INSUBCONTINENT EXCLUSIVE:
JioGigaFiber which can offer internet speed in gigabits per second, will be launched from August 15.Reliance Industries (RIL), the
oil-to-telecom conglomerate, on Thursday, unveiled a fire broadband system, which will connect 1,100 cities
The JioGigaFiber which can offer internet speed in gigabits per second, will be launched with effect from August 15
Mukesh Ambani, the chairman of RIL and the richest Indian, also announced the launch of the latest version of its cheap feature phone at a
price of Rs 2,999, besides offering to customers, the chance to replace their old JioPhones with new ones for a price of Rs 501.Here is the
morning to each and every one of you
It gives me great pleasure to welcome you to the 41st Annual General Meeting of Reliance Industries Limited
This is the first AGM as Reliance begins its Golden Decade
The Company's accounts for the year ended March 31, 2018, along with the Directors' and Auditors' report, a Letter to the Shareholders, and
Management's Discussion and Analysis, have already been circulated to you.With your permission, I would like to take them as read.1
been yet another transformational year for Reliance
On one hand, our new-age consumer businesses have started delivering profits.On the other, our hydrocarbon business (refining and
petrochemicals) has further scaled up its capabilities to become more profitable, integrated and predictable in its earnings
profile.Together, our hydrocarbon and consumer businesses have helped create more records and scale greater heights than ever before.I am
delighted to report yet another record breaking performance by your company
Our net profits grew by more than 20.6% to Rs 36,075 crore
increase is especially remarkable because it is taking place at a time when the hydrocarbon businesses are growing rapidly.I can tell you
with confidence that Reliance has reached an inflection point.As the Golden Decade rolls on, our consumer businesses will contribute nearly
as much to the overall earnings of the company as our energy and petrochemical businesses.Reliance continues to be India's largest exporter
accounting for 8.9 % of India's total merchandise exports with a value of Rs 176,117 crore with access to markets in 113 countries.Your
Since I last spoke, we have doubled our customer base to over 215 million now
215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world.In the
last one year, we have achieved UNPRECEDENTED GROWTH starting with an already existing large base:Data usage has grown from 125 crore GBs
per month to more than 240 crore GBs per month.We were the world's largest mobile data network last year and the gap from the others has
only widened in the last 12 months.Voice usage on the network has grown from 250 crore minutes per day to more than 530 crore minutes per
The amount of video consumption has grown from 165 crore hours per month to more than 340 crore hours per month
Doubling of these metrics at such scale is truly unparalleled
NETWORK also CONTINUES to expand rapidly
We are on track towards achieving our target of 99% population coverage with 4G-LTE
have more than doubled our NETWORK CAPACITY
Even after serving the needs of our 215+ MILLION customers, the capacity utilization of the Jio network is LESS THAN 20%.Which means, we can
multiply our customer base without additional investment.We have achieved this unprecedented network growth while maintaining our NUMBER ONE
that just around 1% of our customers are yet to enjoy the best user experience some of the time
But we are working tirelessly to satisfy and delight them as well.Jio is a customer obsessed organization and will work harder to ensure
that not even one consumer remains dissatisfied on our network.Let me now update you about the JIOPHONE
JioPhone has taken the country by storm
I am pleased to announce that we have more than 25 MILLION JIOPHONE USERS in India
We are now taking the JioPhone to the next level, with added capabilities and functionalities.Friends,WHAT COMES NEXT FOR BROADBAND
SIGNIFICANTLY in fixed-line broadband.India is ranked quite low at 134th in the global ranking for fixed broadband, Poor fixed-line
infrastructure has been a key reason for this.In countries with better developed communication infrastructure, more than 80% of data
consumption happens INDOORS THROUGH FIXED-LINE CONNECTIVITY in homes, in offices and other premises.Optical Fiber based fixed-line broadband
is the future.Fixed-line broadband offers HUNDREDS OF MEGABITS, even GIGABITS per second of data speeds
Jio is determined to move India to among the top 5 in fixed-line broadband, too
Your company has already invested over Rs 250,000 crore for creating state-of-the-art digital infrastructure to provide mobile and broadband
connectivity across the country, with the largest fiber footprint.We will now extend this fiber connectivity to homes, merchants, small and
medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity
and outside the home.This will redefine 24X7 emergency help for all homes.FOR MERCHANTS and SMALL BUSINESSES, fixed-line broadband
business you empower them to compete on level terms with larger businesses.Jio is thus performing a task of VITAL NATIONAL
IMPORTANCE.Because the success of Indian small businesses and small merchants translates directly into faster and more sustainable growth
fiber based broadband service JIO GIGAFIBER
Dear Friends,The three most popular apps YouTube, WhatsApp and Facebook will be available to all the JioPhone users from 15th August.Jio was
However, as many as 500 million Indians still use feature phones, who cannot use the Internet
The doors of Digital Life are closed to them because of the problem of affordability
In other words, for an effective price of zero.25 million Indians have availed this scheme and become JioPhone users
This scheme will, of course, continue
It is the JIOPHONE "MONSOON HUNGAMA" offer.Starting July 21st they can exchange their existing feature phone for a brand new JIOPHONE for
just Rs 501! We have thus reduced the effective entry cost of the JioPhone from Rs 1500 to as low as Rs 501
Digital Revolution in India with the extreme affordability of a JioPhone, so that each and every Indian can access the internet and enjoy
the Digital Life.Further details about both these offers will soon be made available on jio.com.With the added functionalities, our wider
network reach across India and strong retail presence across India, the goal that I have now set for our Jio team is to enable 100 MILLION
users on this JIOPHONE platform in the shortest possible time.Friends, JioGigaFiber creates magical experiences that are going to be
available to every Indian consumer
August 15th you can start registering your interest for JioGigaFiber through both MyJio and Jio.com
We will prioritize our JioGigaFiber rollout to those localities from where we receive the highest number of registrations
JIOGIGAFIBER will be the largest greenfield fixed-line broadband rollout anywhere in the world, with rollout happening in 1,100 cities of
India simultaneously.So, this 15th of August, Jio welcomes you to celebrate the day of India's Freedom by signing in for every Indian's
Digital Freedom.Make sure you register your interest, and more importantly make sure that your neighbors register so that your locality will
be among the first to get JIOGIGAFIBER!At Jio, we are determined to take India to be among the top-5 in broadband connectivity, both for
mobility as well as fiber based wireline connectivity.We have built future proof networks and will continue to deliver the most advanced
technologies to our customers for decades to come.With Jio, we have built a Digital Connectivity Platform of unparalleled capacity and a
This has enabled Reliance to strategically reinvent itself as a Technology Platform Company
These new hyper-growth engines of value creation are fired by the combination of digital connectivity, computing power and software.They use
data as the raw material, and Artificial Intelligence plays the role that electricity played in the past.The world is entering into an era
were opened during the year, an unprecedented expansion in the retail industry
It sells nearly 1.2 crore garments a month or over 33,000 garments every hour.In Grocery, we are the LARGEST MODERN TRADE RETAILER.We sold
over 500,000 tonnes of groceries last year, connecting thousands of farmers and small manufacturers to happy customers.Over the years
Reliance Market has been creating value for small merchants by bringing both buying and operational efficiency to their businesses.The
existing ecosystem of 3 million plus partners will be enabled further with our digital merchant platform
Reliance Retail has emerged as the partner of choice for International brands
Our network of over 1,300 fully automated and future ready petroleum outlets on key highways cater to major demand centres and witnessed
robust revenue growth.Based on our growth initiatives and commitment to our customers, I am confident that Reliance Retail will become
power of Reliance Retail's physical marketplace with the fabulous strengths of Jio's digital infrastructure and services.This platform will
provide the last-mile physical market connectivity
Hence, we will integrate the physical and digital marketplaces in a uniquely collaborative BHARAT-INDIA JODO enterprise.We see merchants and
small shop owners as critical customer interaction and fulfilment points, who will share a mutually beneficial win-win relationship with
us.Through the deployment of Merchant Point of Sale for small shop owners, we will enable them to do everything that large enterprises and
large ecommerce players are able to do.They will be able to manage inventory, keep digital records and file returns, improve working capital
management, retain and upgrade customers, access new customers, run promotion and loyalty programs, link to our highly efficient supply
chain, and much more.Our NEW COMMERCE PLATFORM will redefine retail in India by enabling all customers ? rich or poor, whether at home or on
mobile ? to transition from simple shopping to personalised Immersive shopping experience.This will be made possible by Augmented Reality,
holographic technology and VR devices
Retail's deep insights into Indian customers, large local presence, and best-in-class supply chain.We will invest in the best data analytics
engines using artificial intelligence to bring a powerful offering to all consumers, merchants and small businesses.We will also facilitate
availability of financing to small shopkeepers and merchants to improve their capital efficiency, so that they can become competitive and
grow their businesses.Thus, the principal purpose of our hybrid NEW COMMERCE PLATFORM is to promote Shared Prosperity.This will enable even
the smallest merchant to earn more, employ more people, and give common Indian customers the best value for their money.4
Media and EntertainmentLet me turn to our media and entertainment platform.We have already created a large portfolio of media and digital
properties, which are as widespread as they are valuable
leading global brands like CNBC, CNN, Forbes, History, MTV and Nickelodeon
significant embedded value.We have a leading market share in television broadcasting, movie production and distribution, digital content and
commerce, print magazines, mobile content and allied media services businesses,One in every two Indians consume Network18's content
Regional content and digital delivery continue to be the focus of Network18, which will drive its future growth
The media and entertainment platform with a viewership in excess of 700 million enables us to achieve a very special societal purpose:Our
bring nutritious food products to consumers at affordable prices.I am sure that if we combine digital technology tools with the innate
knowledge and wisdom of Indian farmers, Jio can usher in a SMART NEW GREEN REVOLUTION in India.EducationSecond, the EDUCATION PLATFORM.The
purpose of this platform is to overcome the challenge of poor and inadequate educational infrastructure by digitally delivering high-quality
education and skills training to schools, colleges and universities across the country.This will enable every educated Indian youth to earn
a respectable livelihood and contribute to the nation's wealth
We have to equip our children to be digitally-savvy right from school.So that we can lay the foundation for a sustained leadership in the
Through Jio, we are providing broadband connectivity to all the 58,000 colleges and will connect 1.9 million schools across the
country.These educational institutions collectively provide education to nearly 200 million children
And all these can be done in less than two years
Once this is done, India will have one of the most-digitally enabled education systems in the world
HealthcareThird, the HEALTHCARE PLATFORM.Here our purpose is to ensure affordable and quality healthcare to all, which is both a national
across the country and even in remote locations.India can considerably overcome the deficit of physical infrastructure of hospitals and
doctors by universalising telemedicine, tele-radiology, eDiagnostics, genomics and other cost-effective cloud-based solutions.This cannot
happen overnight.It is a long-term gestation opportunity, and we will pursue this with a host of partners to realise this for India to
become a global leader in healthcare.To summarise, our DIGITAL CONNECTIVITY PLATFORM has served as the foundation on which we are building
our NEW COMMERCE PLATFORM, OUR MEDIA AND ENTERTAINMENT PLATFORM, EDUCATION PLATFORM, HEALTHCARE PLATFORM and AGRICULTURE PLATFORM.Going
forward, we shall build more such platforms
Each of these will create significant shareholder value and enormous societal value.6
This year Jamnagar completes 20 years of operations
Jamnagar has expanded manifold in scale, complexity, scope and size since we commissioned the world's largest greenfield refinery in
1998.Let me update you on the progress of the projects, as we are now nearing the end of our largest-ever investment at Jamnagar.We have
successfully commissioned and stabilized the world's largest Paraxylene complex.Today, Reliance is the second largest PX producer in the
world and Jamnagar has the distinction of being the largest manufacturing facility of PX in the world with 4.2 million MT of capacity.We
also commissioned the largest off-Gas cracker complex in the world
Using our Refinery off-gasses as feedstock, this cracker is the most cost competitive ethylene cracker, globally
This positions us uniquely, as one of the most efficient producers of Polymers in the world
I am proud to report that both these projects have been completed in a record time frame, at world-beating capital productivity and
Both the Paraxylene and Cracker complexes are already running substantially higher than their design capacity.The Butyl rubber project will
materials will cater to the growing needs of India's transportation and alternate energy sectors.All these projects position your company
polyester with unique anti-sweat and anti-bacterial properties for use in active wear.Similarly, our RecoSilk and SuperFeel products have
emerged as products of choice in ladies fashion wear
Environmental regulation is now a global imperative
largest recycler of PET in India recycling over 2 billion bottles annually
We are committed to becoming a leader in the emerging circular economy and to become one of the largest recyclers of plastics in India,All
these initiatives will enhance our capabilities and competencies, making us future-ready, as we transition from a cyclical business to
and most unique Petcoke gasification project.I am pleased to share that the DTA Gasification complex startup and stabilization was
accomplished in a record time of less than 120 days against a typical 9 to 12 months period required for a project of this magnitude and
complexity by global peers.The gasification project will eliminate the dependence of the refinery on imported natural gas and add value to
As a result of our robust and flexible configuration we are also uniquely positioned to take advantage of emerging opportunities in view of
IMO 2020.The forthcoming changes in sulphur specifications of bunker fuel will lead to a significant jump in demand for low sulphur
distillates.Equally it will benefit versatile and complex refiners like us with a capability to process challenged heavy crude.Dear
the industry paradigm and set a new benchmark by maximizing Propylene and Aromatics.We took a further quantum jump with the commissioning of
the world's largest Refinery off gas cracker and the Paraxylene complex.These set of new projects have redefined Oil to Chemicals
integration.It is our belief that with the rapidly increasing demand for Petrochemicals maximizing Oil to Chemicals conversion will play a
catalytic role in determining profitability of hydrocarbons businesses of the future.As the world migrates from fossil fuels to renewable
energy, we will further maximize this Oil to Chemicals conversion and upgrade all of our fuels to high value petrochemicals
This up-gradation will be implemented in a phased manner over the next decade to meet the rapidly increasing demand for petrochemicals, in
The hydrocarbon business is thus poised for robust value creation and exciting times ahead.7
Oil and Gas Exploration and ProductionDear Shareowners,Your company, along with its joint venture partner BP, continues to optimize its
India upstream business by pursuing integrated development in KG D6 Block
In these gas field developments, we will deploy many advanced technologies to start gas production in 2020 and reaching full production of
30-35 MMSCMD by 2022.Our Gas marketing JV with BP is looking for opportunities to source and distribute gas to Indian consumers including in
cities.Our Coal-Bed Methane production crossed 1 MMSCMD level last year
company is proposing a cross-border merger of RHUSA with RIL thereby integrating the US gas resources with Indian market as we have done
with ethane for Petro-chemicals.I am confident that our participation in the gas economy of India will generate value in the coming years.8
the good work being done by our Foundation.Let us congratulate Nita for her leadership of the Foundation and her relentless efforts in
driving grassroots sports and education in the country.Our diverse sports initiatives provide a world class platform to young
sportspersons.In recognition of her accomplishments in the field of sports, Nita was awarded the Rashtriya Khel Protsahan Puraskar by the
Honourable President of India.Reliance Foundation's rural transformation initiatives are focused on establishing strong market linkages for
farmers and leveraging technology for better reach and impact.The initiatives now reach out to over 13,500 villages in 15 states across the
country.We are now focused on increasing our reach and expanding the scope of our Foundation to deliver impact to larger sections of India
through a combination of partnership and direct action.I hope to share several success stories with all of you in the future as Reliance
Foundation continues to make a difference as the largest corporate Foundation in India.9
We are laying a robust foundation to realise this vision
We are focussed on creating multiple platforms that will accelerate our growth and create significant societal value for years to come.Our
connectivity platform has already made Jio the largest mobile data network in the world
Through JioGigaFibre we will now build the home-and-office connectivity platform
Moreover, it will have a much higher value proposition because the core investments have been made while building the mobility network.The
third big platform that we are building is New Commerce.This platform has the potential to redefine retailing in India and become one of the
biggest new growth engines for Reliance in the years to come.We are also looking at nation-wide platforms in Agriculture, Education and
Healthcare.I am confident that our growth in these consumer businesses, based on asset-light platforms of the future, will be non- linear
and exponential.In our hydrocarbon businesses, the largest ever cycle of investment in our world-scale complex projects is nearly
complete.This will yield healthy profits for many years to come.The value-chain integration allows us to create an annuity-like cash flow
with lower risk of cyclical markets.Reliance was among the first companies globally that adopted an 'Oil to Chemicals' strategy and manage
it as one integrated business.We have a full plan to further increase the level of integration by adding new chemical chains and capacity to
produce new materials and composites of high value.This will minimise the impact of renewables and electricity on transportation fuels
We have the unique advantage, among global players, of being able to pursue this strategy with physical integration at one large site.I am
confident that our current business model and planned investments make our hydrocarbon portfolio future-proof with sustained earnings
growth.We are committed to strengthening our balance sheet while we pursue growth and realise multiple monetisations.As the earnings from
our consumer businesses begin to match those from our hydrocarbon businesses, I assure you that the next decade will truly become a Golden
responsible Corporate Citizen
We know fully that our responsibilities have grown with our opportunities
We shall discharge them with utmost commitment
In addition to employing as many as 200,000 people in the last two years alone, Jio and Retail have created indirect livelihood
opportunities for 1 million people across India.In all our digital service businesses, data privacy is sacrosanct
Cyber-security is our solemn promise.Our energy and petrochemical businesses follow the philosophy of not only the Green Economy but also
the Circular Economy.Because we care for the Environment, which is the most precious asset of mankind.Lastly, ensuring the safety,
satisfaction and happiness of our employees is our Dharma, because, for me, all of them are members of the extended Reliance Family.Before I
conclude, permit me once again to share with you ? and with all my dear countrymen ? a dream I have inherited from my father.It is the dream
to see India become an economic superpower
And to see that India becomes a global leader in the Fourth Industrial Revolution
India's prosperity and Reliance's progress have been closely intertwined in every phase of our journey so far
Which is why, Reliance has become a shining icon of Modern India.As India starts on its high growth journey to double the size of its
economy by 2025, I assure you that the size of Reliance will more than double in the same period.And the creation of societal value by
Reliance will be of an even higher order.Old-timers amongst you will recall that whenever our Founder Dhirubhai Ambani spoke of India, there
CAN DO TO BRIGHTEN INDIA'S FUTURE.'That passion will never subside.As we kick off our Golden Decade with a flourish, we remind ourselves of
Reliance's unwavering commitment towards India's Rise.May the God Almighty bless us in our endeavour.11
AcknowledgementsI would like to thank the Central and State Governments, shareholders, investors, suppliers and customers for their
consistent and resolute support.I thank all my colleagues on the Board for their unanimous support and immense encouragement.I have special
words to acknowledge the collective efforts of the entire Reliance team, working tirelessly for creating and sustaining a world-class
enterprise.Thank you.Mukesh D
AmbaniChairman and Managing Director
