We Care for a Connected, Prosperous and Shared Future

																									
Vslide- slide -1: Mukesh Ambani is standing at the podium and background with large blue screen with content “Reliance industrial limited 46th annual general meeting” and introducing all the board member. [Mukesh Ambani]: Ladies and gentlemen, good afternoon. It is 2 PM and time to start the meeting. I welcome all of you to the 46th annual general meeting of the company. This meeting is held through video conferencing. This is in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that shareholders are provided an opportunity to participate in the annual general meeting and vote. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. The requisite quorum is present and therefore, I call the meeting to order. Register of directors and key managerial personnel and their shareholding and register of contracts or arrangements in which directors are interested are available. These will remain accessible to the members for inspection electronically if they so desire. I wish to introduce for the benefit of new members, my colleagues on the board of our company. Shri Adil zainubhai, shri R S Gujurat, dr shumeet banarji shrimati arundhat bhattacharya His Excellency yasir ali rumayyan shri k v choudhary Shri K v kamath, smt nita ambani shri Nikhil MAswani, shri hital miswani shri P M S Prasad All the directors of the company are present at this meeting. Sri V creakan, chief financial officer, srimati Savitri Parak, Company secretary, Alo Kagaarwal, Sri Kaseethur Amman and the representatives of our Statutory auditors in Secretarial Auditor of the company are also present at this meeting. Ladies and gentleman, Notice, dated August 4, 2023, convening this annual general meeting and a copy of the annual report for the financial year ended March 31st, 2023 have already been circulated to members of the company electronically. With your permission, I shall take them as red. The auditor's report on the stand alone and consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2023 do not contain any qualification, reservation, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the companies act 2030. Now, I will begin my formal address to the shareholders. My dear share owners, on 15 August, Vslide- slide 2: Mukesh Ambani standing at the podium and addressing about celebrating 77 th independence day and chadrayan 3. [Mukesh Ambani]: we celebrated a 77 in Independence Day. As our honorable Prime Minister, sri Narendra Modi said in his address to the nation, this is a new India full of self-confidence. Hindi. This India is unstoppable. This India is tireless. This India does not gasp for breath and this India does not give up. The historic success of Chandrayaan 3, demonstrated this yet again, five days ago. On behalf of all of you, I send our heartiest congratulations to all the scientists and engineers at Israel. Having consolidated its position as a global space power, what India can achieve in the future is indeed limitless. Friends, when we look at the biopolitical and economic situation, there are dark clouds of uncertainty hovering around us. However, there is also one sharp, unmistakable ray of certainty. The certainty that India will rise as a leading nation in our increasingly multipolar world. India's transformation as a prosperous, strong and self-confident nation stands out as a beacon of hope for the world. This is reflected in India's G-20 theme. Vslide- slide 3: Mukesh ambani standing at podium and addressing about “One Earth one family . One future” [Mukesh Ambani]:One earth, one family, one future. India's presidency of G-20 has made today's divided international community take note of the inspiring words of our upa nisad. Basudev kutumbakam or the entire world is our family. It is from this mantra that we at reliance have Vslide- slide 4: Mukesh ambani standing at podium and discussing about “We care” [Mukesh Ambani]:derived and developed, are we care philosophy. We care for the planet. We care for humanity. We care for a beloved motherland India. And of course, we care for all our partners, employees and shareholders. I will elaborate in the course of my address, how this ethos pervades everything that we conceive, believe and achieve at reliance, esteemed friends. In all humility, I would like to say that the new reliance has been a forerunner of the emerging new India. With soaring ambition, we have set seemingly impossible goals and achieved them. This is evident from the fact that reliance has Vslide- slide 5: Mukesh ambani standing at podium and discussing about “Soaring ambition and how to achieve them” including “Spirit of inovation” and “Impeccable execution” [Mukesh Ambani]:cumulatively invested more than 150 billion U.S. dollars in the last 10 years. Higher than any corporate in India and comparable to the leading businesses across the world. We have shown a ceaseless spirit of innovation by offering to our customers, products and services of the highest quality. At prices, amongst the lowest in the world, this can be seen from the fact. Reliances, businesses and philanthropic initiatives have enhanced the quality of life as well as the ease of living of hundreds of millions of Indians. We have shown impeccable execution capabilities by consistently delivering on all our plans. This can be seen from the fact that reliance has executed its presence, projects, however big, complex and difficult well before time and at lower costs than global benchmark. Vslide- slide 6: Mukesh ambani standing at podium and delivering about “New Reliance” [Mukesh Ambani]:The best way to describe this new reliance is that we have now become a new age technology company with distinctive capabilities. Today, we are a producer of technology, a large-scale deployer of technology as well as a democratizer of technology. Friends, Vslide- slide 7: slide about “Our faith in india” [Mukesh Ambani]:these achievements are a testament to our faith in India, to the unlimited India opportunity and to the boundless Indian talent. What is true about reliance is equally true about scores of other Indian enterprises leading corporates as well as startups are hugely admire their brilliant achievements. They too have made India proud by enhancing our nation's fame globally, with their spectacular growth, commitment to quality and passion for innovation. Now, it is the time for all of us in the business community to work together as a Vslide- slide 8: Mukesh Ambani standing at podium and delivering about “India a fully developed nation by 2047” and “Business and financial performance” [Mukesh Ambani]:grand coalition to transform India into a fully developed nation by 2047, a prosperous India in which no Indian and no region will be left behind. Dear friends, I am delighted to report yet another year of this year. year of stellar all-around performance. Reliances consolidated revenues stood at nine lakhs 74,864 crores. Reliances EBITDA for the financial year 23 was one lakh 53,920 crores while the net profit was rupees 73,670 crores. Dear shareholders, reliance is export for the year, jump 33.4% to 3.4 lakh crores. We accounted for over 9.3% of India's merchandise exports up from 8. 4% last year. In the financial year 23, Reliances contribution to the national ex-checker, stood at rupees 1 lakh 77,173 crores. This included an increase in direct and indirect taxes of over 16,639 crores. Reliance also made the highest corporate social responsibility spending of rupees 1271 crores. What gives me immense satisfaction is a contribution to employment creation, which is India's number one necessity. Reliance set new records in creating employment for Indians with the addition of 2. 6 lakh jobs across all our businesses during the year. The total number of our on-roll employees is nearly 3.9 lakhs. The number of indirect livelihood opportunities we have created is many times larger. Vslide- slide 9: Mukesh Ambani standing at the podium and discussing about “Reliance maintained leadership position” and the performance of each business. [Mukesh Ambani]:In a sense, reliance maintained its leading position in terms of revenues, profits, exports, market value, capital expenditure, employment generation contribution to the ex-checker as well as social responsibility spending and impact. Dear shareholders, let me now present to you the performance of each of our businesses. shall start with Jio,our digital services business. We have witnessed another year of outstanding growth, posting and all time high revenue of rupees 1 lakh, 19,791 crores and in EBITDA of rupees 50,286 crores. Jio's overall customer base has now crossed the milestone of 450 million subscribers, reflecting a year on year revenue growth of over 20 percent. Per user data consumption on Jio 's network also has surged Vslide- slide 10: Mukesh Ambani standing at the podium and discussing about 25gb/user per month. [Mukesh Ambani]:with the average user now consuming over 25 GB every month. This translates to a monthly data traffic of 1,100 crore GBs representing a 45 percent year on year growth. My congratulations to the entire Jio team for this exceptional achievement. Dear friends, Jio was launched seven years ago with an ambitious Vslide- slide11: Mukesh Ambani standing at the podium and slide is about “Transform India into a premier digital society”. [Mukesh Ambani]:mission to transform India into a premier digital society. By technology would bring positive change in every sphere of our lives and in every sector of the nation's economic. It has been a great privilege to contribute to this revolution and we have invested our our heart and soul into building a digital public infrastructure. The entire world is beginning to admire. Jio has indeed been the main catalyst of new India's spectacular digital transformation. Now, our ambitions are even higher and they go beyond the shores of India as I shall explain. Vslide- slide 12: Mukesh Ambani standing at the podium and addressing about “Jio True 5G” [Mukesh Ambani]:Let us first discuss Jio's true 5G, our pioneering 5G, broad band offering. We began a 5G rollout last October. In just nine months, Jio 5G is already present in over 96 percent of the census towns of our country. And we are on track to cover the entire country by December of this year. This makes Jio 5G the fastest ever 5G rollout of this scale. Any other way in the world. Today, nearly 85 percent of the total 5G cells operational in India are in Jio's network. At our current pace, we are adding one 5G cell to our network every 10 seconds. And we will have nearly 1 million 5G cells operational in our network by December. With this massive reach and capacity, here is our promise. We know that every one of our every home, small and medium businesses, factories, schools, colleges and hospitals across India would like to have 5G. From December of this year, we will be able to promptly fulfill each and every demand for Jio 5G broadband connection across the country. Last year, I highlighted several advantages Vslide- slide 13: Mukesh Ambani standing at the podium and addressing about “differentiators of jio true 5g from other operator” [Mukesh Ambani]: that differentiate Jio 5G from other operators. including a comprehensive spectrum, our standalone 5G architecture and carrier aggregation. Recently, we used our own 5G stack to become the first operator in the world to launch commercial services on millimeter wave spectrum using standalone 5G. This high capacity low latency layer will significantly enhance private 5G home broadband. and enterprise use cases. Vslide- slide 14: Mukesh Ambani standing at the podium and the background screen with gather of people and text “Jio platforms’ small cells for high-consumption areas” [Mukesh Ambani]:We have also built our own low power small cells to go deeper into specific pockets of high consumption like two response and temples in a highly energy efficient manner. These advantages, along with a massive scale of deployment, means that the best 5G coverage, capacity, and experience is possible only with Jio 5G. Friends, with over 50 million 5G customers, we are already leading in 5G adoption in India. And we are the only company with the capacity to smoothly transition our entire 4G customer base to 5G with minimum additional capital expenditure. With the growing adoption, of Jio 5G, we are also seeing an increasing trend of Vslide- slide 15: Mukesh Ambani standing at the podium and the background screen displaying “high ARPU And postpaid customers choosing Jio” [Mukesh Ambani]: high ARPU & postpaid customers choosing Jio as their preferred network. And Jio is the operator of choice for mobile users. Our net port-ins via mobile number portability, was 5 times, then that of our nearest competitor. We truly appreciate the confidence placed in our customers. We are inspired by the trust to reach Vslide- slide 16: Mukesh Ambani standing at the podium and the background screen displaying “Set a new gold standard for customer delight” [Mukesh Ambani]a new gold standard of excellence in customer service by leveraging AI and cutting-edge CRM tools. Friends, Jio is also the only company that offers its 5G customers the complete ecosystem of connectivity, devices, support services, and value-added services. Through Reliance retail, we have the most expensive sales and support network for 5G devices and services across India. And we have plugged all leading 5G smartphone OEMs into this network to ensure nation-wide availability and adoption of the widest range of 5G devices. Taken together, this comprehensive ecosystem makes Jio the prime mobile and undisputed leader in India's 5G revolution. Friends, there is one important aspect of the Jio journey that I am especially proud of. And that is how we have transformed ourselves from a mere implementer to original creators of cutting-edge new technologies. When we launched 4G servers, services in 2016, we relied on global partners for equipment. Today, our 5G rollout is powered by Jio's own 100% in-house developed 5G stack, which aligns perfectly with our prime ministers, earthmen of our vision. It features advanced technologies like Vslide- slide 17: Mukesh Ambani standing at the podium and discussing about Advances technologies of 5G stack” [Mukesh Ambani]: standalone 5G architecture, carrier aggregation, networking and network slicing with advanced artificial intelligence and machine learning capabilities that optimize our vast network for unparalleled quality, reliability and user experience. And it is designed to seamlessly integrate with the 4G and the 5G equipment from other global vendors. Jio's own portfolio of 5G radios range from small cells to large large tower-based radios addressing the entire spectrum of outdoor and indoor usage scenarios. And our focus on continuous innovation has positioned us to be among the first globally to develop 6G capabilities. In fact, we have become one of the largest filers of global patents from India for digital technologies, affirming our transformation from a telecom operator to a technology company. Therefore, in the coming years, I can see Jio leveraging a made in India tech stack to drive value creation and revenue growth both at home and abroad. Dear shareholders as India embraces 5G. Let us not forget those who still await their chance to join the digital revolution. Even today, 250 million feature phone users in India remain stuck in the 2G era, unable to access digital services. To eliminate this digital divide in India, once and for all, we have recently Vslide- slide 18: Slide is showing “A revolutionary, ultra affordable 4G phone “jio bharat””. With image of couple of mobile phone. [Mukesh Ambani]:launched Jio Bharat, a revolutionary ultra-affordable 4G phone. Priced only at rupees 999, which is less than the price of a 2G feature phone. Jio Bharat has smartphone-like features like live TV, streaming video, music, digital photography and even UPI payments. We expect a bulk of 2G users to join our network. Vslide- slide 19: Mukesh Ambani is standing at podium and addressing about “ jio fiber” [Mukesh Ambani]:Let us now discuss Jio fiber. Our optic fiber-based home broadband service. In a few short years, despite COVID-19 disruptions, jio fiber has crossed 10 million subscribers, each of whom consumes on an average over 280 Gb of data monthly, which is over 10 times higher than the per capita mobile data consumption. Today, Jio's also optical fiber infrastructure spans over 1. 5 million kilometers across India. This immense scale puts us in a league of our own far ahead of competition. Our extensive optic fiber presence puts us in close proximity to over 200 million premises across India. Yet providing physical last mile connectivity is a painstaking process. in most parts of our country. This leads millions of potential customers without home broadband due to the complexities and delays involved in extending optical fiber to their premises. This is where Jio Air Fiber, our fixed wireless broadband offering comes in. Jio Air Fiber uses a pan-India 5G network and advanced wireless technologies to bypass the need for last mile fiber. Through optical fiber, we can currently connect around 15,000 premises daily. But with Jio Air Fiber, we can supercharge this expansion with up to 150,000 connections per day. This is a 10-fold increase. Expanding our addressable market over the next three years to over 200 million high paying homes and premises. And through fixed mobile convergence, we can foster greater engagement and loyalty among Indian households, especially premium households where home broadband usage is growing the fastest. This also is the foundation for widespread adoption of various smart home solutions which Akash and Kiran will describe in their demo section. Today, I am delighted to announce that Jio Air Fiber will launch on the auspicious occasion of Ganesh Chaturthy on 19th September giving us another avenue for customer value and revenue growth in the untapped Indian home segment. Vslide- slide 20: Mukesh Ambani is standing at podium and delivering about “Jio Business” [Mukesh Ambani]:Let us now turn to Jio's business services. Our connectivity offerings for large enterprises and small businesses have doubled over the past year. Today, Jio provides connectivity services to over 80% of large enterprises in India. However, the potential in the enterprise sector and especially within the small and medium business segment is far greater than we have yet realized. Historically, enterprise services account for a large proportion of most telecom operators revenue. This suggests that we have a golden opportunity to rapidly catch up and build an enterprise connectivity business that mirrors the scale of our consumer business. But we are not stopping at connectivity. We are also aiming to support the full spectrum of digital needs for Indian business. Jio platforms digital services arm is already providing an end to end professional and managed services for all businesses of the reliance group covering diverse verticals such as telecom, retail, e-commerce, manufacturing, media and financial services. These technology enabled services allow a group businesses to streamline their operations, scale seamlessly and harness the power of real-time data and AI giving them a significant competitive advantage in their respective markets. I believe Jio platforms is now ideally placed to offer these innovative platforms services and managed services to businesses outside the reliance group both in India and abroad. This represents yet another powerful driver of growth for both Jio connectivity and Jio platforms. Friends, let us now consider what the rapid scale-up of Jio 5G means for our nation as a whole. Jio 5G holds the potential to transform all sectors of our economy especially those with maximum grassroots impact. Vslide- slide 20: Mukesh Ambani is standing at podium and slide is about “use of jio true 5g in agricultural secto , education sector, healthcare sector and MSME sector" [Mukesh Ambani]:In agriculture, real-time monitoring and data analysis can enhance farm productivity and crop yields. In education, we can deliver immersive e-learning experiences to the remotest parts of our country democratizing education for every student. In health care, we can use telemetry medicine to ensure that quality health care reaches every corner of India. For the MSME sector, we can enable a small businesses with digital tools, empowering them to innovate, expand and drive economic growth and job creation. With Jio 5G, we are renewing our promise to build a brighter and more inclusive digital future for every Indian. With that, let me invite our Dr. Akash and Kiran on stage to talk about some of the exciting developments at Jio. Vslide- slide 21: Akash and Kiran standing at podium and background screen with jio logo. [Akash]:Good afternoon, everyone. [Akash]: Good afternoon, everyone. I am Akash ambani [Kiran]: I am Kiran thomas [Akash]:We're excited to showcase Jio at the Reliance Annual General Meeting 2023 and take you through our plans for the year to come. Vslide- slide 22: Video of users who are using jio and how they are using and enjoying [Akash]:Over the past seven years, Jio has revolutionized India's digital landscape. Over this period, we become a trusted provider of an end-to-end suite of digital solutions. for every Indian home, offering unrivaled convenience, affordability and customer experience. 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. Today, I'm thrilled to introduce Jio's smart home services, which is poised to redefine how we experience and manage our homes. Vslide- slide 23: Kiran is standing at the podium and in background slides are displaying about “Jio smart home” [Kiran]:Jio's smart home is anchored by a robust and extensive home broadband offerings. [vslide]Our extensive Jio Fiber service already serves over 10 million customers, with hundreds of thousands more getting connected each month. And now with Jio Air Fiber, we are expanding our addressable market to over 200 million homes and other premises. jio Air Fiber is an aspirational service that will touch the lives of every Indian, becoming an integral part of every Indian household. Through a combination of Jio Fiber and Jio Air Fiber, our turnaround time to fulfill a customer order is among the fastest in the world. From the comfort of your homes, you can share your home address through Jio. com or the My Jio app. From that point, we step in as your trusted partner, delivering not only broadband to your doorstep, but also guaranteeing uninterrupted Wi-Fi throughout your entire home. And we won't stop there. We'll also guide you step by step to transform your home into a Jio Smart Home. Over to you, Akash. [Akash]:Thanks, Kiran. Vslide- slide 24: Akash is standing at the podium and in background slides are displaying about “Jio smart home services like wifi network” [Akash]:Jio Smart Home services provide you with multiple services for simplifying, enriching and securing your life within your home. Let's start with the foundation inside your home. Your Wi-Fi network. Our next generation Jio Home router ensures seamless Wi-Fi coverage within your home. And with Jio Home Smart Home app, you can easily manage your home network. You can set parental controls, trend in network security, troubleshoot issues, and even receive suggestions for Wi-Fi extenders if parts of your home have poor Wi-Fi coverage. Our AI-driven, proactive quality monitoring feature automatically optimizes your Wi-Fi based on your usage patterns and prevents most issues even before they occur. We're not just fixing problems. We're pre-empting them. We're also committed to digital security. And we prevent untrusted traffic from entering your home network. And using the Jio Home app, you can easily manage, grant or restrict Wi-Fi access both for the people in the home and also for visitors. Vslide- slide 25: Kiran is standing at the podium and in background slides are displaying about “Jio set top box” [Kiran]:Next is the Jio Set Top Box. The Jio Set Top Box is your gateway to a world of entertainment, from TV channels to immersive streaming content to last-screen games to digital applications and much more. And the Jio Smart Home app includes an e-remote for your Jio Set Top Box, giving you one more convenient option alongside the traditional physical remote control. Plus, it lets you use your smartphone as a gamepad for your Set Top Box, removing the need for a separate game controller. [Akash]: Entertainment is changing rapidly worldwide, shifting from linear to interactive content. Jio is accelerating this trend in India, revolutionizing how you engage with content. A Set Top Box supports Jio Apps like Jio Cinema, Jio TV Plus, along with leading global and Indian streaming apps. And earlier this year, Jio Cinema, a premier entertainment app, captivated cricket fans with a remarkable IPL viewing experience. jio Cinema transformed the way we engage with live content, with path-breaking innovations like true 4K streams, 360-degree streams, multi-camera views and fan interactions through a hype feature. The response was incredible, setting multiple records for streaming content, over 3. 2 Chrome current users during the IPL final, with more than 12 total viewers and 60 minutes average watch time per viewer per match. Beyond the numbers, Jio Cinema offers a wide-ranging, premium video library and is soon introducing even more features like multi-video picture and picture and multi-lingual support for Indian languages. Vslide- slide 26: Kiran is standing at the podium and in background slides are displaying about “Jio Home app and the advantages and uses” [Kiran]: Next, let's look at a few of the other features of the Jio Home app. Jio Home re-imagines how you access your personal content, keeping your family photos and other media right at your fingertips, whether they are stored on your personal devices or in the cloud. With Jio Home's photos feature, you can access your cherished memories anywhere anytime. A smart home also needs smart automation. Jio Home's smart automation integrates seamlessly with your home devices for safety, security and convenience. Jio Home also works in conjunction with Jio Home security cameras, providing complete surveillance within and outside your home. Through this setup, you get live video feeds, prompt alerts and recorded event clips for complete security and peace of mind. Finally, Jio Smart Home is an entire ecosystem. Imagine a seamlessly connected home, where multiple devices and digital services work harmoniously. Jio Smart Home makes this possible. And this opens up a world of possibilities with Jio Home broadband's ultra-low latency and service awareness, real-time applications like large-screen multiplayer cloud gaming becomes accessible in every Indian home. The next generation of internet-connected devices will be able to seamlessly integrate in-home computing with cloud and edge computing, allowing services like Jio Home. cloud PC to revolutionize both affordability and performance. For this, we are working very closely with our partners HP and Google. This expands the reach of innovative digital solutions, ranging from entertainment to health to education to finance and much more. For businesses, both large and small, this provides a seamless secure and robust solution that supports their workforce, no matter where they are in the office, at a remote site or working from home. This enhances productivity and collaboration and redefines what's possible in the era of digital work. Jio Smart Home transforms your living space into an intelligent, secure and convenient haven. It simplifies and enriches every moment of your life with technology. Welcome to the future of Smart Living with Jio Smart. Smart Home. Vslide- slide 27: Akash is standing at the podium and in background slides are displaying about “Digital Inclusion” [Akash]:Thank you kiran. Let's now talk about digital inclusion. We're at a pivotal moment in India's digital transformation with 5G technology. Yet, 25 crore of our citizens are still constrained to using 2G services. In recent years, this digital divide has increased further with other operators continuing to increase the prices for even basic 2G services. Against this backdrop, we present Jio Bharat, a pioneering initiative that reimagines digital inclusion. Jio has consistently championed technology democratization and is bridging the digital divide. With Jio Bharat, we are taking another decisive stride in this direction, extending the benefits of digital services to every Indian. Jio Bharat is a gateway to digital independence for those who can't afford smartphones. Although it is priced comparably to 2G feature phones, Jio Bharat is a 4G enable phone with access to streaming content via Jio Cinema, music streaming on JioSavan, a powerful digital camera, built-in FM radio and will support JioTV with over 450 TV channels. Vslide- slide 28: kiran is standing at the podium and in background slides are displaying about “jio bharat” [Kiran]: And Jio Bharat also supports UPI payments. With Jio Bharat, even the most disadvantaged can now go cashless. It revolutionizes financial access, making transactions smooth and easy. Also small merchants can now accept UPI payments through Jio Bharat, transforming grassroots commerce and empowering small businesses. Further, Jio Bharat's UPI integration streamlines direct benefit transfer from the government, enabling citizens to receive government support directly, with easy balance checks and real-time notifications through UPI. Jio Bharat also comes with affordable value-packed tariff plans. Our Rs 123 monthly plan includes unlimited voice and 14 gigabytes of data, 30% cheaper than similar plans from other operators. Yet another interesting aspect of Jio Bharat is the ecosystem we are creating around it. To accelerate our mission to create a 2G Mukt Bharat, we are opening up both the operating system and the platform we developed for Jio Bharat to other like-minded partners. In addition to reliance, now brands like Carbon are also creating jio Bharat phones. We are confident that the vibrant device ecosystem created by Jio Bharat will enrich the everyday life of all Indians with greater financial inclusion, education and government services. Vslide- slide 29: Akash is standing at the podium and in background slides are displaying “glimpse of digital ecosystem that jio true 5g is looking to create in india ” [Akash]:Finally, we want to share a glimpse of the digital ecosystem that JioTrue 5G is looking to create an India. we are building a transformative platform that will change how Indian enterprises, small businesses and technology startups interact with the digital world. Today, we are announcing the JioTrue 5G developer platform, a comprehensive platform combining our 5G network, edge computing and a spectrum of applications and services. It gives the enterprises the control and options to activate network slices on demand, deploy application on jio's multi-access edge compute locations and access a diverse ecosystem of partner applications, all within a single platform. This fusion of 5G network, edge computing and service orchestration is transmitted for Indian businesses. jiotrue 5G 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. Enterprises can instantly unlock advanced network slicing capabilities, allowing them to independently establish and optimize network slices with regularity, thus announcing their network resource management. This accelerates innovation, improves time-to-market and reduces cost. Plus, our platform offers access to partner solutions, empowering enterprises to effectively deliver 5G use cases. And through the JioTrue 5G marketplace, our partners can integrate their offerings and develop tailored solutions that cater to specific needs. Today, we are also announcing the JioTrue 5G lab, a facility designed to accelerate industry transformation using Jio True 5G. In this facility, our technology partners and enterprise customers can develop, test and co-create multiple industry specific solutions. The inaugural JioTrue 5G lab will be located at Reliance Corporate Park, acting as a nerve center for shaping India's 5G future. And with that, let's invite our chairman, back on stage. [Mukesh Ambani]: Thank you Akash and Kiran. Dear share holders, as I gaze ahead, I see four exciting frontiers for Jio's growth. Vslide- slide 30: Mukesh Ambani is standing at podium and in background displaying about “4 exciting frontiers for jio’s growth” like Frontier 1, Frontier 2, Frontier 3, Frontier 4 [Mukesh Ambani]: Frontier 1: the consumer segment powered by Jio 5G and Jio Bharat. Frontier 2: the home segment is turbocharged by jio air Fiber. Frontier 3: the business segment with its large untapped potential. And Frontier 4: the Jio platforms are potentially an opportunity for global expansion. Collectively, these frontiers provide jio an opportunity for a multi-fold revenue and EBITDA growth in the coming years. But there is also a fifth and most exciting frontier of growth for Jio. A global artificial intelligence revolution is reshaping the world around us. And sooner than we think, intelligent applications, will redefine and revolutionize industry's economies and even our daily life. To stay globally competitive, India must harness artificial intelligence for innovation, growth and national prosperity. Within the RIL group, we are rapidly augmenting our talent pool and capabilities to swiftly assimilate the latest global innovations in AI. Especially the recent advances in generative artificial intelligence. Looking ahead, Jio platforms wants to lead the effort in developing India-specific artificial intelligence models and AI-powered solutions across domains, thereby delivering the benefit of artificial intelligence to Indian citizens, businesses and government alike. India has the skill. India has the data. India has the talent. But we also need AI-ready digital infrastructure that can handle artificial intelligence immense computational demands. As this sector expands, we stand committed to create up to 2000 megawatts of AI-ready computing capacity across both cloud and edge locations. And we will do this while adopting sustainable practices and a greener future. Over the next five years, we plan to shift most of our energy footprint in connectivity and digital services to green energy, which is not just eco-friendly, but also lower cost. Here is my promise to our countrymen. Seven years ago, Jio promised broadband connectivity to everyone everywhere. have delivered. Today, Jio-promises, AI to everyone everywhere. And we shall deliver. My dear share owners, let me now highlight Vslide- slide 31: Mukesh Ambani is standing at podium and in background displaying a text within a images “Media and Entertainment”, jio cinema and IPL. [Mukesh Ambani]: a media and entertainment businesses, which created huge disruption last year with Jio-cinema leading the way. For the first time, IPL was streamed free on Jio-cinema. It created a global record with a staggering 45 crore viewers tuning in to the platform. More people watched IPL on digital devices than on linear television, marking a tectonic shift in the way content is consumed in India. More than 12 crore people watched the IPL final with a peak concurrency of 3. 2 crores, making it the most watched digital event globally. Meanwhile, Jio-dive, our AR-VR device has revolutionised sports viewing in India. It gives the feel of a stadium-like experience through 360-degree viewing from anywhere, any place. Jio-cinema has now become India's largest digital entertainment destination for Blockbuster movies, OTT originals, the biggest reality shows and exclusive content. From leading global studios like HBO and NBCU. In short, Jio-cinema delivered industry-leading engagement metrics, registering strong growth in paid subscribers. Network 18 to made great progress in its journey to becoming the top news network in India. It is going deeper locally and growing wider with international coverage. A home-grown digital news platform, money control and first post are setting new benchmarks globally. Dear shareholders, please join me in congratulating the leadership team of Reliance Retail for bettering their own record with spectacular performance last year. Reliance Retail posted annual revenue of Rs 2,000, 360,000, 364 crores, registering a year-on-year growth of 30%. We delivered an EBITDA of 17,928 crores in a net profit of 9,181 crores. Reliance Retail is the only Indian retailer in the global top 100 and one of the fastest growing retailers in the world. Over the past few years, it has attracted investments from large and reputable global investment firms and sovereign wealth funds owing to its rock-solid fundamentals and compelling value proposition. I am delighted to welcome yet another world-renowned sovereign wealth fund, the Vslide- slide 32: Mukesh Ambani is standing at podium and slide to “Welcome Qatar investment Authority” and performance of business. [Mukesh Ambani]: Qatar Investment Authority as a valued investor in Reliance Retail with an investment of US$1 billion for a 1% equity stake. This investment values Reliance Retail at pre-money equity value of Rs 8,28,000 crores. Just for context, during a fund raise in September 2020, the valuation of a retail business stood at Rs 4,28,000 crores. In less than 3 years, the valuation of retail has almost doubled, not with standing the intervening COVID-19 pandemic. Based on this valuation, Reliance Retail, had it been listed, would have ranked among the top 4 companies in India and the top 10 retailers globally. The pace of this value creation is unmatched globally. It is a testament to our unwavering commitment to quality, innovation, customer centricity and adaptability. Through strategic investments, digital transformation and relentless focus on delivering exceptional experiences, we continue to earn the trust and love of our customers. Allow me to add that several market global strategic and financial investors have shown strong interest in Reliance Retail. I will update you about our progress with them in due course. and now invite Isha to report on the progress of our retail business. Vslide- slide 33: Isha Ambani is standing at the podium and slides are changing rapidly with displaying about performance of retail business And 4c’s principle. [Isha]:Thank you Chairman, dear shareholders. Financial year 23 has been a landmark year for our retail business. Our immense faith and conviction in India's retail story was amply rewarded when Reliance Retail crossed the milestone of 100 crore transactions up 42 percent year-on-year. Our stores received more than 78 crore footfalls during the year and the number of registered customer base grew to nearly 25 crore. We are delivering value to over 30 percent of India's addressable population. All this has made Reliance Retail rank among the top 10 most visited retailers in the world. Our digital and new commerce sales contributed to nearly 50,000 crore rupees, accounting for about a fifth of our revenues. We have invested over 10 billion dollars in the past two years focusing on building integration, growing our in-house brands and improving our supply chain networks. We open over 3,300 new stores last year, taking the total store count to over 18,000 stores, covering nearly 6.5 crore square foot of retail space. Two thirds of these stores are in small towns tier 2 and tier 3 cities which is a testament to our commitment of making retail inclusive. Dear friends, we have built a retail business on the principle of 4 Cs, collaboration, consumer engagement, creativity and care. First, collaboration. We have partnered with lacks of small producers, manufacturers and merchants, making themselves reliant and competitive through our digitally enabled supply chain. Last year, we reached the milestone of partner manufacturing with over 30 lakh merchants. The acquisition of Metro Caschen carry has further bolstered our value proposition for merchants. Second, consumer engagement. We believe that Indian consumers deserve nothing but the best. We continue to deepen our engagement with our existing customers and continue our 4A into new geographies. Reliance retail currently serves over 98% of India's encodes through integrated online and offline channels. Third, creativity. We spend time in understanding what our customers want. And accordingly, we create and innovate new products, formats and platforms to serve them better. For example, we recently launched Terra, our omni channel beauty platform. It focuses on providing experiential retail services, technology enabled personalization and content. All at once. Fourth, care. Staying true to reliance is we care philosophy. We consider a retail business a success only when it leads to shared prosperity. With the benefits of reaching hundreds of millions of consumers, merchants and other stakeholders. For example, a collaboration with Kirana Merchants is guided by the promise customer apka support himara. This has resulted in the average annual income of jiomart smart Kirana partners, increasing by up to 25%. Today, reliance retail is one of the largest employers in the country, with nearly 2.5 lakh on role employees. Additionally, we generate indirect employment for laxive Indians across multiple value streams. We will continue to play a pivotal role in creating employment opportunities. for the aspirational Indian youth. Our we care philosophy also extends to the environment and our planet. Our businesses have embraced sustainability through green buildings, sustainable products, transition to renewable resources and other eco-friendly initiatives such as recycle and reuse. Dear friends, from staples, food, fashion and FMCG to home, personal care and general merchandise. Reliance retail caters to more than 90% daily needs of Indian households. In our grocery business, we sold over 18 lakh metric tons of groceries during the past year. In our consumer electronics business, we sold nearly 5 lakh laptops and over 23 lakh appliances during the year. In our fashion and lifestyle businesses, we sold a record-breaking 50 crore garments in the year. We have democratized fashion and India catering to customers across segments, trends and trends extension formats consolidated their position as India's largest fashion destination. Ajio had yet another strong year with its catalogue size crossing 13 lakh options, making it a one-stop shop for all fashion needs. We continue to be the partner of choice for international brands straddling across premium, bridge to luxury, luxury, as well as Indian design aware. Dear friends, we announced the launch of our FMCG business in last year's AGM with a vision to provide Indian consumers with world-class products at affordable prices. This business made a strong start by entering several categories through multiple brands and strategic partnerships. A key pillar of our FMCG business is to make heritage Indian brands contemporary for today's Indian consumers, keeping the age-old brand promise intact. We have acquired and partnered with several such brands like Campakola, socio and Lotus. We have launched Campakola with the promise of great Indian taste and consumers have embraced it wholeheartedly. We are scaling it up further in India and have also started work to take a global, starting with Asia and then Africa. We have partnered with General Mills for Bugles and Malaban for Biscuits. These will be a rich and premium offerings to discerning Indian consumers. The new commerce business grew phenomenally on the back of our omni-channel capabilities. Trends, hamilies and urban ladder are now live in our cross-category horizontal platform jiomart, which is seeing a sustained uptick in non-grocery category contributions. The launch of jiomart on WhatsApp has been a phenomenal success. There has been a 9x growth of jiomart consumers on WhatsApp since its launch in 2022. A wide bouquet of brands and formats ensure that our offerings are complete, competitive and in line with the evolving choices and aspirations of our consumers. Dear friends, the value created by a retail business has been immense for all our our stakeholders. Here, I would like to underscore Reliance's deep commitment to India's ]inclusive development by harnessing the limitless intangible wealth that resides at the bottom of our social pyramid. Let me give you some specific examples. jiomart has onboarded over 25,000 artisans, weavers and micro entrepreneurs, providing them support to modernize their processes, improve productivity and help them to grow their businesses. Over one and a half black products of artisans representing more than 150 cities across 21st states are available on our platforms. Many of these products are made by a highly skilled tribal craftsman. We are determined to increase their participation further in the coming years. We are promoting development of local craft to preserve and propagate the rich land. legacy of Indian art forms. our sari store formats of a one-tran philanthropy pattern are working with more than 2,500 hand-loom weavers covering around 50 craft clusters across 15 states. We remain resolute in our vision to play the role of a facilitator across all aspects of retail commerce in India and work with merchants across the country, so that the entire society benefits. Together, we hope to continue to exceed expectations, inspire creativity and bring joy to our customers. This is our promise. [Mukesh Ambani]:Thank you, Isha. That was truly inspiring, especially your emphasis on India's inclusive development. I am confident that as India grows from a 2,500 dollar per capita economy to a 10,000 dollar per capita economy, reliance retail will be a fastest growing business in revenues and EBITDA. Dear shareholders. I am delighted to introduce a newest group company, jio Financial Services, Limited of which all of you are proud shareholders. Vslide- slide 34: Mukesh Ambani is standing at the podium and slides are changing rapidly with displaying about “Jio financial services” and introducing “Larry Fink” Founder and CEO of blackRock [Mukesh Ambani]:Every shareholder of Reliance has received shares in JFS on a 1 is to 1 basis following the recent demerger of the financial services business. This is equivalent to a mini-bonus for a long-term investor. JFS has been conceptualized to fill a critical gap in the financial services needs of a large section of the Indian economy. Mainly, in the informal and underserved sectors in rural, semi-urban and urban areas. This will give a big boost to inclusive and accelerated growth of the economy. In other words, JFS is born to accelerate the replication of India's dazzling growth story in Bharat. JFS will massively increase financial service penetration by transforming and modernizing them with a digital first approach that simplifies financial products, reduces cost of services and expands reach to every citizen through easily accessible digital channels. For tens of thousands of small and medium enterprises, merchants and self-employed entrepreneurs, ease of doing business must mean ease in borrowing investments and payment solutions. JFS plans to democratize financial services. for 1.42 billion Indians, giving them access to simple, affordable, innovative and intuitive product and services. Dear shareholders, JFS has announced a joint venture with BlackRock to set up an asset management business that will provide simple and trustworthy investment solutions in our country. BlackRock is the world's largest asset management company. managing assets both over 11 trillion US dollars with a stellar reputation and track record. The joint venture will synergize the respective strength of JFS and BlackRock [Vsslide]to deliver technology enabled, affordable and innovative investment solutions. Now with great pleasure, let me invite our valued partner, Mr. Larry Fink, Chairman and CEO of BlackRock to share his vision for our partnership. [Larry Fink]:Thank you, Mukesh.It is an honor to have the opportunity to address a reliance industry's annual general meeting and it couldn't be more excited about our new partnership. For 35 years, BlackRock's mission has been to make investing easier and more affordable for millions of investors around the world. That's why I'm so proud of our forthcoming joint venture. in India with jio-financial services, a company built by reliance industries. Our companies have a shared vision to create better financial futures and jio-BlackRock will deliver our combined expertise and scale to unlock the power of investing for millions of people throughout India. BlackRock is already one of the largest non-Indian investors in India today and India lies at the heart of our global platform. Over the past 15 years, BlackRock's presence in India has grown to thousands of employees across offices in Mumbai, Gorgon and Bangalore, whose skills span investments and operations and analytics and modeling digital marketing and human resources. Global investors recognize that India is at the cutting edge of digital transformation. In large part because of a reliance in jio have built a digital and consumer ecosystem unparalleled anywhere else in the world. We've seen the speed of change and the unique combination of talent, of innovation and digital infrastructure transformed entire industries in India. And we see enormous potential for growth in the country's asset management industry. The convergence of rising affluence, favorable demographics and digital transformation across industries is reshaping the market in incredible ways. We see growing financialization and a shift from unmanaged and physical assets to savings and investments. And we expect this to increase as per capita GDP continues to rise and technology advances digital inclusion. There is an unprecedented opportunity to transform the asset management industry by introducing a full service tech-enabled asset manager with affordable and transparent investment products to meet the needs of every segment of society. jio Financial Services bring digital infrastructure and capabilities and local market knowledge. And Black Hawk brings global investment and risk management expertise. Together, we will aim to transform the industry asset management industry through a digital first offering and democratization of access to affordable, innovative investment solutions for millions of investors throughout India. India represents a tremendous opportunity. And jio Black Hawk demonstrates our commitment to India's continued growth and promise. Thank you, Mukesh, for the opportunity to speak today. I am incredibly excited about our new partnership and wish all the best to the entire reliance industry team for another great year ahead. [Mukesh Ambani]:Thank you, Larry, for sharing your vision. We look forward to working together to make this vision a reality. Vslide- slide 35: Mukesh Ambani is standing at the podium and slides are changing rapidly with displaying about “Jio financial services uses at payments” and “success of JFS” [Mukesh Ambani]:Dear shareholders, in payments, JFS will consolidate its payment infrastructure with a ubiquitous offering for both consumers and merchants further driving digital adoption for India. JFS products will not just compete with current industry benchmarks, but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times. JFS will enter the insurance segment to offer simple yet smart life general and health insurance products through a seamless digital interface potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way. Dear shareholders, just like jio and retail, JFS too will prove to be an invaluable addition to the reliance ecosystem of customer facing businesses. I have three reasons to be absolutely confident about JFS achieving tremendous success over the next few years. First, the digital first architecture of JFS will give it an unmatched head start to reach millions of Indians. Second, this is a highly capital intensive business. Your company has provided JFS with a strong capital foundation to build a best-in-class trusted financial services enterprise and achieve rapid growth. Reliance has capitalized JFS with the net worth of rupees 1 lakh and 20,000 crores to create one of the world's highest capitalized financial services platforms at inception. Third, JFS is blessed with a very strong board led by Sri KV Kamath, a veteran and most respected banker. A highly motivated leadership team is being built with a combination of financial industry experts and young leaders who are eager to take on big challenges. I call upon all of you to join me in wishing the JFS team the very best in their ambitious endeavors. Vslide- slide 36: Mukesh Ambani is standing at the podium and discussing about “Oil and gas” and “Transition of o2c business” [Mukesh Ambani]:Dear shareholders, I now come to our oil and gas business. Gas is a key transition fuel in a nation's quest for clean and sustainable energy. With our valued partner BP, we have revived gas production from the KGD6 block from near zero. a few years back to about 20 million cubic meters per day in the financial year 23. This is led by successful commissioning and safe delivery of gas from the R cluster and the satellite cluster projects in the financial year 21 and 22 respectively. Continuing with our effort this year, we commissioned one of the most complex and most efficient deep water projects of this scale. The MJ field in KGD6 block. This includes a state of the art FPSO which is among the largest and the most complex in the world with a gas production capacity of 14 million cubic meters per day. My congratulations to the entire oil and gas team for successfully commissioning the MJ field in less than three years amongst the fastest in the industry. We are well on our way to enhance production to 30 million standard cubic meters per day. which will be 30 percent of India's gas production and 15 percent of its current gas demand. At a time when global energy supplies and prices are witnessing unprecedented volatility and uncertainty, this gas is a major source of clean energy saving up to 7 billion dollars per annum in imports for our country. We are pursuing further enhancement with our exploration efforts. In KGUDW1 and KGUDW2 blocks in the Krishna Gudavri basin with an aim to sustain our gas production over the next 15 to 20 years. Reliance is today India's only company with proven capabilities in exploring and producing oil and gas from deep and ultra deep water blocks. We will leverage these capabilities in related renewable energy energy areas like offshore wind and geothermal. Dear shareholders, in the year gone by our oil to chemicals business operated in a highly volatile global scenario. Despite all the challenges and a new one-time tax in the form of special additional excised duty are O2C ABITDA for the financial year 23 improved by 17. 7 percent to a record high of 62 thousand and 75 crores At talented teams ensured that our asset utilization remained higher than the industry average through robust planning and exceptional team work. We operated with the lowest level of feedstock inventory in our history to benefit from opportunities in a turbulent global oil market. Fully utilizing the flexibility and integration of our assets, we added 13 new grades of crude oil and feedstocks. We ensured high availability of the gasification unit to minimize the purchase of high cost LNG to lower our energy cost. Our partnership with BP in fuel retailing and mobility solutions continued to make steady progress. Friends, we have embarked on our journey to transition our O2C business into a sustainable green circular and consumer integrated chemicals and materials business. The key pillars of this transition are first we are accelerating our journey to achieve net zero by 2035 through use of renewables and bioenergy for a sustainable and green business. We are well on our way to build the new energy ecosystem of manufacturing solar wind batteries. hydrogen bioenergy platforms. This will enable us to speed up the development of our renewable generation assets to deliver round the clock electricity for our captive requirements as well as to meet the growing needs of Indian consumers. As the cost of renewables will be significantly lower compared to fossil fuel based energy, this will result in reduced energy cost. and improved profitability for our O2C businesses. Second, we are accelerating circularity and consumer integration. We have also been working on scaling up our chemical recycling technology to deliver application specific green products. This is helping us access high value, high potential customers in new value chains. Third, with technical technology and innovation, our refinery at Jamnagar will be progressively operated as a chemicals and material feedstock production engine. We started this by converting some low value refinery streams to recently launched highly specialized halobutile rubber grades and a new purified isothallic acid plant which is under commissioning. As announced last year, we are executing India's first and world class carbon fiber facility in Hazira Gujarat. Our carbon fiber platform will include carbon fiber and carbon fiber reinforced plastics. Vslide- slide 37: Mukesh Ambani stands at the podium, presenting insights on carbon fiber—highlighting its transformative role in shaping the future of advanced materials and sustainable innovation. [Mukesh Ambani]:Our target is to be among the top three players globally in the carbon fiber and the carbon fiber reinforced plastic composites. Dear shareholders, with climate crisis looming large, the world is going through a multi-decade era of transformation from fossil fuels to green energy. This transformation requires significant investments in skills and capabilities, technology and innovation as well as in building large scale manufacturing ecosystems. All this provides strong tailwinds to our new materials and new energy businesses. The next few years, years is going to be transformational for your company as leading from the front. It positions India to be a world leader and trendsetter in energy transition. My dear shareholders, we remain focused on fast-track execution of our Dhiru bhai ambani green energy giga manufacturing complex At jamnagar, our first priority is to delivered a fully integrated end-to-end solar PV manufacturing ecosystem. This will be one of the largest most technologically advanced flexible and 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 phase manner by the end of 2025. We will be deploying leading edge hetero junction technology for manufacturing one of the highest efficiency solar PV cells and modules globally for utility scale and rooftop power generation. We will further continue to innovate. and maintain global leadership. Friends, we will also pursue wind power generation. Towards this, we have made significant [Vprogress in developing a manufacturing ecosystem critical to achieving cost efficient wind generation at giga scale. One of the significant cost drivers in manufacturing of wind blades is carbon fiber. Our foray into manufacturing carbon fiber at large scale provides us with a unique advantage to further integrate and reduce cost of wind turbines. In addition, we will be partnering with the world's leading technology players in build equipment manufacturing to deliver most cost efficient solutions. We will further leverage our engineering and construction capabilities along with our giga scale manufacturing ecosystem to accelerate and enable installation of at least a 100 giga watt of renewable energy generation by 2030. Friends, our concurrent priority is to set up a battery giga factory by 2026. It will manufacture battery chemicals, cells and packs leading all the way up to containerized energy storage solutions and will include a battery recycling facility. facility to deliver a truly integrated ecosystem. We will start with the LFP chemistry which has been proven at scale for its safety, stability and life targeting to produce LFP based solutions at world-beating life cycle costs. Simultaneously, we have focused on fast track commercialization of our sodium ion battery technology. We will build on our technology leadership position by industrializing sodium ion cell production at megawatt level by 2025 and rapidly scale up to giga watt scale thereafter. My dear shareholders, integration of energy storage with wind and solar power generation is critical to provide grid connected around the clock electricity. We are well on our way to prove this integration at megawatt scale. In the next few quarters, at jamnagar This will be followed by grid-scale deployment of batteries to convert intermittently captured photons into electrons and make them available round the clock for our captive requirements as well as for India's growing energy needs. My dear shareholders, let me now share with you our progress on green hydrogen. When I spoke with you last year, we were still working on two critical components for delivering most competitive green hydrogen and its derivatives. Cost of renewable power generation and installed cost of electrolyzer for giga scale deployment. Our solar and wind energy integrated manufacturing ecosystem will deliver the most cost efficient renewable power. I can also confidently now say that we have a road map towards achieving a targeted cost of electrolyzers and in turn green hydrogen. In collaboration with our technology partners, we are firmly on our way to successfully demonstrate this first at megawatt scale. We will leverage our engineering capabilities, large scale manufacturing and localization to optimize this at giga watt scale. In parallel, we will set up a fully integrated automated giga watt scale electrolyzer manufacturing facility. This will enable us to establish large scale green hydrogen production at Jamnagar. Gradually transition are captive requirements and simultaneously integrate with green ammonia and green methanol production for domestic and international markets. Your company is uniquely positioned to be a global leader in green chemicals, manufacturing by leveraging its O2C infrastructure talent and execution capabilities. Friends, I am happy to present an early success story. Your company prides itself in embracing societal challenges and delivering world-class solutions suited for India. In the same spirit, we took to solving the problem of severe pollution faced by many of our Indian cities during winters. cost by stubble burning and accelerated our plans to deploy bio-energy projects. India produces nearly 230 million tons of non-cattle feed biomass. Most of it contributing to air pollution. Within a short span of one year, we have become India's largest bio-energy producer based on our indigenously developed technology. After setting up two demo plans for compressed bio-gas at Jamnagar, we have commissioned the first commercial scale compressed bio-gas plant at Barabanki in UP in a record time of just ten months. We will rapidly scale this up to 25 CBG plants across India. A target is to establish hundreds such CBG plants in the next five years, consuming five point 5 million tons of agro residue and organic waste, thereby mitigating nearly two million tons of carbon emissions and producing two and a half million tons of organic manure annually. This will result in a reduction of about 0.7 million tons of imported LNG. My dear shareholders, we are progressing well to deploy our committed capital, of 75,000 crores to build our new energy manufacturing system. This will enable us to accelerate gigawatt scale production for round the clock power and for large scale green hydrogen production for green chemicals manufacturing as well as green mobility. We will continue to invest in technology and talent. We will collaborate with global technology. technology and product companies, including startups focused on commercializing, emerging and disruptive technologies. We are rapidly adding to a rich talent pool of several thousand scientists, engineers and innovators drawn from countries around the world. A transition to net zero and building a sustainable chemicals business will result in increased revenue, reduced energy, cost, improved profitability and providing a near perennial growth platform in India and overseas for our materials and energy business. Vslide- slide 39: Mukesh Ambani stands at the podium, and presenting about” Energy Trilemma”. [Mukesh Ambani]:A steamed shareholders and other stakeholders, reliance is uniquely positioned to offer a practical solution to the energy trilemma. India has been facing. Let me explain. The energy trilemma demands action. to overcome three challenges. One, affordability of energy. How to ensure that every citizen and every economic activity in India has access to adequate and most affordable energy. Two, sustainability of energy. How India can rapidly transition from fossil fuel based energy to clean and green energy. Three, security of energy. How the expanding needs of a fast-growing Indian economy can be de-risk from geopolitical rivalries, conflicts and potential supply disruptions. Reliances, new energy and new materials businesses squarely address this trilemma. Green energy is becoming affordable because its costs are already much less than those of non-renewer. And they will come down further. Green energy is sustainable because the sun and the wind are never going to disappear. Green energy is secure because India will no longer be dependent on large-scale imports for its energy needs. Furthermore, reliance will have indigenous technology ownership and manufacturing capabilities. In fact, 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 to the future, I can clearly see reliance creating substantial wealth for India and for all our shareholders in perpetuity. Dear friends, I am very proud of the work. Reliance Foundation has been doing under the leadership of srimati Nita Ambani at in the use of technology or being amongst the first to provide relief to those affected by disasters or working with partners. Our Reliance Foundation teams are working tirelessly to make lives better for millions of Indians. I would now like to invite Nita to talk about Reliance Foundation and its work. [Nita Ambani]: Thank you Mukesh, Vslide- slide 40: Nita ambani standing at the podium, and presenting about “Reliance foundation”. [Nita Ambani]:Dear members of Reliance family, our esteemed shareholders, Namaskar, I hope each one of you and your families are doing well. I always look forward to this opportunity to connect with all of you. So, it's with great pride and a sense of profound purpose that I share my thoughts with you today. I represent the beating heart of the world. of Reliance, our beacon of empowerment and transformation, the Reliance Foundation. For us, business and philanthropy complement and reinforce each other because both are guided by the same spirit of we care. Together, they multiply the impact of everything we do in terms of improving lives of millions of Indians, especially those belonging. to underprivileged and marginalized sections of our society. I am happy to share that through the multiferous activities of Reliance Foundation. We have so far touched the lives of nearly 70 million Indians across the smallest towns and remotest villages of our country. From culture to climate, from education and sports to women's empowerment, from healthcare to livelihoods. And from rural transformation to disaster management, we work in all states and over 54,000 villages across India. I would now like to share with you a glimpse of our journey, the milestones we achieved this year and the path ahead. Dear friends, with immense pride and excitement, I will start with a project that's very close to my heart. In April this year, we opened doors to the Vslide- slide 41: Nita ambani standing at the podium, and presenting about “Nita Mukesh Ambani cultural centre” and about “Swadesh” [Nita Ambani]:Nita Mukeshambani Cultural Centre in Mumbai. Art and culture bind communities and countries together and bring hope and happiness to humanity. For a long time, Mukesh and I had no idea the dream that India should have a world-class cultural centre, NMACC is a realization of that dream. It's an old to our great nation, a tribute to our artistic heritage and a dedication to all young Indians. Our vision is to showcase the best of India to the world and bring the best of the world to India. Over the last five months, we have worked hard to live up to that vision. We started with our very own production, the great Indian musical, civilization, to nation and followed it up with the iconic Broadway musical, The Sound of Music. We hosted Maastros of Indian arts like Ustad Amjad Ali Khan, Pandit Hari Prasachurasya and Pandit Kartik Kumar. Our smaller theatres are designed to be incubators of talent. They are the soul of NMACC, encouraging and empowering, budding young artists with opportunities. From international art exhibitions to Parampara and Bachpan, we have and will continue to curate cultural experiences for the people of Mumbai and all over India. I am pleased to share with you that since the opening of NMACC, we have welcomed over 20 lakh visitors at the centre. For me, the most heartwarming experience at NMACC has been Swadesh. Swadesh is our humble initiative to preserve and promote India's age-old arts and crafts. At Swadesh, we give a global platform to India's traditional artisans whom the Relan's foundation has been honoured to support for over a decade. Featuring arts like Pichwai and Patatitra, weaves like Banara Sea, Paitini, Patula, crafts like Kashmiri carpets and shawls and blue pottery. Swadesh, spotlights the spirit of Meakin India and offers respect and sustenance to our skilled craftsmen and women. These artisans truly are the pride of our country. We have therefore drawn up exciting plans to grow this Swadesh brand globally. This will be supported by a new initiative, the Reliance Foundation Skilling Centre for Artisans. This digitally enabled capacity building program will transform the craft sector by creating attractive livelihoods and raising the social prestige of Indian artisans across the country. It has been an honour for us to support them and the artistic legacy that has been passed down over generations. I welcome all of you to come visit Swadesh at NMACC and support our artisans. Vslide- slide 42: Nita ambani standing at the podium, and presenting about “Empowering children with education” and women empowerment and collaboration and partnership. [Nita Ambani]:Friends, I would now like to talk about our work with the future of India, our children. There are over 250 million children in India's schooling system. They are the ones who will create a new India. Through the power of 5g, our vision is to connect these 250 million children to quality education and employment opportunities. I am pleased to share. There are flagship Dhirubhai Ambani International School, continues to be amongst the top IB schools globally and the number one international school in India for 10 consecutive years. It is a happy school where teaching is a pleasure and learning a joy. We are now eagerly looking forward to opening our new school, the Nita Mukeshambani Junior School. Let my daughter, Isha, this new school is envisioned as a model school of the future. With an Indian soul, as a teacher myself, I know that teachers are the heart of driving education. They are committed to scaling up our efforts to build teachers capacity for delivering 21st century learning to our children. Therefore, I am happy to share that we are establishing a world-class teacher leadership institute and awards to faster teacher innovation. Dear shareholders, last year we celebrated the 9th birthday anniversary of our founder chairman and my father-in-law, Sri Dhirubhai Ambani. As a tribute to Papa, we have made a commitment to support 50,000 students through Reliance Foundation undergraduate and postgraduate scholarships over the next 10 years. We are pleased to have awarded 5,100 scholarships this year. Papa was a big believer in the power of youth. We hope these scholarships empower young minds to become the torchbearers of innovation, progress and transformation. Friends, women and children have always been at the heart of all the work we do. In about a decade, India will have the largest number of women in the world. Empowering them is no longer just a responsibility. It is a necessity for our country to reach the heights that we aspire and deserve to. At Reliance Foundation, we are committed to encouraging enabling and empowering women in every corner of our country. Because I firmly believe that what women cannot do cannot be done. Through our women lead India fellowship with vital voices, we aim to support women's social sector leaders all over India. Our digital platform, her circle is now India's largest content and networking website and app for women with a reach of 310 million. Through her circle, this raptors program, we are discovering women lead businesses and supporting them with a platform to showcase their brands, vision and goals. As we continue to bridge the gender digital divide, we launched the women connect challenge India Round 2 in partnership with USAID to uplift women across the country. We also inaugurated the Well Women's Centre at Sir H& Reliance Foundation Hospital, offering one stop, all round care to women and young girls of all age groups. In partnership with the Bill and Melinda Gates Foundation, we launched a special initiative to empower one million women entrepreneurs across India. Over the next three years, this initiative will support and engage women in form and non-farm income generating activities, helping them achieve an annual income of at least Rs 1 lakh. I'm delighted to invite Mr. Bill Gates to tell you more about our collaboration. [Bill Gates]:]Thank you, Mukesh and nita for inviting me to share a few words on why I'm optimistic about India and our partnership. The Gates Foundation has worked in India for more than two decades now, and every time I visit the country, I'm excited about the progress being made on critical health and development challenges. Despite resource constraints, India eradicated polio, India's reduced poverty, HIV transmission and infant mortality, India's increased access to sanitation and financial services. So I'm very impressed, not only by India's innovation in the science and technology, but also on the focus to deliver those innovations to those who need the most. I'm delighted that reliance is collaborating with our foundation and my climate organization, Breakthrough Energy, on some of the world's toughest challenges, addressing climate change, helping unlock economic power for women and improving health outcomes for the poor. India is making progress when it comes to climate change. I'm optimistic that the partnership between Breakthrough Energy and Reliance will even more to drive innovation and help bring scalable solutions that work for both India and the rest of the world. To make meaningful progress, fighting climate change, we need businesses, philanthropists and governments to spend more on affordable green solutions. These will enable India to achieve its economic goals and climate goals at the same time. India has spoken about our partnership on women's economic empowerment. Together, over the next three years, we'll support 1 million women to fulfill their potential through South Health groups. In his independent state address, Prime Minister Modi shared a vision where 20 million women in South Health groups substantially boost their income. I think our partnership will be key to helping that happen. Finally, I want to talk about health, which is the primary focus of the Gates Foundation. India has got a proven track record of making high quality, affordable drugs and vaccines for itself and the rest of the world. Through the Foundation's work with Reliance, we aim to support innovation and implementation at scale to develop drugs and point of care diagnostics. We'll also continue to work in communities to support the government's efforts to eliminate infectious diseases. The Gates Foundation and Breakthrough Energy are excited to partner with Reliance. I believe there's no problem too big for the innovators of India and the world. I look forward to making progress against some of these great challenges together and helping many more people live healthy, productive lives. [Nita]:Thank you, Bill, for your friendship,partnership and for your inspiring words. Vslide- slide 42: Nita Ambani standing at the podium, and presenting about “Education and sports” including the success of MI. [Nita]:Dear shareholders, I'm proud to share that our education and sports for all program has so far reached out to 22 million youngsters. Our vision is to make India a truly multi-sporting nation. We are creating a robust ecosystem from grassroots to elite sports. You'll be happy to know that last year, our Reliance Foundation athlets won a total of 139 medals at the international and national level. Some of our our athletes, who have won accolades for the country are Juthi Araji, Lovelina Borgohen, DM Jayram, Telotama Sen, Unetti Huda, Amlan Borgohen and many more. Friends, sport has always had the magical ability to spread joy, hope and cheer. The journey of Mumbai Indians has been a testament to this. M.I. is known as the nursery of Indian cricket. We pride ourselves in discovering and nurturing young talent like Hardik Pandya, Jaspi Pramra and several others. We are proud that the latest find the young and talented 20-year-old Telotama has found a place in the Indian squad. Let passionately by my son Akash, now the M.I. franchise has expanded globally with five teams in four countries. M .I. Cape Town, M.I. Abu Dhabi, M.I. New York and of course, our M.I. women's team in India. Just last month, M.I. New York won the inaugural Major League cricket trophy in the U.S. and have women's team too won the inaugural women's Premier League title in March this year. Especially given the challenges that women face to pursue sport professionally, it has been heart-warming to see a girl's take center stage and inspire countless other girls all over India. Friends, as a member of the International Olympic Committee, it has been my dream to bring the Olympics to India. I'm happy to share with you that we have taken the first steps in that direction. In October this year, we will host the 140 first IOC session at the Nita Mukesh Ambani Cultural Center. You'll be proud to know that for this historic session bid, there were 75 votes cast for India and only one vote against. So, with the thumping majority, we are bringing the Olympic movement back to India after a gap of 40 years and this is just the beginning. It's a start of a glorious new era for Indian sport and era in which our young athletes are making us proud at the highest levels. And India is finding its rightful place in the global sporting arena. Only onwards and upwards from here on, dear shareholders as I conclude, I stand before you with a heart full of gratitude and a firm belief in the limitless potential of the people of India. Thank you all for your faith and trust in us. At Reliance Foundation, we will continue to place the prosperity of our country and communities first. We will stand shoulder to shoulder with every single Indian always. We will do all that we can to uplift lives, share smiles, empower dreams and build bridges to a brighter, greener, kinder and happier tomorrow. Jai Hind, Danyavad. [Mukesh Ambani]:Thank you, Nita, for the outstanding work that you and the team have been doing. My best wishes to all of you for your future achievements. Dear shareholders, let me now ]present our value creation roadmap. Vslide- slide 43: Mukesh ambani standing at the podium, and delivering the thought of “Shri Dhirubahi Ambani” and Cardinal principles for value creation [Mukesh Ambani]:Our founder Sri Dharubai Ambani always emphasized the power of dreams in achieving greater things. He used to say, for those who dare to dream, there is a whole world to win. Reliance is a proof of the power of dreams. In the 70s, Reliance's dream was to make the colorful and long-lasting and aspirational polyester textiles available to all Indians. In the 80s, Reliance dreamt of a largely self-sufficient India in the wonder materials of that era, polyester polymers and petrochemicals. In the 90s, Reliance dreamt of eliminating India's dependency on imported fuels refined abroad. In the first decade of the 21st century, Reliance was focused on enhancing India's energy security by exploring hydrocarbons in the depths of the oceans. In the last 15 audiers, Reliance has pursued two big dreams, bringing the power of digital technology to every Indian and to create an omnichannel retail network aimed at benefiting hundreds of millions of consumers. Each dream became a reality. Each dream was bigger than the last one. Each dream made Reliance reinvent itself. Dear shareholders, in pursuit of these dreams, Reliance has grouplessly adhered to certain cardinal principles of value creation. These have ensured that your company becomes more valuable year after year, decade after decade. First, growth driven by perpetual demand. India is a supply constraint market with the world's largest population. Every item of consumption on a per capita basis is still very low compared to China and substantially lower than the developed markets like the EU and the US. At Reliance, we have deliberately chosen to be in businesses that have large pent-up demand, which is guaranteed to grow at a healthy rate annually over many decades. This choice has led us to build businesses of global size and scale. Each of Reliance's three growth engines are O2C business, retail business and jio's digital services business meets this value creation criteria. And so also, well, our newest and fourth growth engine, jio Financial Services. Second, growth driven by superior customer experience and value. Reliance has always believed that our businesses can grow only by winning the trust of customers and creating value for them on a consistent basis. This has made us obsessed with offering them with production services of the highest quality and value which leads to continuous revenue growth. Indeed, we transform markets by constantly providing better alternatives which win customer loyalty and this also creates perpetual demand. Metaphorically speaking, I can say that market is a temple for us and customers are the DITs we must serve and please with utmost devotion. Therefore, each of Reliance's enterprise is built on a deep understanding and enduring respect for market and consumers. We spare no effort to understand the needs, the pain points, affordability levels and supply chain constraints in each of our businesses. We address these factors by embedding a research assisted and data driven culture within our organization which gives deep insights to stay ahead of the competition. Third, growth driven by the power of disruptive technologies and innovation. Reliance has always had abiding faith in the power of best in class technologies and innovation to achieve ever higher levels of productivity and efficiency while creating large scale employment. This has helped Reliance achieve timely, efficient and below cost execution of projects which has become our hallmark. Our business operations are cost competitive because they are fully digital, agile and efficient. This unfailingly delivers larger market share, highest quality outputs and industry leading margins. As I have mentioned earlier, Reliance has now moved further ahead by innovating and developing newer technologies in-house. This provides us accelerated growth opportunities. Fourth, growth driven by business discipline. Reliance has always practiced the best norms of business discipline including financial and operational disciplines. We have a laser sharp focus on prudent capital allocation and financial management. This is evident from the fact that your company has enjoyed triple A rating for more than 33 years. We persistently improve operational discipline by developing right capabilities in our talent across the organization. Fifth, growth driven by global market potential. Now that each of Reliance's businesses has become a national champion in the domestic market, we are in a position to leverage our strengths and take our products and services and technologies and project execution capabilities to global markets without substantial new investments. These five commitments will translate into a new and virtuous multi-decade value creation cycle defined by faster growth, higher revenues, better margins and increased EBITDA. This will significantly enhance the earnings multiples of each of Reliance's businesses. Therefore, I am supremely confident that [value]the value that your company will create for all its stakeholders over the next decade will be multiple times greater than what it has generated over the past 45 years. All my most valued stakeholders, Reliance is no longer just the corporate. In view of its growing size, value and contribution to national development, it has become a precious Indian institution which is fast gaining reputation globally. To keep strengthening this institution on a continuous basis, we must fortify leadership at all levels, especially by grooming and empowering a steady stream of young leaders. Last year, I spoke about the 10 tenets of leadership building in Reliance. The very first tenet, which is also the most important, relates to enriching people capital in our organization. What I had said merits reiteration, because it encapsulates the essence of all the 10 tenets. Vslide- slide 44: Mukesh ambani standing at the podium, and background slides show “Reliance’s greatest strength is our human assets" [Mukesh Ambani]Reliance's greatest strength is our human assets, not just our financial and physical assets. The greatest value creators, our creative brains and purpose driven teams. In conformity with this belief, Reliance is building a strong pipeline of young and exceptionally competent leaders. Many of them are handling extremely challenging tasks with great self assurance. We are also expanding our already large size of professional talent from around the world consistent with our vision to make Reliance a global corporate. Vslide- slide 45: Mukesh ambani standing at the podium, and announcing about the next generation leaders. And founders mindset. [Mukesh Ambani]:Dear shareholders, over the past few years, Isha Akash and Ananth, as first among equals of the next generation leaders have fully immersed themselves in every aspect of Reliance. They have been working with our senior leaders in some of the most exciting projects in consumer businesses, digital enterprises, O2C and green energy and green materials. I am happy to report to you that earlier today, the board met and recommended the induction of Isha Ambani, Akash Ambani and Ananth Ambani into the board of directors of Reliance Industries Limited. I can proudly say that they have earned their stripes through dedication, commitment and hard work. Timming up with the other directors, they will work as one single team to provide leadership to the Reliance group as a whole and guide the growth of all our diverse businesses with a holistic vision. Friends, this is truly an emotional moment for me because it reminds me of the day in 1977, when my father inducted me into the board of directors of Reliance. I was only 20 then. Today, I see both my father and me in Isha, Akash and Ananth. I see the flame of Dhiru bhai shine in all of them. They are fully internalized the founder's mindset. They are fully committed to preserve and further enrich the purpose, philosophy, passion and pioneering spirit of Dhiru bhai ambani I shall continue to perform my duties and responsibilities as chairman and managing director for five more years with greater vigor. Towards this end, I have assigned myself three responsibilities. First, I shall groom and empower all the next generation leaders at Reliance and prepare them for the challenges and opportunities of the future. Second, I shall especially mentor Akash Isha and Ananth, so that they can provide collectively leadership and dependably take Reliance to greater heights of growth and value in the decades ahead. Third, together with the board and all my long time colleagues, I shall further enrich Reliance's unique institutional culture which has sustained your company's perpetual and exponential growth. Continuity with change is the signature tune of all dynamic organizations. This tune attains its highest creativity. When continuity joyfully welcomes change and Vslide- slide 46: Mukesh ambani standing at the podium, and describing about “Continuity with change” [Mukesh Ambani]:the change respectfully learns from continuity. I assure you that the combination of experience of senior leaders and the ambition of new young leaders will script newer and more exciting chapters in Reliance's ever growing book of achievements. Dear shareholders, I have one more important update on the board. Shimati Nita Ambani has stepped down from the board of directors of Reliance. She will continue to be the chairperson of Reliance Foundation and in that role, she will attend all board meetings as a permanent invitee to the board. And as always, we will continue to benefit from her advice. We would like to place a deep appreciation for our contributions to our board deliberations and growth agenda. Nita is and has always been my best advisor and a source of immense strength at every stage of Reliance's evolution. Once again, I would like to thank her for her dedication to the institution of Reliance and for being the best life partner for me. Now, with a heart overflowing with happiness, I welcome Isha Akash and Ananth to the Reliance board. And I call upon all of you my dear shareholders to extend your blessings and best wishes to Isha Akash and Ananth. My most esteemed shareholders, it is now time for me to conclude. How do I summarize what I feel on this occasion? I am overwhelmed with emotions becauseI have been associated with Reliance since its inception 46 long years ago. Yet, it seems like yesterday to me. For I remember every step along Reliance's journey marking where we began and where we stand today. I also remember India's own exciting journey over the past half a century. Today in my personal life, I am enjoying the bliss of being a grandparent along with Nita. But for both of us, our family extends to all of Reliance and all of India. Naturally, my dreams for Reliance are intertwined with my dreams for India. These dreams were shaped by what my beloved father taught me on day one. My father, Dhirubhai, told me that the eternal purpose of Reliance is to make Vslide- slide 47: Mukesh ambani standing at the podium, and describing about the “Purpose of Reliance” and goal of reliance. And conveying thanks to each and everyone. [Mukesh Ambani]:India prosperous and help Indians live better lives. This is what Reliance has been doing through all our business and philanthropic endeavors. As I look to India's future, I am more convinced than ever before about one thing. Tomorrow's, inclusively prosperous India, one in which the dreams of 1. 4 billion Indians can be fulfilled, will have to achieve 5 goals. One, digital tools everywhere. Two, green energy and materials everywhere. Three, financial empowerment, entrepreneurship and gainful employment everywhere. Four, healthy and responsible consumption everywhere. Five, quality education and health care everywhere. If we combine the resultant material prosperity with India's age-old cultural prosperity, India will also become a land of empathy everywhere, positivity everywhere, harmony everywhere and happiness everywhere. I rededicate Reliance to this noble mission in the service of our motherland and humanity. For the realization of this mission, I seek Lord Krishna's blessings and your continued support. I would like to convey my thanks to the central and the state governments, shareholders, investors, joint venture partners, lenders, suppliers and customers for their consistent and resolute support. I would like to place and record my appreciation to my colleagues on the board for their oversight in the crucial phase of our growth, their support and immense encouragement. And as always, I am deeply indebted to our world-class employees in this journey of immense value creation for our country. Thank you.