Jio Financial Services (JFS), according to RIL Chairman Mukesh Ambani, would join the insurance market to provide straightforward and intelligent insurance products in the categories of life, general, and health insurance using an intuitive digital interface. JFS will democratize financial services for 1.4 billion Indians, according to Ambani. Additionally, he disclosed a joint venture (JV) between JFS and BlackRock to launch an asset management company. BlackRock has experience with international investments and risk management, whereas JFS adds digital skills and local market understanding to the table.
Ambani said that Reliance Jio now has 450 million subscribers and that each of them uses an average of 25 GB of data every month. The entire monthly traffic on the Jio Network, he said, is 1,100 crore GB. Ambani also expressed his congratulations to the nation’s citizens and the researchers affiliated with the Indian Space Research Organisation (ISRO) for the Chandrayaan-3 mission’s successful landing. After the announcements, Reliance Industries shareholders can also access the Q&A session.
With the participation of Qatar participation Authority (QIA), Reliance Retail’s valuation increased from Rs 4,28,000 crore in 2020 to Rs 8,28,000 crore or over $100 billion at this time. “I warmly welcome the Qatar Investment Authority (QIA), a famous sovereign wealth fund with a $1 billion investment for a 1% interest in Reliance Retail. Reliance Retail is worth Rs 8,28,000 crore in equity as a result of this investment, according to Ambani. He also disclosed substantial board of directors changes for the business. The RIL board will no longer have Nita Ambani on it. She will still serve as the Reliance Foundation’s chair, though. The Board of Directors has named Isha, Akash, and Anant Ambani as non-executive directors.
For five more years, Mukesh Ambani will serve as the chairman and managing director of RIL.
Mukesh Ambani said that he will continue serving as chairman and managing director of Reliance Industries for another five years while speaking at the AGM 2023. He said that his three duties are to develop the next generation of leaders, coach Akash, Isha, and Anant, and strengthen the distinctive institutional culture of Reliance.
‘Jio to spearhead India-specific AI solutions,’ says Mukesh Ambani during the Reliance AGM LIVE Updates
Reliance AGM 2023: Speaking at the company’s 46th Annual General Meeting on Monday, Reliance Industries Limited (RIL) Chairman Mukesh Ambani discussed the global AI revolution. Mukesh Ambani emphasized the need of utilizing AI for development, innovation, and India’s prosperity, and stated that Jio will be at the forefront of country-specific AI solutions.
Mukesh Ambani stated, “Within the RIL Group, we are rapidly enhancing a talent pool and capabilities to swiftly assimilate the latest global innovations in artificial intelligence, especially the recent advances in generative artificial intelligence.”
