Reliance Industries Limited (RELIANCE) Earnings Call Transcript & Summary

Ladies and gentlemen, good afternoon. Dear shareholders, [Foreign Language]. It is 2:00 p.m. and time to start the meeting. I welcome all of you to the 45th Annual General Meeting of the company. This meeting is held through video conferencing because of the prevailing situation. This is in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that the 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. This will remain accessible to the members for inspection electronically if they so desire. I wish to introduce, for the benefit of our new members, my colleagues on the Board of our company: Shri Adil Zainulbhai; Shri R. S. Gujral; Dr. Shumeet Banerji; Shrimati Arundhati Bhattacharya; His excellency, Yasir Al-Rumayyan; Shri K. V. Chowdary, Shrimati Nita M. Ambani; Shri Nikhil R. Meswani; Shri Hital R. Meswani, Shri P.M.S. Prasad; and Shri P.K. Kapil. All directors of the company are present at this meeting: Shri Alok Agarwal, Shri V. Srikanth, Chief Financial Officers; Shrimati Savithri Parekh, Company Secretary; and Shri K. Sethuraman. And the representatives of our statutory auditors and Secretary auditor of the company are also present at this meeting. Ladies and gentlemen, notice dated August 6, 2022, convening this Annual General Meeting and a copy of the annual report for the financial year ended March 31, 2022, has already been circulated to the members of the company electronically. With your permission, I shall take them as read. 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 2022, do not contain any qualification, reservation, adverse remark or disclaimer. Accordingly, the reports are not required to be read out as provided in the Companies Act 2013. Now I will begin my formal address to the shareholders. My dear shareowners, [Foreign Language]. A very warm good afternoon to each and every one of you. It gives me great pleasure to welcome you to the 45th Annual General Meeting of Reliance Industries Limited. Like the previous 2 years, this AGM is also hosted on a digital platform. The digital platform enables more shareholders from across the world to participate in the AGM. I miss the warmth and the bonhomie of our personal interactions. I sincerely hope that next year, we will be able to switch to a hybrid mode, which will combine the best of both physical and digital modes. Friends, 2 weeks ago, we celebrated Azadi Ka Amrit Mahotsav, the 75th anniversary of India's independence. Our visionary Prime Minister, Shri Narendra Bhai Modi ji, in his most inspiring speech on August 15 has given us a clear road map to make the next 25 years the most transformational in the history of our motherland. The Panch Pran or the 5 imperatives he has articulated, will surely make India a developed nation by 2047. He has aptly described that the next 25 years is India's Amrit Kaal, the era of elixir. Within the next one generation, India is set to achieve more than all the post-independent generations have collectively achieved so far, and Reliance is set to make a far greater contribution to India's prosperity and progress than we have done so far. Friends, the world has almost fully overcome the COVID pandemic. This is heartening. However, there is uncertainty again due to heightened geopolitical tensions and global risks. There is severe economic stress in many parts of the world. rising fuel, food and fertilizer prices are impacting everyone in the world, high inflation and supply disruptions are triggering recessions amidst this global unpredictability, India stands tall as a beacon of growth and stability. The government's skillful management of the pandemic and the pragmatic approach in dealing with the ensuing economic challenges have helped India emerge stronger than before, wiser than before and more resilient than before. I would like to congratulate our Prime Minister, Shri Narendra bhai Modi ji, for his farsighted leadership; and our Finance Minister, Shrimati Nirmala Sitharaman ji, for her exemplary stewardship in navigating the Indian economy through a period of unprecedented challenges. The most profound lesson that the world has learned from the pandemic is greater the adversity, greater still is humanity's inner strength to conquer it, provided we care for each other. Friends, this prompts me to reiterate the core philosophy of Reliance, the philosophy of We Care. We care for our employees and their families. We care for all our stakeholders, customers, shareholders and partners. We care for India and all 1.4 billion Indians, we care for the planet and its people. It is the philosophy of doing good to do well. It is the philosophy to create greater value for others first, the ever-expanding circle of care enhances respect for Reliance globally and ensures its sustainable growth year after year, decade after decade and generation after generation. Dear friends, let me now speak about the business and financial performance of your company in the year 2022. Reliance has continued to make all around progress across its businesses. Our company became India's first corporate to cross $100 billion in annual revenues. Reliance's consolidated revenues grew 47% to INR 7.93 lakh crores or 104.6 billion. Reliance's annual consolidated EBITDA crossed the crucial milestone of INR 1.25 lakh crores. And in true We Care spirit, Reliance Foundation continued to benefit millions of people across the country. Reliance not only set higher benchmarks of serving the community, but also created business value and societal value on an unparalleled scale. Reliance's exports grew a massive 75% to cross INR 250,000 crores. We accounted for nearly 8.4% of India's merchandise exports in the year, up from 6.8% last year. During the year '22, Reliance continued to be the largest taxpayer in India. Reliance's contribution to the National Exchequer by way of various direct and indirect taxes increased 38.8% to INR 188,012 crores. Reliance also set new records in creating jobs for Indians, Reliance added 2.32 lakh jobs across all its businesses with Reliance Retail becoming one of the largest employers in the country. Friends, let me start with our digital services business, Jio. Over the past year, Jio has further consolidated its position as India's #1 digital services provider. Today, we have 421 million mobile broadband subscribers on our 4G network, and they consume on average nearly 20 gigabits of broadband data every month, which is nearly double their consumption from the year before, inspired by our dynamic Prime Minister, Shri Narendra bhai Modi ji's Digital India initiative. Our country has seen the emergence and scale-up of multiple world-class national platforms, which have brought enormous benefits and ease of living to ordinary citizens like Aadhar, a common national identity for 1.3 billion Indians; like Jan Dhan, a self-service bank account that has brought financial inclusion to over 460 million unbanked Indians, especially women; like RuPay, an indigenous payment card network with over 630 million cardholders; and like UPI, one of the most accessible digital payment system with a monthly volume of over 6 billion transactions; like Ayushman Bharat, providing health coverage to over 0.5 billion Indians. Another example is our Prime Minister's pathbreaking Startup India initiative under which India has launched over 73,000 new start-ups in the last 6 years. They have collectively attracted nearly $63 billion of investment and contributed to the creation of lakhs of new employment opportunities. And we have the example of how India has used digital connectivity and digital platforms to stay resilient even during the COVID-19 pandemic. With both humility and pride, I would like to state that all these phenomenal accomplishments became possible because Jio built a world-class 4G digital infrastructure at the right time with sufficient capacity and offered it most affordably to every Indian to take India to global leadership. Let me now talk about Jio's fixed line network. Jio's high-quality, redundant and always available fiber optic network is the information backbone that carries data traffic from every corner of India and connects it to the global Internet. Today, Jio's pan India fiber optic network is more than 11 lakh route kilometers in length enough to go around the planet Earth more than 27x. Over the past year, we also saw acceleration in the adoption of JioFiber with 2 out of every 3 new customers choosing JioFiber. JioFiber is now the #1 FTTH service provider in India with over 7 million connected premises, a feat achieved in less than 2 years despite COVID lockdowns. But despite strong growth, India still lags behind the rest of the world significantly in fixed broadband services. With about 20 million connections, India is ranked a lowly 138th in the world in fixed broadband adoption. Unlike in leading nations, the vast majority of our homes, offices and businesses have been deprived of the power of fixed broadband and ubiquitous indoor WiFi and consequently, the power of modern digital tools. This has to change and change fast. Jio will change this. We'll enable India to be among the top 10 globally in fixed broadband adoption. Friends, today, I want to announce the next leap forward that Jio is creating in digital connectivity, especially in fixed broadband, and that is Jio 5G services. Using 5G technology, we can now deliver breakthrough increases in broadband speed, network capacity and number of connected users while dramatically reducing latency. With Jio 5G, we can achieve three simultaneous objectives. One, we can build on the success of Jio 4G by introducing an even more advanced version of our mobile broadband service; two, we can accelerate the rollout of high-quality, highly affordable, fixed broadband services to hundreds of millions of locations in a very short period of time; and three, we can use this vastly expanded broadband availability to further stimulate the adoption of connected intelligent solutions across all walks of life. Specifically, we can connect over 100 million homes with unparalleled digital experiences and smart home solutions. We can leapfrog tens of millions of small merchants and small businesses by empowering them with cutting-edge plug-and-play solutions delivered from the cloud. We can provide lakhs of medium businesses with the same digital capabilities that were historically available only to larger companies. We can accelerate the digital transformation of tens of thousands of our large enterprises and make them globally competitive. We can launch billions of smart sensors with connected intelligence that can power the Internet of Things and the fourth industrial revolution. With Jio 5G, we can connect everyone, every place and everything with the highest quality and the most affordable services. In addition to meeting India's needs, we are confident of offering digital solutions to world markets. At Jio, we are energized by this vision. We are committed to make India the largest data-powered economy in the world, even ahead of China and the United States. Jio 5G will be the world's largest and most advanced 5G network. Most operators are deploying a version of 5G called non-stand-alone 5G, which is essentially a 5G radio signal that is delivered over their existing 4G infrastructure. This nonstand-alone approach is a hasty way to nominally claim a 5G launch, but this approach cannot deliver the breakthrough improvements in performance and ability that are truly possible with 5G. In sharp contrast, Jio will deploy the latest version of 5G, called stand-alone 5G, which has absolutely zero dependency on our 4G network. With stand-alone 5G, Jio can deliver new and powerful services like low latency, massive machine-to-machine communication, 5G voice, edge computing and network slicing. Jio 5G will be true 5G in every sense. And I believe that India deserves nothing less than true 5G. And through the recent auction, conducted by the Department of Telecommunications, we have also acquired the largest and the most appropriate mix of wireless spectrum for 5G. And this gives Jio 5G a distinct competitive advantage. In addition to the 3,500 megahertz mid-band spectrum that is globally earmarked for 5G and the 26 gigahertz millimeter wave band for ultra-high capacity, only Jio has the 700 megahertz low-band spectrum that is so very essential for deep indoor coverage. And we are able to seamlessly combine these frequencies into a single, powerful data way using an advanced technology called carrier aggregation. This threefold advantage of stand-alone 5G architecture, just and best mix of spectrum and carrier aggregation means that Jio 5G will be able to offer an unparalleled combination of coverage, capacity, quality and affordability. We are working very closely with all leading global smartphone OEMs, and we have their commitment that they will support Jio's True 5G in India. I firmly believe that digital freedom is the birthright of every Indian. Therefore, 5G cannot remain an exclusive service available only to the privileged view or only to those in our largest cities. To build our pan-India true 5G network, we have committed a total investment of INR 2 lakh crore. Jio has prepared an ambitious and the fastest ever 5G rollout plan for a country of our size. Within the next 2 months, that is by Diwali of 2022, we will launch Jio 5G across multiple key cities, including the metro cities of Delhi, Mumbai, Chennai and Calcutta. Subsequently, we plan to increase the Jio 5G footprint month after month until by December of 2023, which is then 18 months from today to deliver Jio 5G to every town, every taluka and every tehsil of our country. We will use our combined wireless and wireline assets to blanket the 3.3 million square kilometers of India's land mass with fiber quality broadband, connecting even those parts of the country where thus far satellite technology was considered the only option for connectivity. Friends, we are able to pursue our disruptive ambitions because of the unique technology, research and development capabilities we have developed in Jio. As I mentioned in our earlier meetings, we have indigenously developed an end-to-end 5G stack, which is fully cloud-native, software-defined, digitally managed with support of even advanced features like quantum security. This is 100% developed by our own over 2,000 young Jio engineers working tirelessly for the past 3 years. We have already deployed this Made-in-India 5G stack in our network with sufficient capacity to serve hundreds of millions of users from day 1. Furthermore, Jio 5G is uniquely positioned to offer private 5G solutions for Indian enterprises at owners' economics. Friends, let me now invite Akash and Kiran on stage, who will talk about some of the exciting experiences that will be possible with Jio 5G.

Good afternoon, everyone. I am Akash Ambani.

And I'm Kiran. As we gear up to roll out Jio True 5G across India, let's take a look at a few interesting possibilities. Let's start with mobile broadband. Only Jio True 5G has the threefold advantage of stand-alone 5G architecture, broader spectrum and advanced carrier aggregation technologies. Jio True 5G truly delivers breakthrough increases in broadband speed and dramatically lower latency. Let's see this in action with a speed test on Jio True 5G. While we don't get 1 Gbps even on many of the fixed broadband networks in our country, since 2016, Jio 4G has unleashed a tsunami of digital applications and rich digital content across India. Today, over 80% of the data consumed on Jio 4G is in video format. With Jio True 5G, mobile broadband will shift gears yet again, and we can enjoy even more video and immersive content. That too consistently in ultra-high-definition quality no matter where you are. This also means that you will get a dramatically superior experience when you use your favorite video streaming and video calling mobile applications. 5G will not only enhance all your current mobile experiences but will also create new and first-time experiences that will only be possible with 5G. For example, for the first time, the ultra-low latency of Jio True 5G will enable real-time applications like cloud gaming, even while you are on the move. And in the near future, it will also enable immersive experiences like augmented reality with Jio glass and devices from many other ones.

And even more exciting possibility of Jio 5G is ultra-high-speed fixed broadband. And since you get fiber-like speeds over the air without any one, we are calling it Jio AirFiber. With Jio AirFiber, it is now really easy and really quick to connect your home or office to gigabit speed Internet. We've developed a Jio AirFiber home gateway, which is a wireless simple, single-device solution. Get it, plug it in and turn it on. And that's it. You now have a personal WiFi hotspot in your home, which is connected to ultra-high-speed Internet using true 5G. And on top of that, because it's an end-to-end wireless solution, there are no wires coming into your home or creating a tangle inside with such a simple process, literally hundreds of millions of homes and offices can be connected to ultra high-speed broadband. That too, in a very short period of time. And India can once again be in the top 10 nations even for fixed broadband. And the 2-way interactivity enabled by Jio AirFiber can create completely new and highly engaging experiences for the entire family, like interactive live content, cloud gaming, immersive shopping and much more with focus on continuously enhancing customer experience and privacy. For example, Reliance and Jio are bringing some of the best sporting events like IPL to viewers in India and abroad through our digital platforms. Let's take a look at how we might watch an interactive life IPL match in the very near future with Jio AirFiber on a large screen. Instead of a traditional broadcast experience, the big difference you can see is that because of gigabit speeds of Jio AirFiber, we can now deliver not just one video stream, but multiple video streams showing multiple camera angles at the same time, live. That too, in ultra-high-definition. And we can dynamically choose which camera angle we want to focus on, while having a preview of multiple other live video streams simultaneously. This makes every sports game truly immersive, even better than a real match experience and personalized to suit the preferences of each and every viewer. And that's not all. You can even have watch party with your friends through live video calls no matter where they are in India, almost like you're watching a match sitting together in the stadium. With Jio AirFiber's ultra-low latency, things like multiplayer cloud gaming works even better on large screens within your home. This is exciting.

Another possibility with Jio 5G is how it can save money for customers in unexpected ways. For example, let's take personal computers. Today, most homes have to buy a PC or a laptop, and spend even more money to upgrade it every few years. Now using Jio AirFiber, customers can do away with all such expenses and opt to use a virtual PC that is hosted in the cloud. This is a concept that we Jio Cloud PC, no large upfront investments, no upgrades and you only pay to the extent you use the Cloud PC, resulting in a super affordable way to bring the power of a PC, even multiple PCs, to every Indian home and business. This will be a game changer for every student, every gig worker and every small business in our country. Be it a pharmacy or a doctor's clinic, a grocer or a hotel, a consultant or a chartered accountant. Everyone can get an affordable computer through Jio Cloud PC and Jio AirFiber. Even large enterprises can use this solution. Across the Reliance Group itself, we use a lot of computers, and we are now replacing most of these with Jio Cloud PCs. And talking of large enterprises, Jio 5G can also be used to create private 5G networks for large enterprises. When compared to traditional enterprise WiFi networks, 5G networks provide better reliability, better coverage, better data security, higher scalability and lower cost, especially in demanding situations. Factories of the future and Industry 4.0, where reliability and performance are the top most concerns, will be powered by private 5G working hand-in-hand with operational and information technology. For instance, we can use autonomous robotic vehicles to move goods in the demanding environment of a factory floor. And all these vehicles can be monitored and controlled in real time using Jio private 5g. Another interesting area is energy, which is a major operating cost for most industries. We'll now be able to continuously monitor the energy consumption of each and every equipment in any facility using smart sensors connected via 5G. And we can analyze this rich data using connected intelligence and optimize energy consumption and other operational parameters, thereby increasing efficiency, enhancing productivity and reducing cost. Because every facility will now be a connected facility, we can monitor all aspects of our operations in real time even when people are working from home.

We're excited by the endless possibilities of Jio 5G and technology to serve humanity and to improve lives of hundreds of millions of our citizens. For example, take agriculture. Jio 5G connected drones can be used for spring organic fertilizer on crops across the large tracks of farmland in a timely manner, thereby improving yield and reducing cost for our farmers.

Or take health care ambulances with tele-ICU can reach patients faster and doctors can use 5G connectivity to remotely monitor a patient's vital in real time, and to deliver critical care even while patients are in transit to an emergency room. This can result in millions of lives saved.

Or take education providing quality education to the 250 million children of our country is a key development goal for India. Through Jio 5G, we can create the digital infrastructure for delivering high-quality educational content to every student and every classroom across our nation. [Foreign Language]. Through 5G, we will now connect a larger number of end devices across multiple areas just as we have demonstrated. The current 800 million connected Internet devices will double to 1.5 billion connected Internet devices within a year itself with 5G getting rolled out in India.

Very soon, we are opening a Jio 5G Experience Center in Mumbai for the public. We will showcase these and many more exciting use cases and possibilities of Jio 5G there for everyone to experience firsthand even before they are launched in the market. We invite one and all to visit us and experience the magic of Jio True 5G.

With that, let us now invite our Chairman back on stage.

Thanks, Akash and Kiran. Friends, we are also privileged to have some of the world's leading technology players as our strong partners in our Made-in-India 5G collaboration. We are excited to work with Meta in realizing our vision of bringing the benefits of immersive technology to everyone. We believe India's vibrant digital ecosystem can play a critical role in shaping the metaverse and bring new possibilities in education, health care and commerce 4.0. We are working with Google to develop ultra-affordable 5G smartphones for India, and to leverage the advanced capabilities of Google Cloud to offer Jio's private 5G stack and other 5G-enabled solutions to both domestic and global users at scale. We are partnering with Microsoft to expand the Azure ecosystem in India and to develop a vibrant ecosystem of cloud-enabled business applications and solutions, especially for small and medium businesses. We are working with Intel on technologies used in Jio's cloud scale data centers and 5G edge locations and an infrastructure for cutting-edge applications like artificial intelligence. And we have well-established relations with leading global network technology providers like Ericsson, Nokia, Samsung and Cisco. And today, I want to announce one more exciting partnership with Qualcomm, who is not only a global semiconductor and communications technology major, but also one of our valued investors in Jio platforms. To share a few words on this partnership, I have with me today, my dear friend and the CEO of Qualcomm, Mr. Cristiano Amon.

Thank you, Mukesh. I'm privileged to be speaking to all of you. The 5G spectrum options are behind us, and Reliance Jio is well-positioned to drive digital transformation across all aspects of life in India, utilizing your excellent position in the 700 megahertz, 3,500 megahertz and 26 gigahertz spectrum. Jio plans for reaching 1,000 cities are ambitious, but I'm confident in its proven ability to execute. A great example was the paradigm shifting 4G rollout in 2016. We work together to deliver innovation at scale including advanced LTE data services for devices used by consumers and micro enterprises across India. The results have been incredible. According to the GSMA, there has been a significant improvement in the urban rural connectivity gap, and data consumption has been increasing steadily making India one of the highest data consuming markets globally. With 5G's power to extend far beyond the smartphone, Jio is poised to take the success to the next level. When virtually every device can be reliably connected to the cloud, significant opportunities are unlocked, not only for Jio, but also for India consumers, industry and enterprises, and even strategic government missions. To fully realize 5G's potential, Jio have spectrum bands that provide a well-balanced mix of capacity and coverage. Millimeter wave will be a critical component of Jio's high-performance 5G network. With its extreme capacity, multi-gigabit throughput and ultra-low latency, it will enable fiber-like broadband through fixed wireless access, eliminating the need for fiber in inaccessible regions. When I met Honorable Prime Minister Modi last year, he spoke about accelerating advanced communication technologies for the socioeconomic advancement of all Indians. Jio and Qualcomm are working to develop the right solutions to help achieve this goal. We're also excited to be working together on cloud native, scalable and flexible 5G infrastructure in both millimeter wave and sub-6 gigahertz to develop an ecosystem that can extend beyond India. Additionally, I was happy to learn about Reliance Jio's broader efforts in drones, robotics, automotive, Industry 4.0 and private networks. Reliance is one of the few companies that has the scale to take the solutions across industries and geographies. Our strategic relationship and complementary strengths, spanning sectors and industry verticals will enable us to tackle this vast opportunity. As India celebrates 75 years of independence, with Jio, we're committed to developing the digital infrastructure that enables the success of citizens in business and achieves the new India envisioned by the Prime Minister. Paraphrasing Mukesh, 5G rollout is finally a top priority. Congratulations to the entire Reliance team and best wishes for another great year ahead.

Thank you, Cristiano. I am confident that the solutions developed by Qualcomm and Jio, once proven in India, can be taken to the rest of the world. Jio 4G, Jio Fiber and now Jio 5G, are uniquely positioned to deliver the best quality, highest value digital connectivity solutions for our country. Likewise, Jio platforms, our digital services arm has been quietly building capabilities that span the entire digital solutions ecosystem. And we are deepening our expertise by attracting the best global talent across all key digital technologies like smart devices, cloud and edge computing, big data, artificial intelligence, IoT, robotics, blockchain and augmented reality. These capabilities are not just powering the breakthrough scaling of all our own businesses, but we are well-poised to spearhead India's transformation into a leading digital society. India can lead the world with digital solutions that solve humanity's biggest problems today like education, health care, agriculture, governance and sustainable development. I will have a lot more to share about these opportunities next year. Our media business achieved its highest growth last year on the back of strong engagement, resulting in record subscriptions and advertising revenues. Our national channels, CNN News 18, CNBC TV 18 and News 18 India, are consistently ranked #1. Money Control is among the world's most popular subscription products. Our news brands are innovating with novel storytelling methods across platforms, building deeper relationship with audiences wherever they are and whatever device they use. Our entertainment arm, Viacom18, consolidated its leadership position with a high decible entry into sports, bagging the digital rights of IPL for 5 years. Along with key sporting rights in football, badminton, basketball, tennis, and now cricket Viacom18 is also aggressively investing in movie rights and original content for OTT. In news, entertainment and sports, digital is a core and fast-growing theme as we prepare to embrace the 5G revolution. Our partnership with Bodhi Tree, James Murdoch, Udhay Shankar and Paramount Global will help Viacom18 with additional talent bandwidth and enable us to create a world-class media and entertainment business. Dear shareholders, let me congratulate the entire leadership team at Retail on achieving a proud record of INR 2 lakh crore turnover and EBITDA of INR 12,000 crores. Today, Reliance Retail is among the top 10 retailers in Asia. Reliance Retail's purpose is to serve millions of customers every day by providing them with unlimited choice, outstanding value proposition superior quality and unmatched shopping and delivery experience through our physical stores, merchant partner stores, digital and omni commerce platforms. Our business model also has Panch Pran, 5 imperatives. First, focus on enriching customer experience across digital and physical at each touch point using technology. Second, operationalizing and growing multiple channels to increase our reach to serve our customers across India, especially the underserved rural India. In this endeavor, our strategy is to integrate with millions of small merchants and provide them a platform to prosper. The aim is to bring them to become an integral part of the widest distribution portfolio across the country so that they can provide the same choices to their customers that are available in big cities. Third, deepen the categories that we operate in, so that we can offer maximum choice on a continuous basis to our customers across all strata of the community. We will do this by investing in design, value, service and experience to empower customers and make our customer experience better. Fourth, expand our product portfolio we will partner and integrate with all brands, small producers and MSMEs, so that we can source from the widest range of quality products for our customers. We extend our product and design capability to MSMEs so that they can offer products of the highest quality across different price points and enhance the choice to customers. And fifth, strengthen our logistics and supply chain capabilities, establish a strong technology-enabled supply chain capable of moving products across geographies in India in the most efficient manner. Eliminating inefficiencies and waste, pass on the benefits to our customer. I now invite Isha, as the leader for the Retail business, to provide an update on the Retail business.

Thank you, Chairman. It is my privilege to give you an update on the progress that Reliance Retail made last year. We served over 200 million registered customers, equal to the entire population of the U.K., France and Italy at Reliance Retail physical stores and digital platforms. We welcomed 520 million walk-ins to our stores, a growth rate of 18% year-over-year. And 4.5 billion visits to our digital platforms, up by 2.3x year-on-year. Our digital commerce platforms continued its growth with average daily orders of nearly 6 lakh orders being delivered every day, an increase of 2.5x over last year. JioMart, delivering in over 260 towns, was rated as India's #1 trusted brand for online groceries. JioMart works on a hyperlocal delivery model and is India's largest deployment of an omnichannel capability. We opened over 2,500 stores in the year, and that takes us to account to over 15,000 stores and an operational area of 42 million square feet. We built an extensive supply chain network with modular design and best-in-class automation. We doubled our warehousing and fulfillment space to 670 million cubic feet, linking supply locations with demand centers across the country. We generated employment for more than 150,000 people during the year, taking our total employee base to over 360,000. We invested in acquisitions and partnerships during the year to enter new categories strengthen our service capabilities and extend our reach to new markets. We continue expanding our reach to more customers through the addition of store networks and merchant partners. We have accelerated our new commerce initiative, which is powered by the true spirit of inclusion. Since our launch 2 years ago, we have grown our merchant partner base to over 20 lakh partners. We add about 150,000 partners a month and are on course to partner with 1 crore merchants as we expand our presence to cover the entire country, serving over 7,500 towns and 5 lakh villages in the next 5 years. Our Grocery business is the largest of it's kind in the country, serving the daily needs of our customers through a network of nearly 2,500 stores, and also JioMart and Milkbasket as our digital commerce platforms. We launched Fresh Pick, a gourmet format, and rolled out 7-Eleven for on-the-go customers. During the year, we strengthened our own brands presence by launching several new products across the categories of staples, home, personal care and general merchandise. Further, we launched our WhatsApp JioMart partnership, which I would now like to demo to you. Let me now open my WhatsApp. To start your shopping experience, you can simply say hi to the JioMart smart bot in WhatsApp, and JioMart will send you a link to get you started. I already have this link, so I'm going to click on it to get started. Immediately, we transported from the usual chat interface of WhatsApp to a more visually engaging shopping experience. From here, you can browse the entire JioMart catalog, which is neatly organized into categories and subcategories. I want to buy something new. Let me add a dozen bananas to my shopping cart. An easier way to find the products that you want is to use the search option. Let me search for something. Exactly what I wanted, natural yogurt. Let me add this also to my cart. Now let's look at the cart. You can see the dozen bananas and the yogurt. Let me now confirm my order. Since I'm a repeat customer, JioMart already knows my usual delivery address, and I can simply confirm. And now let me choose my payment method. I want to use WhatsApp Pay, but you can also use cash on delivery and other methods. Before I pay, I can once again verify my order. And since WhatsApp pays based on UPI, let me now enter my UPI security pin. That's it, my order is now placed. I've also got my confirmation message. And as you can see, I was able to complete my entire shopping journey within WhatsApp itself, and that too within seconds. Of course, I will get updates on the order status untildelivery. It was as simple as that. Dear shareowners, our consumer electronics business has the widest network of over 8,700 stores across 7,000 towns. It is supported by over 200 dedicated rescue service centers, India's largest product and brand agnostic support and service ecosystem. Our digital commerce platforms of Reliancedigital.in and JioMart provide a comprehensive omnichannel network, enabling us to deliver 93% of our online orders from our stores within 6 hours. We rolled out our JioMart digital initiative during the year. The platform enables small electronics merchants to sell the entire product portfolio of Reliance Retail on an assisted selling model, helping them deliver superior customer experience and growing their own income. We strengthened our own brand's business through launching 600 new SKUs during the past year. These were across the categories of TVs, home and electrical appliances. Our Fashion & Lifestyle business has the widest physical reach with nearly 4,000 stores in over 1,000 towns. AJIO, our integrated omnichannel platform is one of the most loved fashion destinations with 80% of purchases from repeat customers. AJIO business, our new commerce initiative, works with merchant partners across 3,500 towns, giving them access to a collection of over 8,000 regional and national brands in addition to a wide portfolio of our own brands. Last year, we sold over 43 crore garments, which is enough to close the entire population of the U.S. and Canada. Last year, we further strengthened our product portfolio by entering into categories like lingerie, saris and home furnishing, and have quickly scaled to establish significant positions in each of them. Our strong design sourcing ecosystem has enabled us through our own brands across apparel and footwear. Our own brands contribute to over 65% of overall revenues. Reliance brands continue its journey of expanding its luxury and premium brands portfolio by bringing more global brands to Indian customers. We have acquired and partnered with some of India's top names in couture and fashion to a curation-led approach to better serve the luxury customer in India and internationally. A year ago, we made an entry into pharmacy retail with the acquisition of Netmeds. During the year, the business launched new commerce operations through Netmeds wholesale and onboarded merchants across 1,900 towns. I'm excited to announce that this year, we will launch our fast moving consumer goods business. The objective of this business is to develop and deliver products that solve every Indian's daily needs with high-quality products at affordable pricing. As part of our commitment to India's rich culture and heritage, we will soon start marketing quality goods produced by drivers and other marginalized communities across India. This will not only provide these communities with gainful opportunities for employment and entrepreneurship, but also help resolve the incredibly rich talent skill sets and knowledge base of our traditional Indian artisans, especially women. Finally, on behalf of the entire retail team, I would like to end by reiterating our commitment to exponentially grow this business in the years to come. Thank you.

Thank you, Isha. Dear shareholders. I'm confident that Reliance Retail and its leadership team, led by Isha, would deliver exponential growth and become the largest segment within the group. I wish them all the very best. Dear shareholders, let me congratulate our oil and gas team for a spectacular turnaround with production jumping 9x and revenues crossing $1 billion. With 19 million standard cubic meters per day of production in ultra-deep water fields, KG D6 is contributing 20% of India's domestic gas production. With the MJ field commissioning by end 2022, KG D6 would contribute nearly 30% of India's gas production and help meet India is growing demand, leading to an import saving of nearly USD 9 billion per year. This is a major source of clean and affordable energy for India, particularly in times of a significant global energy crisis. Dear shareholders, our O2C business crossed INR 5 lakh crores in annual revenues. The EBITDA of our O2C business crossed INR 50,000 crores. We are committed to maximize oil to chemicals integration and convert our advantageous feedstock streams to value chemicals and materials. I'm pleased to share that over the next 5 years, we will invest INR 75,000 crores and expand capacities in existing and new value chains. First, in the polyester value chain, we will build one of the world's largest single-train PTA plant of 3 million tonnes per annum capacity at Dahej. We will also invest in 1 million tonne a year PET plant at Dahej. Both PTA and PET will be targeted for completion by 2026. We will also reinvest in polyester filament yarn and polyester stable fiber. Polyester expansion with a capacity of over 1 million tonnes will be completed in phases by 2026. Second, in the vinyl chain, we will more than triple our existing capacity by adding world-scale plants at Dahej and Jamnagar in India and the UAE. We target to complete 1.5 million tonnes of feedstock integrated PVC expansion at Dahej and Jamnagar in phases by 2026. We will also add capacities to make EDC and PVC at Ruwais UAE as a part of the TA'ZIZ chemical zone. This will be in partnership with ADNOC and ADQ and targeted at fulfilling domestic demand of the region. With these expansions, Reliance will be amongst the top 5 producers of PVC globally. Third, consistent with our vision for new materials, we will build in phases, India's first and one of the world's largest carbon fiber plants at Hazira with a capacity to 2,000 metric tonnes based on acrylonitrile feedstock. We will commence acrylonitrile production next year and aim to complete the first phase of the carbon fiber plant during 2025. We will further integrate our composite business with carbon fiber to produce carbon fiber composites. Besides other applications, carbon fiber composites are also used to meet the rapidly growing lightweighting requirements for mobility and renewable energy. Thus, carbon fiber promises to be a multi-decade growth engine for O2C. Friends, Reliance has championed the cause of sustainability through circular economy and is a leader in India's recycling of polyester and plastics. We will strengthen our leadership position in PET recycling by more than doubling our bottle recycling capacity to 5 billion bottles a year. I'm further pleased to share that our scientists have also developed pathways to produce biodegradable and compostable plastics to completely replace single-use plastics. Dear friends, Reliance has commenced its journey to become net carbon zero with a set of concrete actions. Let me present one such initiative being pursued towards replacing fossil fuels with renewable alternatives. We have extensively started consuming biomass as a fuel to produce green energy at scale. I am pleased to share that within a span of just 1 year, we have replaced almost 5% of energy consumption at Dahej and Hazira sites by green power and green steam. Within 1 year, the renewable energy consumption at Reliance jumped by 352%. I feel confident that such initiatives, coupled with transition to renewable power for our O2C assets, will accelerate our journey to become net carbon zero. Dear shareowners, I now come to a new energy business, our newest growth engine, an engine driven by our We Care philosophy for our beautiful and bountiful planet. The advent of the industrial revolution about 250 years ago triggered a continuous wave of economic growth across the world, but this growth has come at a great cost to our environment. Climate change has endangered the very future of both human life and every other form of life. Clearly, this model of growth is no more sustainable. Fortunately, technological breakthroughs have offered a reliable promise and a massive opportunity to mitigate this danger. I have always believed that businesses, especially large businesses have a responsibility to solve the biggest and the most complex problems facing humanity. It is out of this sense of responsibility towards Mother Earth that we launched our new energy business last year. Decarbonizing the global economy will require multi-decades of investments in green and clean energy to the tune of USD 5 trillion per year globally. This also offers unprecedented opportunities for multi-decade growth, the sheer magnitude of this responsibility has made our new energy business far more ambitious, far more transformational and far more global in scope than anything that Reliance has ever done before. Friends, I'm happy to share that we have made rapid progress. We have laid a strong foundation to realize our vision. We are well on our way to create a manufacturing ecosystem, which will be fully integrated with secure and self-sufficient supply chains. It will be backed by world-class talent and capabilities built on the pillars of technological innovation through strategic partnerships. It will deliver modular at scale affordable and the most modern green energy manufacturing business based in India for India and the world. These capabilities will enable us to replicate our success with our partners globally. Friends, last year I had announced setting up of the Derubai-Ambani Green Energy Giga Complex in Jamnagar. The work done so far has reaffirmed my conviction in solar energy and has provided a further impetus to our investment thesis to establish 4 Giga factories. First, for photovoltaic panels, second, for enery storage; third, for green hydrogen; and fourth, for the fuel cell system. Today, I would like to announce our new Giga factory for Power Electronics. One of the key components linking the entire value chain of green energy is affordable and reliable power electronics. We are building significant capabilities in design and manufacture of power electronics and software systems, integrating with our capabilities of telecommunications, cloud computing and IoT platforms. We will build this through partnerships with leading global players to provide most affordable solutions, meeting global standards of performance, safety and reliability. In addition to solar energy, we are also actively progressing on bioenergy, offshore wind and other nonconventional forms of renewable energy and will continue to expand our manufacturing ecosystem. Let me further elaborate on progress made in building our manufacturing ecosystem. We have invested and partnered with leading companies globally in solar, battery and electrolyzers with eat of these partnerships, we gain access to unique technology and know-how and an eager and vibrant talent pool ready to disrupt the world. For solar PV manufacturing, we have acquired 100% stake in REC Solar. REC brings 25 years of commitment to solar industry. It is a global leader in solar manufacturing, providing highest efficiency solar panels with heterojunction technology. It is a recipient of the prestigious Intersolar Award 2022, akin to the Oscars in the solar world, and has 1,400 plus employees, globally spearheading innovation and manufacturing excellence. It has sold over 40 million panels till date for every application, including for rooftop markets in U.S., Europe and Australia. REC is expanding its current 1.2 gigawatt annual module capacity to 1.8 gigawatts in Singapore. The technology for solar PV is constantly evolving. We have a defined improvement road map to stay ahead, targeting to increase the HJT module efficiency to 26% by 2026 from the current 23% and further improving it to 28% through innovations like perovskite-tandem cell technology. We also aim to extend the life of the PV modules from 25 to 50 years. Our 10 gigawatt solar PV cell and module factory at Jamnagar based on REC technology will commence production by 2024, and we are targeting to scale up to 20 gigawatt annual capacity in a phased manner by 2026. This will be the first of its kind of quartz to module facility globally from quartz to metallurgical silicon to polysilicon to ingots and wafers and integrate it with cell and modules. Further, we will invest in glass and POE film manufacturing, both having natural synergies with our chemicals and materials businesses. This will provide supply security unparalleled cost advantage and ability to capture chain margins with maximum recycling. We will continue to strive for manufacturing excellence and innovation through our technological collaborations and partnerships with leading start-ups globally. Friends, as I talked about it last year, we see batteries as an integral part of providing long duration energy storage for grid scale renewable energy. They are also critical to promote green mobility and stationary applications for residential and commercial use. This has further reinforced our ambition to create an end-to-end battery ecosystem from battery materials to cell manufacturing, leading up to packs and battery management systems to deliver safe and reliable batteries with high energy density and fast-charging capabilities. We have formed a strategic partnership with Lithium Werks, Faradion and Ambri, each of them being an industry disruptor with superior chemistry leading to better performance and most importantly, with less or minimal dependence on noble metals ensuring supply security of raw materials. Lithium Werks provides an integrated portfolio of high-performance LFP solutions with a unique history of 30-plus years of battery experience and innovation. Faradion, with its globally leading sodium ion battery chemistry provides us with a further opportunity to disrupt the battery markets. Ambri is a world leader in long-duration energy storage solutions based on liquid metal technology built for grid applications with 20-plus years of life span with minimal fade. Our deep understanding and knowledge of chemistry and materials will add to our competitive advantage in setting up our world-class battery manufacturing facility. We aim to start production of battery packs by 2023 and scale up to a fully integrated 5 gigawatt hour annual cell-to-pack manufacturing facility by 2024, and further scale up to 50 gigawatt hour of annual capacity by 2027. My dear shareholders, Reliance is not new to hydrogen, and is one of the largest producers of gray hydrogen globally. We have partnered with Stiesdal to closely collaborate in accelerating cost reduction and commercialization of their pressurized alkaline electrolyzer technology. In addition, we are in advanced discussion to partner with other leading electrolyzer technology players globally to set up Giga scale electrolyzer manufacturing facility at Jamnagar. We will complement our partners' technological innovation in stack manufacturing with our engineering skills, operation skills, long-standing experience and efficient seawater desalination, digital twin expertise and indigenized balance of plant with a singular aim to deliver green hydrogen at the lowest cost. We aim to progressively commence transition from gray hydrogen to green hydrogen by 2025 after proving our cost and performance targets. As I briefed earlier, Reliance is actively working on bioenergy. We are one of the largest users of agro waste as a fuel to meet our captive energy needs, and we aim to build on this further. Through use of newer and emerging technologies and innovation. I'm happy to inform you that Reliance has inaugurated Phase 1 of its Bioenergy Technology Center at Jamnagar on 15th August 2022. I will further update you on the progress in this area in the coming years. Dear shareholders, our captive requirements across businesses provide us with a large baseload demand to support our plans to set up giga-scale manufacturing and to accelerate our commitment to invest INR 75,000 crores towards establishing our fully integrated new energy manufacturing ecosystem in Jamnagar. We will also be establishing a 20 gigawatt of solar energy generation capacity by 2025. This will be entirely consumed for our captive needs of RTC Power and intermittent energy for green hydrogen. Once proven at scale, we are prepared to double the investment to scale up our manufacturing ecosystem. As always, we will develop our new energy business by getting our first principles right and we believe that we have all the right ingredients in place. First, we have over 2,500 scientists, engineers and professionals working passionately to deliver our new energy vision, and we aim to expand it tenfold in the next few years. Second, we are expanding our partnership with the world's leading start-ups and academic institutions to collaborate and innovate for future. Third, our large captive requirements, across our businesses enable us to scale rapidly. Fourth, in collaboration with global EPC peers, we will repurpose our proven capabilities in project management and combine physical and digital technologies to deliver lowest cost of green energy. Fifth, our new energy business model will be modular and replicable across the globe. As a result of these combined strengths, our new energy business will help India become a net exporter of green energy. It will also strengthen indigenous R&D base and make India a reservoir of intellectual property. Most importantly, Reliance aspires to make India a world leader in new energy manufacturing and a credible alternative to China. Of course, we have a long way to go, but we are approaching this business with utmost sincerity, dedication, commitment and focus. The work done over the past 1 year gives me immense confidence that we will make this ambition a reality in the shortest possible time. India's transition is also the world's transition from fossil fuels to renewables will provide Reliance with an opportunity for continuous hyper growth over many decades. Our Reliance Foundation continues to do outstanding work on all their focus areas. May I now invite Isha Ambani to update us on the plans of the foundation.

Thank you, Chairman. Dear shareholders, I would now like to share Reliance Foundation's, impact and plans. Under the leadership of my mother, Shrimati Nita Ambani, Reliance Foundation has carried out a range of activities in addition to our extensive COVID relief initiatives. This past year, Reliance Foundation touched the lives of over 63 million people across 60,000 villages and urban locations across India. In rural transformation, we have helped over 14.5 million people on better livelihoods and lead better lives. In disaster management, our teams provided support to over 1 million people in overcoming 47 natural disasters across 19 states and 3 union territories. In health care, Sir H. N. Reliance Foundation Hospital has earned a reputation as one of the best health care institutions in the world, and we have accelerated the rollout of our remote health consultations. In education, in addition to continuing our focus in the various programs and initiatives, I'm happy to share the launch of two new institutions. Jio Institute has commenced academic sessions this year. We welcomed the first batch of 120 students last month for post-graduate programs in artificial intelligence, data science and digital marketing. And we will launch the Nita Mukesh Ambani Junior School, as an expansion to the Dhirubhai Ambani International School this year. This year, we will also be scaling up our efforts to support early childhood care and education to benefit millions of children, especially from underprivileged communities. We are partnering with international organizations to address leaning losses in the foundational literacy and numeracy amongst children due to the pandemic. And we are partnering with global and Indian organizations in men empowerment to empower 10 lakh women entrepreneurs in rural communities in 3 years and additionally to create new solutions for digital inclusion for over 3 lakh women. Sports continues to be a key focus area for us. Through our education and sports for all program, we have so far touched the lives of 21.5 million children and youth in India. Reliance Foundation recently partnered with the Indian Olympic Association to support our athletes at the Olympic Games, Commonwealth Games, Asian Games and National Games. It is very exciting that through this partnership, we will be hosting the first-ever India House at the upcoming Paris 2024 Olympics. This will be a great opportunity to showcase India's immense talent, potential and aspiration to the Olympic world. We are working on a 10-year blueprint for our foundation that will be bigger and more impactful, and we'll share the plans with you in the coming year. I would once again like to thank my mother for her dedication and energizing leadership, to the entire team at the Reliance Foundation. Thank you.

Thank you, Isha. At Reliance, business and philanthropy go hand in hand. Both are inspired by the same We Care philosophy to improve the lives of our people so that no Indian is left behind. All my most valued stakeholders, I shall conclude with something that is very close to my heart and is absolutely critical for the ever-expanding growth of Reliance in the decades to come. Reliance began its journey as a listed company, 45 years ago. It was small, very small when it was born. A single-room office with just two tables and a shared landline phone in a crowded marketplace in old Mumbai and our founder and my father, Shri Dhirubhai Ambani, had a mighty big vision and soaring ambition. Also an indomitable will power to translate his vision into action, surmounting the stiffest of obstacles that came his way. Today, Reliance has grown into one of the world's largest and most valuable business enterprises. Indeed, it has become the pride of India as a national institution, but I would like everyone in our Reliance family to always remember two things. One, even when Reliance becomes much bigger in the future, which it surely will it will always carry our founder's pioneering spirit. Two, even when Reliance further expands its global footprint in the future, which it surely will it will retain its Indian soul and its proud Indian identity. Patriotism inspires and energizes everything we do, every single day, in Reliance. Dear friends, it has been my personal privilege to have attended every single AGM of Reliance in the past 45 years. This year, 2022, is a happy milestone in my 45-year long association with Reliance. I complete two decades of serving your company as its Chairman, all of Reliance's achievements have been on account of the fabulous team of leaders and professionals I have been fortunate to work with. I remain forever grateful to each and every one of them. When my senior colleagues and I look back, Reliance's story reads like an unputdownable book with never-ending chapters of success. Every decade, every year, new chapters of achievements are getting added. We have collectively succeeded in growing Reliance from strength to greater strength only because each one of us in the leadership team have internalized the founder's mindset. What do I mean by the founder's mindset? It means working incessantly to preserve and further enrich the purpose, philosophy and passion of Dhirubhai Ambani. I would like to state this philosophy in terms of 10 principles of building our unique leadership capital now and in the future. First, people capital. Reliance's greatest strength is our human assets, not just our financial assets. The greatest value creators are brains, not machines. Second, technology and innovation capital. In this age of exponential change, mastering latest technology is not an option, it is an imperative for survival and disruptive growth. Third, capability capital. Reliance judges its leaders by their expertise to plan, execute, review and improve. Indeed, new India needs leaders whose capability must always exceed the complexity of the problem they are expected to solve. Fourth, achievement capital, Reliance, rewards and honors overachievers but aiming low is not acceptable. Fifth, relationship capital. We fully understand that people are not robots, and money is not the sole motivation that drives them to deliver peak performance. Healthy interpersonal relations create happy organizations. Sixth, trust capital. Reliance places highest value on trustworthy people for organizations as well as individuals, there is no better way to earn respect than to be trustworthy. Seventh, cooperation capital. This means 1 plus 1 becomes 11. When people cooperate and teams collaborate, it's an integral part of our SOP. Eighth, empathy capital. The world is increasingly coming around to realize that powers of the heart are superior to powers of a cold rational mind. Compassionate capitalism meets compassionate leaders. Ninth, integrity capital. Honesty and uprightness are nonnegotiable principles at Reliance. And tenth, community engagement capital. Lastly, we recognize that serving the community that supports and sustains us is our corporate model responsibility, not just a legal corporate social responsibility. These are the 10 tenets of leadership building in Reliance. By scrupulously following these 10 tenants, we have nurtured Reliance's unique institutional culture. It's because of this institutional culture that Reliance has so far been a super success. Maintaining this institutional culture to achieve perpetual growth is the most challenging task before our existing and tomorrow's leadership team. Dear shareholders, we are living in an era of technological breakthroughs at an unprecedented pace. For businesses that are agile and disruptive. This era offers unimaginable opportunities for growth and value creation. Others will become stagnant and get left behind. We have to be future-focused with a firm resolve to make the future much brighter than our present in the past. That is why we must continually strengthen the culture and the foundation of our institution. But there is also another equally important reason, which is compelling us to do so with utmost priority. With the completion of 75 years of freedom, our country will begin its march into the future with bolder and more confident steps. New India is poised to become one of the top three economies in the world with a size that can be 4 or 5x bigger in the next few decades. It is not a question of if, but when. India's rising prosperity will create almost limitless multi-decade growth opportunities for Reliance. Simultaneously the developmental aspirations of 1.4 billion Indians are surging explosively. They want to live in a more inclusive India, a more equal India. In short, a better India. As a result of these two phenomenon, new India will make ever higher demands on Reliance indeed on all big businesses. Reliance must quickly and vastly increase its contribution to the prosperity of India and the well-being of all Indians. Therefore, aware of this enormous responsibility we are going to give our very best over the coming years to enrich Reliance's leadership capital and institutional culture. We are creating an operating model for all our businesses that will create value in perpetuity. Dear shareholders, at a time when a bright future is beckoning Reliance, what gives me optimism about ability to realize our dreams is a huge reservoir of young, dynamic and best-in-class talent. Our next-generation leaders are taking over the reins confidently across businesses, verticals and horizontals. Akash and Isha have assumed leadership roles in Jio and Retail. They have been passionately involved in our consumer business since its inception. Anand has also joined in our new Energy business with great zeal. In fact, he is spending most of his time in Jamnagar. All three have fully inherited our founders mindset. They are first among equals in a young team of leaders and professionals who are already doing amazing things at Reliance. My leadership team is also empowering our next-gen leaders by giving them a larger canvas to work on and greater responsibilities to fulfill. Of course, all of them are being mentored on a daily basis by our senior leaders, including myself and the Board of Directors. And let me add here that Reliance is forever hungry for top-notch talent from India and around the world. We invite them with an assurance that they will enjoy the finest work environment in the world so that they can develop their innate potential in an unconstrained way. We already have professionals representing over 60 nationalities and this pool of young talent will become even larger and deeper as our businesses become bigger and more global. All our next-gen leaders are determined, focused and brimming with fresh ideas and creativity. They think big and they think fast. They have the courage to dream as well as the ability to execute. And above all, they have humility, empathy and they care. When I see them, I see Dhirubhai Ambani's pioneering spirit in action. I feel supremely confident that tomorrow's Reliance will have a better argue of leaders as should happen in any dynamic organization that empowers its young leaders. Together, they will script newer and more exciting chapters to Reliance's never-ending book of achievements. I now call upon you to extend your blessings and best wishes to all of the hundreds of young leaders of Reliance, including Isha, Akash and Anand. Dear stakeholders, I have always believed that the interest of an institution must always override those of any individual or family. Keeping this in mind, we will create a robust architecture for tomorrow's Reliance to ensure that it remains a united and well-integrated institution, even as we develop our existing businesses and add new growth engines. This architecture will maximize the synergies among all our existing and new businesses, we have already put in place a fail-safe governance system to ensure accountability at all levels. We will keep on improving this system on a continuous basis to protect the interest of all our stakeholders, even as I continue to provide hands-on leadership to your company as before. My existing team of leaders and I, along with our Board of Directors, shall dedicate ourselves to making the institutional culture of Reliance more robust more resilient, more purpose-driven and truly future-ready. And so that in the near term, Reliance more than doubles its value by the end of its golden decade in 2027 and, thereafter, continues to grow ever more rapidly. This is my solemn commitment to all of you, and I would like you to judge me and my existing and new leadership team by our performance. In this noble mission of Reliance to serve India and humanity. I seek Lord Krishna's blessings and your continued support. I would like to thank the central and the state governments shareholders, investors, joint venture partners, lenders, suppliers and customers for their consistent and resolute support. I thank all my colleagues on the Board for their oversight in this crucial phase of our growth and their support and immense encouragement. I have special words to acknowledge the collective efforts of the entire Reliance team working tirelessly to create and sustain a world-class enterprise. Thank you.