. And for those users who still want to hold on to their 2G and 3G phones, we are introducing a 4G LG personal router called Jio5 for only 1,999. [Applause]With this, Jio and Reliance digital have ensured that enterprise for using the Jio network is affordable for all Indians. Let us now look at the third digital life pillar, Jio's application and content. Vslide: slide6:Mukesh Ambani standing at the podium, and slide highlights about “Jio Application” [Mukesh Ambani]: Jio offers a suite of applications that brings you the very best across categories of media, entertainment, money, and essential utilities With Jio TV, any time is prime time. You can watch more than 300 live TV channels with access to all of last week's programs at any point in time. So if you are late, [Applause] and you missed your favorite serial, you can, at 11 o'clock in the night, watch the program at 8:30 just by moving your screen. Jio Cinema brings the Cinema Theater at your fingertips. Watch HD movies from a library of over 6,000 movies, more than 60,000 music videos, and over one lakh episodes of television in all 10 languages. The Jio Music app makes Ultra HD music a reality with a library of 10 million songs in over 10 languages. Jio Magazines and Jio newspapers give access to thousands of latest magazines and your daily newspaper digitally. Jio Money is your personal wallet that allows you to go cashless. I believe that these apps will really showcase the capability of Jio's powerful network and create a magical experience of Jio Digital Life for customers. With this in mind, I am today pleased to announce that the Jio Apps book which is worth Rs 15,000 for an annual subscription will be available complimentary completely free for all active Jio customers all the way right up to the end of next year. That is up to December 31st,[Applause] 2017. [Applause] Now the fourth pillar, the Jio Service Experience. Vslide: slide 7:Mukesh Ambani standing at the podium, and slide highlights about “Jio Service experience” [Mukesh Ambani]: For the past few months, we have been offering Jio Services to some sections of users on a preview basis and we have received an unprecedented response. Initially, we deployed a paper-based process to onboard a few lakhs of these applicants. We have experienced firsthand how inefficient such a manual process can be. Many of our customers had to wait for multiple hours and some even overnight to get their service activated. This is not acceptable to us. We have redesigned the Jio Signup Experience and made it 100% digital using an Aadhaar-based EKYC process. We are rolling this out starting with Mumbai and Delhi today. [Applause]And over the next four to six weeks across India. With this digital process, we will have a capacity to acquire a million customers a day. I request all Jio Users to kindly bear with us for any inconvenience until we fully implement this process. We want to make the onboarding experience for Jio Users as simple and delightful as possible. And with EKYC in a few weeks, any Jio customer carrying an Aadhar card will be able to walk out of a Jio Store with a working connection in only 15 minutes. [Applause] For our customers' journey, post signup, we have created an app called My Jio. My Jio is your digital companion for every stage of your digital life. It is one place from where you can conveniently initiate the signup process. Get ongoing access to your accounts, check your balance and bills, make payments, chat with the customer service agent, and even find and launch all the Jio applications from one convenient location on your smartphone. We want to transform the entire service experience for all our customers and make it fully digital. So finally, to the last and the most awaited pillar, the Jio tariffs. Vslide: slide 8:Mukesh Ambani standing at the podium, and slide highlights about “Jio Traffis” [Mukesh Ambani]: Jio's pricing principles are about solving customer pain points. We have always put the customer first. And if this means changing the industry, then we are prepared to do so. Let me walk you through three simple principles on which Jio tariffs are built. The first principle, customer should pay for only one service, either voice or data, not both. World over, operators charge only for data while voice and messaging are essentially free. So ladies and gentlemen, today I have great pleasure in announcing a revolutionary concept for the Indian market. All voice calls for Jio customers will be absolutely free.[Applause]The era of pain for voice calls is ending. Jio will assure India into this new era. No Jio customer will ever pay for voice calls again across India to any network. And in the spirit [Applause] and the spirit of one India, roaming charges will also be zero across India. [Applause] Jio will put an end to voice call charges in India for all voice calls that are domestic. [Applause] Our second principle is that data must be affordable. Jio's advanced technologies and scale allow us to provide cutting-edge services at a fraction of its traditional cost. And I believe that Jio customers should be the first to benefit from this. The advantage of technology should be passed on to all customers. [Applause] The current market practice is to charge for data a base rate of between 4,000 and 10,000 rupees a gigabit. Jio will have a base rate, which is one-tenth of this. [Applause]Our data plans go even further with an effective rate of data of only 5 by say per MB of 50 rupees a gigabit. [Applause] And the more data you use, the lower the rate. [Applause] I believe that these are the absolute lowest data rates anywhere in the world. [Applause]So, ladies and gentlemen, Jio makes India the highest quality lowest price data market in the world. [Applause]Our third principle is that pricing structure should be simple for every Indian to understand. Today, there are more than 22,000 telecom tariffs across the country. Jio's pricing structure has only 10 main plans. These plans are created to ensure that every user can easily find a plan that fits their budget and their data needs. Friends, Jio transforms India from an affordable voice and very high price data market to a zero voice and the lowest price data markets in the world. [Applause]Today, for all our customers, we will also remove the following pain points. No more blackout days. When you need to message on Diwali or New Year, operators charge you double the rate on Jio, there is no more blackout. [Applause] No more non-transparent difficult to understand bills. On Jio, after every transaction, you will see a bill real time. You don't have to wait up to the end of the month. [Applause] So now, let us take Vslide: slide 9:Mukesh Ambani standing at the podium, and slide highlights about “Jio’s launch tariffic" [Mukesh Ambani]: a look at Jio's launch tariffs. Here they are. Let me point out some key aspects. We are price points starting from rupees 19 per day for the occasional data users. Two, a monthly rupees 149 plan for the light data user. And all the way up to a monthly rupees 4999 plan for the heaviest data user. So Jio provides, and as data is the digital oxygen, it should be available to all Indians. So we provide this all the way from 150 rupees a month to 5000 rupees a month. [Applause] You can see the simple lineup of 10 main plans. In each of these plans, we have provided the lowest LTE data rates in the world. And what is even more important is that there are no streams attached. No separate upfront commitment. No basis in terms of if you give me 1000 rupees upfront, then you get this rate. We have no streams attached. No upfront commitments are required to get the rates that are there. Data packs available in the market have an effective rate today of 250 rupees a GB. With Jio, you pay 5 to 10 times. So we are bringing this 250 per GB, and you can optimize to 50 rupees a GB. And if you use more data, then you can go all the way down to 25 rupees a GB. [Applause] And how do we do this? So the highlight is unlimited night time LTE data. This is designed to pass on the idle network capacity at night to all our customers. We are also designing Jio applications in such a way that our customers can program their downloads to happen during the night. So when you are sleeping, the network is working for you to reduce your data cost. [Applause][Visual] Jio is rolling out Wi-Fi hotspots across India. By the middle of next year, we will deploy nearly 1 million Wi-Fi spots. So in your plan, we have added additional Wi-Fi data in our plans. This means that our users have another way to use broadband data in colleges, schools and other public places to reduce their overall data costs. [Applause] Of course, all these plans have unlimited free voice calls and messages forever. Jio will never charge for voice. [Applause] For international calling, Jio plans to give you the best ever international calling rates. And each of these plans come with an unlimited subscription to every Jio app. So as you can see, Jio tariffs are explicitly designed to give you the full freedom and flexibility to use as much data as you want. In fact, it removes the fear of high data charges. Now, Indians will no longer have to turn off data on their phones. They can use maximum data. [Applause] Dear share holders, but that's not all. Reliance has always maintained that our youth are the nation's future. And the students of today are the knowledge workers of tomorrow. And in their success lies India's ability to fulfill its digital destiny. Students more than anyone else need access to data and digital services to hone their competitive edge and to compete in the connected global marketplace. We at Jio want to extend a special consideration to students of our country. Today we are unveiling a special student discount offer. Any student with a valid student ID card will be able to get 25% more data on Jio's main tariffs. [Applause] In addition, Jio is in the process of connecting the majority of India's schools and colleges with Wi-Fi to provide broadband wireless access to students in their classrooms. [Applause] Jio has also kept in mind two other segments that are traditionally heavy users of data. Enterprises that is all businesses and platinum customers. Enterprises both large and small are the engines of our economy. The power of a data strong Jio network can transform these enterprises to digital businesses. All enterprises have to be digital to compete in this new world. Jio will partner with all segments of enterprise and offer them competitive and unique customized solutions. For our platinum customers, Jio is working to raise the bar when it comes to digital life experiences. Jio is partnering with a number of premium technology brands to create a set of unique solutions that combine these partner products with the power of Jio's network and digital services. Further, we have high-end tariff plans that are specially seated for these global citizens with features like best international roaming rings and access to the most exclusive international content. We even ensure that they have the best indoor coverage. On top of all this, we will also provide a platinum customer with a series of specialized white glove services such as concierge services and video call centers. We will announce the specifics in the coming months. So friends, Vslide: slide 10:Mukesh Ambani standing at the podium, and slide highlights about “ jio’s powerful offerings” [Mukesh Ambani]:Let us now take a moment to review the powerful offerings that Jio has unveiled today. First, India's only all IP data is made for video 100% 4G LTE future ready network. Second, true 4G LTE smartphones starting from 2009, and Jio 5 only at 1,999 that enables all Indians to migrate to Jio's data strong network. Third, Jio's app subscription worth rupees 15,000 complimentary until 31 December 2017. Fourth, instant EKYC digital activations and a powerful My Jio for all your service needs. Fifth, free domestic voice calling. Sixth, the simplest and most attractive tariff plan in the market with the lowest data rates anywhere in the world. Seventh, all complex telecom charges like Blackout days eliminated. Eight, special offer for students with 25% more data. Nine, Jio services for enterprises to transform them to digital businesses and ten white glove exclusive services and features for our platinum customers. But, [Applause] but ladies and gentlemen, there is one more thing we are announcing today. That's starting coming Monday, the fifth of September 2016, Jio's data voice video and the full bouquet of Jio's application and content will be available for everyone. Absolutely free until [Applause]31 December 2016. [Applause]We are calling this the Jio welcome offer. This is perhaps the largest introductory offer anywhere in the world. Again, I want to assure you that this welcome offer will enable all to try Jio digital life, absolutely free to their hearts content up to 31 December 2016. [Applause][Visual] So, why are we doing this? With the Jio welcome offer, firstly, every Indian gets to enjoy Jio digital life. We Indians have come to appreciate and applaud Gandhi Giri. Now, every Indian can do data giri, which is an opportunity. [Applause] This data giri is an opportunity for every Indian to do unlimited good things with unlimited data. Secondly, every user gets to experience and get comfortable with Jio's digital service, especially billing and payments. Thirdly, Jio users can experiment with Jio digital life and personalize Jio's offering in a manner that best fix their usage. We are surprised at the way villages have adapted the internet and giving them a few months to learn the internet we think is a very noble purpose. Fourth, Jio gets to test and stabilize Jio's interconnect with other operators and to ensure superior voice quality for college to other networks. Finally and most importantly, Jio and Jio customers get to co-create and build the best network experience together. We will use the free welcome offer period to get valuable feedback from our customers and to iron out the defects that we jointly discover. So, my dear share holders, in addition to the historic announcements that we have made today, Jio has a number of other path-breaking initiatives that are in the pipeline. Let me mention just a few. First, starting in select cities, Jio is rolling out a fiber to the home-buyer line network. This initiative will push the power of data even further and will offer data speeds up to one gigabit per second to the home. [Applause] We will progressively extend this to the top 100 cities. At the same time, Jio is also extending this fiber network to enterprise locations. We intend to provide multi-gigabit enterprise-grade by-line data connections that are on par with those in the developed world for all our enterprise customers. Jio is also partnering with some of the leading and iconic digital and internet players in the world. Together with them, Jio will showcase the full power and range of their offerings to all our Indian customers. Vslide: slide 11:Mukesh Ambani standing at the podium, and slide highlights about “ jio - The future” [Mukesh Ambani]:We have also plans to partner with thousands of Indian entrepreneurs whose digital ventures can bloom in the ground that Jio is preparing. For this purpose, we have created a Jio Digital India startup fund and are also working to create digital entrepreneurship hubs in key cities and towns in India. Our aim is to build a platform for young Indians who want to create digital businesses of the future. The Jio Digital India startup fund has set aside, rupees 5,000 crores of venture capital to be invested over the next five years to encourage young entrepreneurs to build their businesses, ground up in India. [Applause] In terms of digital solutions, an exciting new area is e-commerce where Jio is working closely with reliance retail. In the coming months, we also plan to introduce apps around education, health, rural livelihood, agriculture and many more categories because we truly believe it is time for digital life to reach the remotest corners of India. I will regularly apologize of the progress that we make. Dear friends, I stand before you as a very proud leader and mentor of over 60,000 Jio employees across India. [Applause] The average age at Jio is 30 years. [Applause] Jio is a creation of the young, by the young, for the young. [Applause] Akash and Isha, both 24 are [Applause] directors at Jio have been hands-on leaders. [Applause] They represent the large contingent of the less than 30-year-olds at Jio. I want to tell all our young people at Jio, Jio is what it is because of your passion, your ownership and an attitude of can do. You have proved that given an opportunity, Indian youth can achieve the impossible and be better than anyone in the world. [Applause] I want to appreciate and thank each and everyone of the Jio employees for their contribution to bringing Jio to life. [Applause] All of you have made Jio what it is today. Born for the internet and born as a customer obsessed organization. You are the founders of a revolutionary moment that puts the power of digital life in the hands of 1.2 billion Indian citizens. [Applause] I have always set impossible goals for the Jio team and they have exceeded my expectations also always. [Applause] Today, I set a target for Team Jio to acquire 100 million customers on the Jio network in the shortest possible time and create a new world record. [Applause] I expect this to translate to a data usage of 250 crore GBs a month and I am counting on the Jio network team to ensure that Jio's all IP only LTE network delivers flawlessly with the highest quality data in the world for each and every of our customers. [Applause] Jio is also proud of all the channel partners it has created with reliance digital. Across India we have over five lack partners and we consider them part of our Jio family. In this digital age, we are committed to their continued prosperity by introducing new win-win opportunities. Together with all our partners, the Jio family is nearly 50 lakhs strong across India. This is the employment that Jio has created. [Applause] Dear share holders, at this time I also want to direct my words to another important constituency existing Indian telecom operators. Vslide: slide 12:Mukesh Ambani standing at the podium, and slide highlights about “ Fair play - Healthy Competition” [Mukesh Ambani]: Healthy competition is the lifeblood of a vibrant economy. It is the engine that drives innovation and customer value. No doubt all of us operators will compete vigorously in the marketplace. And I am sure that while doing so we will inspire each other to rise to even greater heights in our quest to serve the Indian customer. However, incumbent operators have significant advantages over new entrants since incumbents have very established networks and existing customers. New entrants require fair access to both. Therefore, the owners is rightly on the incumbent operators not to misuse their market power by creating unfair hurdles when it comes to providing point of interconnect between their network and Jio's network. Such hurdles will serve only to create a poor experience for Jio customers who are trying to make calls to the incumbent operator's network. In fact, in the last week alone, Jio customers suffer over five crore call failures to other networks because of insufficient interconnect capacity. This gives our customers the impression that voice is not working, but I want to assure all customers on the Jio network that we have the highest quality, best voice network. And once the incumbents give us interconnect, you will experience voice like never before. [Applause] Telecom operators have a legal obligation as a part of their license conditions to provide points of interconnect to their other operators. Likewise, they also have an obligation not to limit the customer's right to migrate to Jio using mobile number portability. I appeal sincerely to all my fellow operators to fulfill their obligation of providing interconnect without any delay so that no Jio customer suffers. [Applause] Vslide: slide 13:Mukesh Ambani standing at the podium, and slide highlights about “ jio brand value” [Mukesh Ambani]:Friends. Now I want to spend a few minutes talking about what Jio truly means for all of us. Firstly, as I mentioned before, Jio is about affordable high quality and abundant data enabling digital life for a digital India. Secondly, Jio is about connected intelligence. There are two kinds of intelligence in the world, machine intelligence and human imagination. Now combine the power of six billion brains with all the computers in the world and that is what connected intelligence means. Imagine the power that we will be putting in the hands of common Indians if we can give them a smartphone in their hands and use and always available broadband connection to link them to the power of the internet. Third, Jio is about doing things in a smart, simple and secure way. And finally, Jio is also about bringing people together. It's about inspiring people to join a movement. Jio is not about reliance but it is about you, your family, your friends, your community and all Indians together in a movement to embrace and win in this digital world. So, friends, when it comes to India, I am an eternal optimist. I have no doubt that Jio and Jio-enabled Indians will create a whole new digital economy and we will witness a period of unprecedented growth, empowerment, employment and prosperity for our nation. To put it simply, everything that Jio believes and everything that Jio does is driven by the vision of this future. A future where every Indian can say without hesitation that with Jio, life is digital and life is beautiful. [Applause] so Finally, my dear shareholders, with great humility and the greatest of love, I present Jio Digital Life to the nation and invite each and every one of you to sign up and experience the Jio services first time. And to all my fellow Indians, I have a promise and an appeal. From the 5th of September, India will change forever. [Applause] I invite you to come and participate in this change. Let us be this change together and Jio together. [Applause] Vslide: slide 14: Mukesh Ambani standing at the podium, with the background slide displaying the Reliance Industries Limited logo, a rising growth line, and the title “39th Annual General Meeting.” The visuals feature images of engineers and teams at work, symbolizing innovation and execution excellence, while the slides continuously transition to showcase key business updates across Reliance’s diverse operations, reflecting progress, scale, and sustained growth. [Mukesh Ambani]: So, my dear shareholders, with this historic announcement of Jio, let me now turn to a traditional format and give you a strategic perspective. We are meeting at a momentous time in our company's history. Five years ago, we put immense faith in India and undertook the largest capital expenditure program by any company in India's history. We demonstrated our faith by investing over 250,000 crores only in India in the last five years. India today is the fastest growing economy in the world and our judgment five years ago has proved right. We have invested more in the last five years than in the first 35 years of the company. We are investing in excess of 110,000 crores in our petrochemicals and refining business for growth. It improves our cost position, strengthens integration and adds new products to our portfolio. We are also de-risking this business model by transitioning from a cyclical commodity type earnings profile to an energy-like strong cash flow generating portfolio. In the past two years, our earnings have grown while oil prices have dropped from $100 to $40 a barrel demonstrating the success of our new business model. In addition, with Jio, we are bringing to all Indians the most disruptive technology of this century, the mobile internet. I firmly believe that this is once in a generation opportunity that we have seized not only to transform lives of millions of individuals and small businesses, but also to create unprecedented value for all our stakeholders. We are also going to build on the foundation of our successful retail businesses by initiatives that offer multiple channels and an unparalleled breadth of products and services. A petroleum retail business is now a part of our overall retail business. A consumer business has media and entertainment, the Jio digital services and our omnichannel retail. We are creating a very consumer-centric business founded on technology, logistics and customer satisfaction as its defining principles. There are very few other parallels of creating such a business anywhere in the world. As we fully execute this strategy, we will have among the most diversified growth-oriented businesses globally, we will be a proxy for the new India that is transitioning to become an economic superpower. And with these investments, I state with pride that we are the largest contributors to both the visionary, make in India and digital India movements of our Prime Minister Shri Narendra Modi. Dear share holders, I am delighted to report yet another year of record-breaking performance by your company. The net profit for the year stood at Rs 27,630, the highest in the Indian corporate sector. [Applause] Our operating net profits grew by 14 and 17% respectively. Reliance demonstrated among the best earnings growth, not only among large companies in India, but also among the strongest, in our global payer group. We set several milestones during the year. The gross refining margin at $10. 8 a barrel was the highest in 7 years. [Applause] It is also amongst the highest in the industry globally and a record of performance relative to Singapore complex refining margins. Our petrochemical business has the highest ever volume and earnings Its margins were among the top five global. [Applause] We had a record net profit despite no contribution from our upstream business and the largest ever capital expenditure in a year. Integrated business model combining strong downstream positions and risk management enabled us to grow profits despite soft oil and gas prices. A capital expenditure in the year was in excess of 112,000 crores. This is not only the highest capital expenditure by us in a single year, it is also the highest by any Indian company ever in a year. [Applause][Visual] We have funded this huge Capex program while maintaining a conservative balance sheet structure and our investment grade credit ratings. A strong credit profile helps us access local and international debt markets to raise funds at very competitive rates. Dear share holders, Reliance is India's largest exporter accounting for 8.5% of India's total merchandise exports with a value of 146,855 crores and excess to 110 markets. Reliance is a significant contributor to the national exporter. Reliance paid Rs 23,786 crores of customs and excise duty during the year, which is almost 4.8% of India's total revenues from customs and excise. Reliance [Applause] Reliance is also the highest income taxpayer in the private sector in India. And paid 7,826 crores as income tax during the year. [Applause] Petrochemicals. Vslide: slide 15: Mukesh Ambani standing at the podium, with the background slide highlights the growth in Reliance’s petrochemicals business. [Mukesh Ambani]:Dear share holders. Petrochemicals is one of the core growth engines of Reliance. Our business today consists of polyesters, fiber intermediates, polymers, synthetic rubbers and a variety of chemicals and solvents. This diversified portfolio is integrated with our refinery and has delivered the best margins globally for over 2 decades. This segment achieved a record epic of Rs 10,221 crores representing a 23% growth year on year and in turn delivering one of the best performances in the global petrochemical industry. We are now investing to nearly double double this capacity of this business. We are building amongst the world's largest and most integrated ethylene cracker in Jamnagar that will use off gases from the refinery as a feedstock with a capacity in excess of 1. 5 million tons a year. This unique configuration is possible only due to the scale and complexity of our refinery. It is a matter of great pride for all of us at Reliance that we can execute a project of this scale at about half the capital cost of similar crackers being built in North America. [Applause] This cracker is being built at Jamnagar which is today the busiest industrial site in the world with over 120,000 people engaged in project execution. We have made substantial progress in this project and are targeting it to be mechanically complete by December of this year. A cracker portfolio is currently dependent on domestic sources of feedstock including from our refinement. The portfolio needs dedicated long term supply of feedstock for sustained competitiveness. Reliance is now investing for ethane as ethane is the feedstock for 65 percent of cracker capacity in North America. We are the first company globally to conceptualize large scale imports of ethane from the US as a feedstock for our cracker portfolio. This project involves dedicated ships, pipelines, loading terminals at both the US and at Dahej. The ships are expected to be delivered over the next two quarters and the project will be ready by the end of this financial year. This innovation will provide us competitive feedstock and flexibility for the long term. We are global leaders in the polyester chain. We are making investments to meet the ever growing demand for the nation's clothing lifestyle products and water usage as PET is the polymer that is used in your water bottles. Last year we commissioned 650,000 tons of a new PET plant, a state of an art 2. 3 million tons PTA plant at Dahej. These plants are operating at nameplate capacity and serving both domestic and export markets. We are expanding our polyester presence in executing one of the largest parisylene plants in the world at Jamnagar. The new parasylene plant which you ]can see is mechanically complete and pre-commissioning activities have commenced with production slated to begin in the next few weeks. We are also the largest domestic producer of synthetic rubber. Our PBR plant and our SBR plants are now operational. These investments will position relies among the top 10 petrochemical players globally with a portfolio of products that continue to meet the growing demands of India. The petrochemical business will have a unique earnings model based on integration, top-decile cost positions and annuity earning stream. Petroleum refining. Vslide: slide 16: Mukesh Ambani standing at the podium, and slides highlights about “Petroleum Refining and Marketing” [Mukesh Ambani]: Dear share holders. Let me now turn to the petroleum refining business. The refining business continues to be a significant value driver for reliance, accounting for 60% of its earnings last year. Global oil demand growth at about 1. 8 million dollars per day was among the strongest seen in the last five years. Reliance delivered yet another stellar performance delivering an epic growth of 49.1% year-on-year in a period of continuing volatility. Our realized margins were amongst the highest global. We now have a track record of over 15 years of operating this business with the highest standards of safety and delivering amongst the best returns on capital. Our refinery business is truly global. We export to every major market in the world.We continue to be a major supplier to every large retailer and trader in the world. No matter how you travel globally by car, train or plane, you would probably consume fuels from a jamnagar refinery. [Applause] Our aviation fuel stations are present at 25 airports across India and these fuel and aircraft every four minutes on an average every day. [Applause] We are now making a large investment to ensure that our refinery complex has amongst the lowest cost of energy globally. We are taking petroleum coke and converting it to sin gas in a highly complex high pressure and high temperature process. It is one of the largest clean coal initiatives in the world. We will add 600% value to petroleum coke making this investment one of the most profitable. These gases will be a source of fuel for the refinery complex as well as feedstock for petrochemicals. This is the largest project ever executed globally on this scale and dimension. We are now close to completing the construction of this mammoth project and targeted to be mechanically complete in the first half of next year. Vslide: slide 17: Mukesh Ambani standing at the podium, with background slides showing business updates, Jio, Retail, Petrochemicals, Media & Reliance Foundation. Reliance continues strong growth across Exploration & Production, Petrochemicals, Retail, Jio, and Media. Reliance Foundation empowers millions through education, healthcare, sports, and rural development.and Future focus on consumer businesses, new energy, AI solutions, and delivering long-term value to shareholders. [Mukesh Ambani]:Dear share holders, let me now come to the performance and plans of our exploration and production business. We are proud of our partnership with BP in the domestic portfolio. Our KG-D6 block has produced 2. 6 DCF of gas and 29 million barrels of crude oil since commencement of output. We are making our best efforts to sustain production from this complex deep water basin. We are also evaluating along with our partner BP development plans to monetize the remaining resources of 4 to 5 DCF from this block in the framework of the new gas pricing policy. Reliance has developed CBM blocks in Madhya Pradesh along with a 300 kilometer pipeline to transport gas to customers. This development is at an advanced stage and of completion and production is expected to commence in this current financial year in the next few months. Our portfolio investments in shale gas businesses are in capital preservation mode in this environment of low commodity prices. Our joint ventures are in the best basis and have resources of about 60 CF. We have divested a midstream interest for over 1 billion in the past year and will look for further monetization opportunities. The consumer business... the Indian consumer sector has been undergoing a transformational change based on a combination of factors, demographics, aspirations to have the best products and services that are on par with the world, increase in discretionary spending, fast adoption of technology and India's economic growth. At Reliance, we have always believed in building India focused global scale next generation businesses. The consumer business is one of the few opportunities for building businesses of scale. Media and entertainment. Let me now talk about our media and entertainment business. This business spans television channels and digital media properties. We are aggressively investing in this space to sustain and grow our leadership in partnership with global leaders such as CNBC, CNN, Yacom, Forbes and Aplacine. Today we own the highest number of channels 58 spanning news entertainment including 11 channels that cater to Indian audiences in international market. Our channels collectively reach out to more than 500 million viewers every month. That is nearly 2 out of every 5 Indians. Network 18. [Applause][Visual] Network 18 has the most number of news channels in India. It has 21 news channels catering to both national and regional viewers and is offered across 18 states in 11 languages. Our entertainment and infotainment business in partnership with Yacom 18 and Aplacine has 26 channels. Colors is among the top two channels in the country while Nick MTV VH1 and Comedy Central are top channels in their genres. On the digital side, our combined network 18's digital side attracts over 27 million unique visitors every month which is the largest in India. We continue to be leaders in multiple segments such as book my show for tickets, money control and finance news 18. com and first post for news and opinion. And with homes with home shopping and Yatra, the group has invested in some of the most successful digital properties in India. We are aggressively investing in content by rolling out new channels. Dear shareholders, retail business is central to a consumer facing business and is growing at a rapid pace. In our petroleum retail business, over 1,050 fuel retail outlets have been operational across India in the last year and another 200 are in advanced stages of being recommissioned. Reliance has the best fleet management program and an unmatched IT digital backbone to enable unique and delightful experiences for customers at all touch points. This has enabled us to achieve a per outlet sales that is amongst the highest in the industry. Once all our existing assets are recommissioned, we will continue our investment to expand this business and dominate the fuel sales across highways in India. Dear shareholders, reliance retail continues to be India's most admired, most profitable and largest retail company. It enjoys leadership in multiple formats from grocery to apparel to digital products. The overall business has nearly tripled in the last five years. We have built the widest geographical footprint with physical stores now covering nearly 3,500 stores in 679 cities. [Applause] Spread over 13 million square feet and many more through our e-commerce reach. Serving grocery and products for daily needs, reliance fresh and smart continue to be the preferred convenience and supermarket destinations for over 27 and a half-black Indians every week. Our engagement with 25-black kiranas and small businesses through our reliance market cash and carry stores has extended the gains of sourcing and modern supply chain making them more efficient and productive. In the apparel business, [Applause]in the apparel business we have invested significantly to bring affordable fashion to our customers and actively work with a large number of partners. Reliance Trends has emerged as the favorite fashion retail chain in the country built on the principles of democratizing fashion for an aspiring Indian customer. We retail over 17 lakh garments every week making our consumers more fashionable each day. Ajio.com, the curated fashion online store launched this April has been steadily gaining loyal customers in the fashion segment. We are proud to represent over 25 prestigious international brands as our exclusive partners to bring luxury to Indians across the country. [Applause] Today, when India thinks of technology products, it thinks reliance digital. Reliance digital is the undisputed leader in the electronics retail space and has been voted India's best CDIT retail brand for four consecutive years. [Applause] In order to support the entry of Jio, Reliance digital has been aggressively expanding the network by a mix of own stores and supporting small retailers using our supply chain technology and logistics infrastructure. We have successfully set up a large distribution network with a presence of over 500,000 retailers across the country for Jio. We currently retail nearly 12 lakh handsets per month reflecting the strength of our distribution business. I am confident that Reliance retail would become a major growth pillar for us in the years to come. Reliance foundation. Dear share holders, Under Nita Ambani's April guidance, Reliance foundation continues to be the largest corporate foundation in India working on diverse development challenges. [Applause]For the Reliance foundation and all of us at Reliance, we want to congratulate Nita on her election. To the highest sports body in the world, [Applause]the international Olympics committee. She is the first Indian women to be on that platform. Congratulations.[Applause] Reliance foundation has built a strong team of over 500 people who reach out to more than 10,000 villages.Spread over 14 states impacting the lives of over 7 million. We continue to work in areas of education, health care, rural transformation, promoting Indian arts and culture, sports for development and disaster relief. In the last year, in the area of education, Reliance foundation did a pilot. With Jio, we set up virtual classrooms in 96 schools in Andre Pradesh and Gujarat, reaching out to over 20,000 students. [Applause] With the objective of improving the quality of teaching and learning outcomes. And our results are very encouraging. We envision Reliance education initiative to expand nationally in this important area on the back of our Jio network. The foundation continued its efforts in area of sports development of the youth and to revive the sporting culture in the country. The foundation recently launched the Reliance foundation youth sports that aims to develop grassroots sports in India by creating organized school and college sports competitions. Every year, the foundation continues to respond to unforeseen natural disaster. Last year, our relief operations provided solace to over 85,000 people across four districts during the floods in Tamil Nadu. During the drought in Marathwada region, Maharashtra, our team delivered drinking water to over 50,000 families in over 100 villages. I offer my sincere appreciation to[Applause][Visual] the foundation's team for its spirit and commitment. To alleviate human suffering and transform people's lives. My dear shareholders is, Reliance has a unique, globally competitive, world-scale, fully integrated, petrochemicals and refining business operating in the fastest growing market in the world. We also have among the lowest cost position and a long history of safe operations. The consumer business portfolio comprising of media and entertainment, retailing and digital services will have unparalleled breadth, Geographic coverage and technology as its main drivers. As we enter a 40th year, we are proud that we have consistent performance over all the 39 years since our IPO. We have delivered a compound annual growth rate of 27. 2 percent in net profits over all the 39 years. [Applause] And delivered a compounded annual shareholder return over 39 years of over 20 percent. [Applause] With the completion of the present capital investment, both the above numbers will improve significantly in the next few years. Our petrochemicals and refining business is poised for a 40 to 50 percent growth in earnings and cash flow with an annuity-like profile. Our consumer business led by Jio-digital services will see rapid growth as we provide services to over 100 million consumers in the shortest time. I am confident that our consumer business will over several years be of the same size and earnings capacity as a petrochemicals and refining business. These two growth platforms will create continuing value for all our stakeholders. So, in conclusion, today and this year is a milestone for reliance. We have consistently delivered on our promise of putting India first. All our initiatives and projects are designed to improve the quality of life of every Indian. It gives me immense pride in what reliance has achieved for its country and its citizen. This is the reliance that my father and our founder, Sri Dhirubhai Ambani had envisioned. [Applause] What we have delivered today is our best ever. But on behalf of all of us at reliance, I can commit to each and every one of you that we will be even better tomorrow. [Applause] As I have consistently promised to you in the past and all of you, particularly in the past three or four years, have been patient. And I appreciate that very much. Rewards to our shareholders is on top of my mind. [Applause] I will work with your board to share generously the rewards of our investment cycle with all of you. [Applause] I would like to thank the central and the state governments. All our dear shareholders, investors, suppliers and customers for their consistent and resolute support. I thank all my colleagues on the board for their unanimous support and immense encouragement. And I have special words to acknowledge the collective efforts of the entire reliance team working tirelessly to creating and sustaining a world-class enterprise. Thank you ladies and gentlemen. [Applause] Thank you. [Applause]

																							

																									
Visual: Fareed Zakaria, the host of the show “Fareed Zakaria GPS” is sitting in a studio setting. Behind him, there is a large screen displaying the words "FAREED ZAKARIA GPS" with a graphic of a globe and a blue orbit line. Fareed: I’m just back from India, where I had the opportunity to sit down with that nation's richest man, who is also the CEO of its largest company. Forbes estimates Mukesh Ambani's net worth as being almost \$20 billion. Reliance Industries, the company he heads, has a market capitalization of over \$40 billion, according to Bloomberg. He talked to me about what seems to be one of the most hopeful stories about India and a piece of positive news in a gloomy world economy. In the next few years, an extraordinary thing will happen. 1 billion, That's billion with a B, Indians will get access to the Internet, most for the first time. What does that mean for India and the world? Ambani's company, through a venture called Jio, has bet billions of dollars that this is the economic opportunity of the moment for India and for his company. Visual: While the host explains these there are visuals of various settings: Reliance Smart entrance, streets, farmers in farms, street markets, etc., are displayed. Fareed: India's other telecom companies are also planning to build up capacity. We sat down to talk in Mukesh Ambani's home in Mumbai, which some reports claim is the world's most expensive private home. Visual: Fareed and Ambani are seated at the Ambani's home in Mumbai. Fareed: Mukesh Ambani, thank you so much for coming on the show. Ambani: Thank you, Fareed. It's always a pleasure. Fareed: Your company generates huge amounts of cash. You have been pouring all of this into one huge venture, which is to provide the internet to people essentially on cell phones. Why do you think this is worth that massive investment? Ambani: I believe that humanity is at the doorsteps of massive change and we are just at the beginning of the information and the digital age. And in the next 20 years in a network society, we are going to have change much more than what we have seen in the last 100 years. And it's really digitization and the digital world that is going to lead this. From an India point of view, India cannot be left behind in this revolution. As we saw the year 2012-13, India is 150th in the world in mobile broadband penetration as well as quality and Jio is really conceived to change this position. Fareed: To put it simply, would it be fair to say in India has not really been connected to the internet in a in a broad sense because infrastructure being such that the landlines that provide wired internet only reach about a hundred 150 million Indians? What you are proposing this revolution? Fareed: How many million Indians do you think will get connected to the internet in the next year, year and a half? Ambani: Well, we are ready to launch and in the second-half of 2016, 80% of India’s population will have high speed mobile broadband internet. So 80% of the 1.3 billion Indians will have high speed mobile Internet and by 2017 end we would cover 90% and by 2018 all of India would be covered by this digital infrastructure. Fareed: So in 2018, will a rural farmer in India have better internet capacity than somebody in America? Ambani: I think that if you look at what you have in the US right after five years, all the major carriers today cover only 75 to 80% of the US and we would be pretty much doing that by in 2016 itself. Fareed: Do you think, I mean you have Reliance throws off enough cash, billions of dollars a year that could be invested anywhere, do you think this is the best investment opportunity in the world right now? Ambani: This digital infrastructure I think is a very good investment for me personally, like we made this investment just to make sure that the youth of India, which is still the bulk of India, India as you know, is a very young country is empowered and they have an equal opportunity to not only prosper themselves, but to contribute to this new world. And that was really our main reason. Ambani: And that's why we took very high risks, right. As time has passed, this now looks like being pretty good even business wise. Fareed: Mukesh Ambani, pleasure to have you on. Ambani: Thank you.