Reliance Jio Infocomm Limited (Jio), a subsidiary of the Company, acquired spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands in the auctions conducted by the Department of Telecommunications, Government of India. The acquisition of the right to use this spectrum will enable Jio to build the World’s most advanced 5G network and further strengthen India’s global leadership in wireless broadband connectivity. Jio’s 5G network will enable the next generation of digital solutions that will accelerate India’s AI-driven march towards becoming a USD 5+ trillion economy.
- Jio has announced the beta trial of its true 5G services, for Jio users in 4 cities – Mumbai, Delhi, Kolkata and Varanasi, post the successful demonstration at the India Mobile Congress, 2022. Jio’s mission with 5G is to speed up India’s transformation into a Digital Society. This connectivity and technology will help serve humanity by bettering lives and providing increased livelihood across education, health care, agriculture, skill development, small, medium and large enterprises, IoT, smart homes and gaming, impacting 1.4 billion Indians.
- Jio Platforms Limited, a subsidiary of the Company, and Meta announced the launch of the first-ever end-to-end shopping experience on WhatsApp, where consumers can shop from JioMart right within their WhatsApp chat. A global first, JioMart on WhatsApp will enable users in India, including those who have never shopped online before, to seamlessly browse through JioMart’s entire grocery catalogue, add items to cart, and make the payment to complete the purchase – all without leaving the WhatsApp chat.
- Reliance Strategic Business Ventures Limited (RSBVL), a wholly owned subsidiary of the Company and Sanmina Corporation (Sanmina), announced they have completed the previously announced joint venture transaction. The joint venture will create a world-class electronic manufacturing hub in India, in line with the Hon’ble Prime Minister’s “Make in India” vision. The joint venture will prioritize high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale data centers), medical and healthcare systems, industrial and cleantech, and defence and aerospace.
- Reliance New Energy Limited (“RNEL”), a wholly owned subsidiary of the Company, invested in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology. RNEL has invested USD 12 million to acquire 20% stake in Caelux. This investment will accelerate product and technology development for Caelux, including construction of its pilot line in the United States, for expediting the commercial development of its technology. RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialization of Caelux’s technology.
• The Company acquired majority stake in SenseHawk Inc (“SenseHawk”) for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D. SenseHawk is a California-based developer of software-based management tools for the solar energy generation industry and helps accelerate solar projects from planning to production by helping companies streamline processes and use automation.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am pleased with the record performance of our consumer businesses which continue to scale new milestones every quarter. We saw consistent net subscriber additions and higher engagement in Digital Services segment. Jio has announced beta trial for its industry-leading Standalone 5G services and is making rapid progress for an ambitious and the fastest-ever roll out of True 5G on pan-India basis. Our Retail business delivered record performance with strong revival in footfalls, store additions and digital integration. Reliance Retail continues to provide a compelling proposition of great shopping experience and superior value across consumption baskets and price points.”
“Performance of our O2C business reflects subdued demand and weak margin environment across downstream chemical products. Transportation fuel margins were better than last year but significantly lower sequentially. Segment performance was also impacted by the introduction of special additional excise duties during the quarter to ensure stable supply and lower volatility in the domestic market,” Mr Ambani also commented, “Our domestic Oil & Gas business continued to deliver robust performance maintaining production at 19 MMSCMD levels in the KG D6 block, significantly enhancing energy security for the country. We are confident of commissioning MJ Fields by year-end.”