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<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<ul><li><keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> has become the world's largest mobile operator in terms of data traffic.</li><li>The total traffic on the <keyword id="2003276" type="General" weightage="20" keywordseo="jio" source="Orion">Jio</keyword> network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase.</li><li>This surge is attributed to the growing adoption of <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> and Home services.</li></ul>Reliance Jio, the telecom giant of India, has become the world's largest mobile operator in terms of data traffic, surpassing <keyword id="20669190" type="General" weightage="20" keywordseo="China-Mobile" source="keywords" meta.keywordsubtype="org" meta.entityname="China Mobile" meta.hostid="261" meta.entityid="China Mobile">China Mobile</keyword>. The announcement came on Monday as Jio revealed its quarterly results, showcasing staggering numbers and milestones achieved in various segments. As of March 2024, Jio boasts a subscriber base of 481.8 million, out of which 108 million subscribers are on Jio's True5G Standalone network. The number reflects Jio's stronghold in the Indian telecom market. According to a press release, the total traffic on the Jio network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase. This surge is attributed to the growing adoption of 5G and Home services. Notably, 28 per cent of the traffic comes from 5G subscribers, indicating a swift transition towards next-generation connectivity. Additionally, Jio's Fixed Wireless Access (FWA) services have contributed significantly to the data traffic. Since the onset of the COVID-19 pandemic, there has been a dramatic 2.4x increase in annual data traffic, with per capita monthly data usage skyrocketing to 28.7 GB from just 13.3 GB three years ago. This surge underscores the growing reliance on digital connectivity in India. Commenting on the results, <keyword id="3820" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="Orion">Mukesh Ambani</keyword>, Chairman and Managing Director of Reliance Industries Limited, expressed his satisfaction with the company's performance and its contribution to the Indian economy. He highlighted the significant achievements, including becoming the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Ambani said, "Initiatives across RIL's businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits." Ambani also emphasized Jio's role in driving the digital transformation in India, from upgrading 2G users to smartphones to leading the effort in producing AI-driven solutions. He noted, "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation's digital infrastructure." He reiterated Jio's commitment to strengthening the nation's digital infrastructure and its continued efforts to provide innovative solutions to consumers. The company's retail arm, Reliance Retail, also showed robust growth, with a 36 per cent increase in footfalls and strong digital commerce platforms offering a broad brand catalogue. "Reliance Retail continued to provide customers endless choices through its robust omni-channel presence. We continue to offer product differentiation and superior offline experience through stores remodelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space", said Ambani. In addition to its telecom and retail segments, Reliance Industries Limited has shown resilience in its Oil to Chemicals (O2C) segment, despite challenging market conditions. The KG-D6 block has achieved significant production milestones, accounting for 30 per cent of India's domestic gas production. Ambani emphasised, "Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year." He added, "Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30 per cent of India's domestic gas production." In terms of financial performance, Reliance Jio has achieved several remarkable milestones. The consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at Rs 178,677 crore, while the consolidated Profit Before Tax (PBT) has surpassed Rs 100,000 crore. The company's market capitalization has crossed Rs 20,00,000 crore, further solidifying its position as one of India's most valuable companies. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

Reliance Jio emerges as World's largest mobile operator in data traffic, surpassing China mobile

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

India's largest telecom operator <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> on Monday posted a 13 per cent year-on-year rise in its standalone net profit at Rs 5,337 crore in March quarter. Its revenue from operations for Q4FY24 came in at Rs 25,959 crore, up 11 per cent over the year-ago period. The net profit was pegged at Rs 5,337 crore for just-ended quarter, up from Rs 4,716 crore in the fourth quarter of FY23, which translated into a 13.16 per cent increase. According to a BSE filing by the company, for the full FY24, the net profit stood at Rs 20,466 crore, which was 12.4 per cent higher than that of FY23. The revenue for full fiscal ended March 2024 was Rs 1,00,119 crore, up 10.2 per cent over the preceding fiscal. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a><a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank">PlayStation 5 is now available at a discount of ₹10,000 for a limited period</a>

Reliance Jio Q4 net profit rises over 13% to ₹5,337 crore

<ul class="summary-list"><li>Anant Ambani and Radhika Merchant just wrapped up their 3-day wedding extravaganza in Mumbai. </li><li>The festivities brought together famous faces from India and the world, including Kim Kardashian. </li></ul><a target="_blank" class="" href="https://www.businessinsider.com/what-goes-into-planning-celebrity-wedding-ambani-india-millionaires-ceremony-2024-7">Anant Ambani and Radhika Merchant's wedding festivities</a> culminated in an ultra-lavish display in Mumbai over the weekend, with thousands of guests and more than a few <a target="_blank" class="" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-rich-powerful-famous-people-invited-2024-7">famous faces in attendance.</a>Among those to snag an invite was a friend of Merchant's, who spoke to Business Insider on the condition of anonymity per the bride's values of privacy and discretion.The friend, whose identity is known to BI, is no stranger to <a target="_blank" class="" href="https://www.businessinsider.com/indian-wedding-planner-sushma-patel-advice-south-asian-brides-2023-11">Indian weddings</a>, but the celebration the Ambanis threw for the newlyweds was like nothing she'd seen before."I know I'm never going to experience something like this again," she said, describing the whole weekend as "a dream."Now recovering from the three-day extravaganza, which the <a target="_blank" class="" href="https://www.bbc.com/news/articles/cq5x22w0xl0o">BBC estimates</a> may have cost upwards of $156 million, she reflects on what she witnessed. Take a look.<h2 id="c6a395c3-9b3b-4e69-a1d7-171698666d6a">The festivities were lavish but felt intimate and 'family-oriented'</h2>One week before the wedding, on July 5, the Ambani inner circle gathered for the sangeet.The sangeet is one of a handful of pre-wedding traditions in Indian culture. Unlike the main wedding festivities over the weekend, this event was "just for close family and friends," she said.The sangeet took place at the Nita Mukesh Ambani Cultural Centre in Mumbai. Even though it was star-studded, the friend said it felt personal to the couple.<div type="image" title="Mukesh Ambani, the Chairman of Reliance Industries, Isha Piramal, Anand Piramal, Nita Ambani, Anant Ambani, Rihanna, Radhika Merchant, Shloka Mehta Ambani and Akash Ambani stand on the stage." height="1706" width="2560" msid="111765648" hostid="261" sizebytes="259056"></div>Per Indian wedding tradition, a sangeet typically takes place a few days before the actual wedding and involves family members dancing, singing, and sharing a meal."Her friends and family performed, his did too," the friend said. It was basically "one big dance party" that felt "very intimate," she added — though the Ambanis did take it up a notch by treating their guests to a private performance from <a target="_blank" class="" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Justin Bieber</a>.Even the three-day wedding, while lavish, didn't feel overwhelming, the friend said."Their venues are so large that you don't feel overwhelmed," she said. "You're also sticking out with your own gang," she added.<h2 id="47281879-96fe-4f9b-aff5-7e8b99ab5fda">Staff on hand to handle everything, including guests' clothes</h2>Throughout the wedding, which kicked off on July 12 and ended on July 14, the friend said she could tell the bride, groom, and their respective relatives are family-oriented. "You'll always see the family together," she said. "They're never apart."She could also tell they weren't fazed by the pressure of hosting thousands of people and a few world leaders and athletes."They were super calm," she said. "The way they handle themselves, it's all truly incredible."<div type="image" title="Light decorations around the Ambani family's residence in Mumbai" height="3527" width="5352" msid="111765653" hostid="261" sizebytes="1117270"></div>Merchant gave her new mother-in-law, <a target="_blank" class="" href="https://www.businessinsider.com/anant-ambani-wedding-mother-nita-ceo-planned-billionaire-asia-credit-2024-7">Nita Ambani</a>, all the credit for pulling off such a smoothly-run event that felt simultaneously personal and breathtaking. In an interview with <a target="_blank" class="" href="https://www.vogue.com/slideshow/anant-ambani-radhika-merchant-wedding-exclusive?utm_brand=voguemagazine&amp;utm_campaign=aud_dev&amp;utm_content=instagram-bio-link&amp;utm_medium=social&amp;utm_social_type=owned&amp;utm_source=instagram&amp;utm_term=voguemagazine">Vogue</a>, the bride dubbed her husband's mother "C.E.O. of the wedding."For example, the Ambanis hired staff to help at every moment. When part of the friend's dress "came off," she was directed to the bathroom, where staff had the necessary tools and safety pins to fix it."They had everything there, and everyone was really helpful," she said.<h2 id="5bf1b106-de6c-4316-aed9-5dc3760333d0">Celebrities entered the wedding venue separately, but some mixed and mingled freely</h2>Photographers captured the family, a host of Bollywood and Hollywood celebrities, and notable political figures arriving at the venue. It wasn't just one red carpet, though — the friend said there were different entrances for different guests."I wish I was there," she joked. "For the celebs, they had a private entry."Inside, the venue was laden with floral arrangements shaped like animals. Designed by wedding planner Preston Bailey, the flowers were a colorful nod to the 3,000-acre animal shelter Anant launched earlier this year.<div type="image" title="Nick Jonas and Priyanka Jonas (Chopra) hold hands at Ambani wedding on July 12, 2024." height="3668" width="5500" msid="111765641" hostid="261" sizebytes="1183148"></div>Following their red carpet entries, most celebrities mixed and mingled with regular guests, she said."At the end of the day, everyone's a guest," she said, adding that some of the Hollywood and Bollywood were also meeting for the first time. "They were obviously socializing among themselves and with the other Bollywood celebrities," she said.Food was served throughout the night in every room of the venue. The dishes laid out were from high-end restaurants from all corners of the world and served buffet-style. Everyone — including world leaders and celebrities — indulged in the spread and naturally made connections and met people as they went.One guest who skipped the buffets was Kim Kardashian; she was escorted by her security throughout the evening, the friend said.<div type="image" title="Kim Kardashian and Khloe Kardashian wearing traditional Indian wedding guest attire, leaving their hotel on July 13, 2024 in Mumbai, India." height="1441" width="1280" msid="111765639" hostid="261" sizebytes="241400"></div>"I'm sure she had a private dinner set for her," she said. Nevertheless, Kardashian was very much present at the main wedding and throughout the pooja, a religious ceremony, on Saturday.<h2 id="92c3948d-4da0-4c3a-a25e-e87ace70328c">A blessing from India's Prime Minister</h2>At the pooja, "they had the best singers of India do the aarti, the prayers," the guest said. "That was amazing."The friend said another jaw-dropping moment from Saturday was when India's Prime Minister, <a target="_blank" class="" href="https://www.businessinsider.com/narendra-modi-posters-line-street-anant-ambani-wedding-lavish-2024-7">Narendra Modi</a>, arrived."He gave them his blessing," she said, adding that the change in the "aura" of the room was palpable."To be in the same room as the Prime Minister was honestly something else," she said.<h2 id="1202e91e-7993-45eb-b077-fc189e769e1a">The parties featured some 'top tier' performances</h2>The main wedding took place at Mumbai's Jio World Convention Center on Friday. Ahead of the festivities, some roads were closed, and diversions were set up around the venue, causing <a target="_blank" class="" href="https://www.businessinsider.com/ambani-billionaire-lavish-wedding-angers-locals-road-closures-traffic-mumbai-2024-7">tension among local residents</a>, BI previously reported.While there did end up being a lot of traffic on her way to the event, the friend, who lives locally, said she was "used to it."It's really Bombay in a nutshell," she said, referring to the city by its former name.Nevertheless, the journey was worth it for the wedding festivities and performances, the friend said."It was a true party," she said, specifically referring to the baraat, which is the groom's procession to the wedding venue, which Anant did on horseback.Later on in the evening, the friend said guests were treated to performances from an array of artists, including Luis Fonsi, who sang his crowd-pleaser 'Despacito.'"It was insane," she reflected.<h2 id="b0083006-137d-42e5-b0b1-e428ffae1cff">The festivities didn't stop until the early hours of the morning</h2>While some of the more traditional and alcohol-free events — like the pooja — ended early, the friend said the Ambanis hosted "after-parties" following the wedding and the reception for their friends and the younger crowd.<div type="image" title="John Cena smiling and posing with his hand near his face" height="683" width="1024" msid="111765651" hostid="261" sizebytes="28620"></div>"The bigger ones like the Sangeet, the wedding, the reception, ended late because all of us partied after," she said.Although some guests, like John Cena, didn't stick around for the after-parties, the friend said at least a handful of famous faces did, including Zendaya's stylist, Law Roach.

Inside the Ambani wedding: Details you may have missed, according to a guest who was there all weekend

<ul><li><keyword id="6484187" type="General" weightage="100" keywordseo="ril" source="Orion">RIL</keyword> signed an agreement to acquire a majority stake in <keyword id="6910301" type="General" weightage="80" keywordseo="sensehawk" source="Orion">SenseHawk</keyword>, a California based software developer.</li><li>SenseHawk is an early stage startup founded in 2018 and develops software-based management tools for the solar energy generation industry.</li><li>RIL chairman Mukesh Ambani said that, in collaboration with SenseHawk, they can drive down costs, enhance productivity and improve on-time performance.</li></ul><keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> signed an agreement to acquire a majority stake in SenseHawk, a California based software developer that specializes in solar power. The total transaction value is $32 million which also includes funding for future growth, commercial rollout of products and R&amp;D. SenseHawk is an early stage startup founded in 2018; and develops software-based management tools for the solar energy generation industry. It helps accelerate solar projects from planning to production by helping companies streamline processes and use automation, RIL said in a press release. RIL has recently reiterated its commitments to the green energy sector and has plans to enable 100 GW of solar energy by 2030. “In collaboration with SenseHawk, we will drive down costs, enhance productivity and improve on-time performance to deliver the lowest LCoE (levelized cost of energy) for solar projects globally and make solar energy the go-to source of power in lockstep with our vision for solar energy. It is a very exciting technology platform and I am confident that, with RIL’s support, SenseHawk will grow multifold,” said <keyword id="157940" type="General" weightage="50" keywordseo="mukesh-d-ambani" source="Orion">Mukesh D Ambani</keyword>, chairman of Reliance Industries. SenseHawk’s Solar Digital Platform offers end-to-end management of solar asset life cycles. It claims to have helped over 140 customers in 15 countries adopt new technology for over 600 sites and assets totalling over 100 GW. “I believe this partnership will open new use cases, help our nascent markets, and offer higher value to customers across the solar lifecycle. We are on a mission to improve the solar energy ecosystem, acquiring 50% of the market by 2025 and with RIL as our partner, we will accelerate our execution toward that goal,” said <keyword id="14906863" type="General" weightage="50" keywordseo="rahul-sankhe" source="Orion">Rahul Sankhe</keyword>, president and co-founder of SenseHawk. The transaction is subject to regulatory and other customary closing conditions, and is expected to complete before the end of 2022. Covington &amp; Burling LLP and Khaitan &amp; Co acted as the legal advisors and Deloitte as the accounting and tax advisor to RIL on this transaction. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/india-has-not-generated-outsized-returns-for-foreign-investors-says-ambits-nitin-bhasin/articleshow/94013159.cms">India has not generated outsized returns for foreign investors, says Ambit’s Nitin Bhasin</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/investment-lessons-from-rakesh-jhunjhunwalas-1111-partner-utpal-sheth/articleshow/94008505.cms">Investment lessons from Rakesh Jhunjhunwala’s 1+1=11 partner, Utpal Sheth</a>

RIL acquires California-based solar software developer SenseHawk for $32 million

<ul class="summary-list"><li>Rihanna performed at the private pre-wedding bash of Indian billionaire Mukesh Ambani's son.</li><li>It was her first full live show in almost eight years, not counting the 2023 Super Bowl.</li></ul>It's the concert we all wished we were at but sadly had to watch through grainy phone camera footage: <a target="_blank" href="https://www.businessinsider.com/rihanna-life-career-timeline-iconic-moments-2019-2">Rihanna's</a> one-night-only comeback.The 36-year-old singer performed her first full live show in almost eight years — not counting <a target="_blank" href="https://www.businessinsider.com/rihanna-super-bowl-performance-photos-pregnant-2023-2">her 15-minute slot at the 2023 Super Bowl Halftime show</a> and <a target="_blank" href="https://www.youtube.com/watch?v=0NZ6A-X6taA">2023 Academy Award performance</a> — at the <a target="_blank" href="https://www.businessinsider.com/ambani-wedding-rihanna-ivanka-trump-radhika-merchant-fashion-2024-3">pre-wedding party of Anant Ambani</a>, the youngest son of Indian multibillionaire Mukesh Ambani, and his soon-to-be wife, Radhika Merchant.For the lucky <a target="_blank" href="https://www.businessinsider.com/bill-gates-mark-zuckerberg-among-expected-attendees-at-indian-wedding-2024-2">1,200-plus guests</a> — including Mark Zuckerberg, <a target="_blank" href="https://www.businessinsider.com/photos-ivanka-trump-wears-shiny-sari-to-ambani-wedding-event-2024-3">Ivanka Trump</a>, and Bollywood stars — the singer took to the stage in Jamnagar, India, to deliver a concert-length <a target="_blank" href="https://www.nme.com/news/music/rihanna-plays-first-show-in-eight-years-at-billionaires-wedding-in-india-setlist-watch-footage-3595618">19-song set,</a> including hits such as her career-launching "Umbrella" and No.1 hits "Diamonds" and "Work," according to NME.The show also included live renditions of the songs "We Found Love," "Stay," "Rude Boy," and "All Of The Lights," and ended with the <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">whole Ambani family</a> joining Rihanna onstage."I'm here tonight in honor of Anant and Radhika. Thank you for having me here. God bless your union. I wish you all the best. Congratulations," she said to the couple, according to <a target="_blank" href="https://www.thenationalnews.com/arts-culture/music-stage/2024/03/02/rihanna-ambani-india-performance/">The National</a>.<h2>Rihanna received a payday somewhere between $5 and $9 million, according to estimates</h2>There's been rampant speculation on how much Rihanna was paid for her performance. According to anonymous sources cited by<a target="_blank" href="https://www.indiatoday.in/music/story/heres-how-much-rihanna-is-getting-paid-for-the-ambani-wedding-exclusive-2508925-2024-03-01"> India Today</a>, her performance fee is somewhere between $8 and $9 million.<a target="_blank" href="https://www.dailymail.co.uk/femail/article-13140287/Anant-Ambani-Radhika-Merchant-kick-lavish-pre-wedding-party-feeding-50-000-villagers-Jamnagar.html">The Daily Mail</a> meanwhile estimated a starting price of $6 million for the gig.Both won't be entirely far-fetched guesses if you consider that the pre-wedding celebration budget maybe $120 million, the Daily Mail claimed, citing unnamed sources.<div type="image" title="Mukesh Ambani, the Chairman of Reliance Industries, Isha Piramal, Rihanna, Shloka Mehta Ambani, Akash Ambani and Radhika Merchant react on the stage during pre-wedding celebrations of Anant and Radhika." height="854" width="1280" msid="108168017" hostid="261" sizebytes="99148"></div>There's no question that the three-day bash — which is still ongoing until Monday — is wildly extravagant, even by the <a target="_blank" href="https://www.businessinsider.com/photos-indian-wedding-cost-bride-advice-florida-2023-9">standards of Indian weddings</a>.The elder Ambani, the chair of the Fortune 500 company Reliance Industries, has an <a target="_blank" href="https://www.bloomberg.com/billionaires/">estimated net worth of $113 billion</a>, and it's clear from the <a target="_blank" href="https://www.instagram.com/reel/C4AFi3JPE48/?igsh=MWp4NjEyY2dyZDk5Zw%3D%3D">drone show </a>to the decor and the flowers and <a target="_blank" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-performance-dress-code-party-billionaire-2024-3">festivities still to come</a> (including the wedding itself which is scheduled for July) that no expense has been spared.The Ambani family reportedly spent over $100 million on the pre-wedding ceremony of daughter Isha Ambani and her now-husband, Anand Piramal, according to <a target="_blank" href="https://www.theguardian.com/world/2024/feb/28/anant-ambani-wedding-son-indias-richest-person-mukesh-celebrity-guest-list">The Guardian</a>.Booking megastars is also something the family has done before. At Anant's sister's wedding in 2018, <a target="_blank" href="https://www.vogue.in/content/beyonce-performs-at-isha-ambani-and-anand-piramals-wedding">Beyoncé</a> performed.A year later, in 2019, Coldplay's front man, Chris Martin, and The Chainsmokers <a target="_blank" href="https://www.gqindia.com/content/akash-ambani-pre-wedding-party-chris-martin-coldplay-chainsmokers-performed-at-akash-ambani-pre-wedding-bash-in-switzerland">entertained guests</a> attending Akash Ambani — the soon-to-be-wed Ambani's older brother — and Shloka Mehta's pre-wedding bash in Switzerland. The couple also had Adam Levine <a target="_blank" href="https://www.vogue.in/content/akash-ambani-shloka-mehta-post-wedding-celebration-inside-pictures-maroon5-honey-singh-performance-video">serenade them</a> at their post-wedding bash.

Rihanna came out of retirement for the Ambani wedding concert and a hefty payday

<ul class="summary-list"><li>Anant Ambani and Radhika Merchant hosted their pre-wedding celebrations the weekend of March 1. </li><li>The elaborate parties were all hosted at the Ambani family's home.</li></ul>Anant Ambani and Radhika Merchant's pre-wedding celebrations captured global attention.Anant Ambani, the <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">youngest son of billionaire Mukesh Ambani</a>, proposed to Merchant in 2023. Their wedding is set for July, and to kick off the celebrations, the couple hosted a three-day pre-wedding party and a hastakshar ceremony in Jamnagar, India, over the weekend of March 1.Eyes around the world became glued to the party after a video of <a target="_blank" href="https://www.businessinsider.com/rihanna-concert-ambani-indian-wedding-fee-cost-estimate-2024-3">Rihanna</a> performing at one of the events went viral. The guest list included some of the world's most wealthy and powerful people, including <a target="_blank" href="https://www.businessinsider.com/bill-gates-visits-statue-of-unity-india-before-ambani-bash-2024-3">Bill Gates</a>, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-priscilla-chan-loud-luxury-at-ambani-pre-wedding-2024-3">Mark Zuckerberg</a>, and <a target="_blank" href="https://www.businessinsider.com/photos-ivanka-trump-wears-shiny-sari-to-ambani-wedding-event-2024-3">Ivanka Trump.</a><div type="image" title="Radhika Merchant and Anant Ambani at their engagement ceremony in January 2023." height="2332" width="2000" msid="108307929" hostid="261" sizebytes="429356"></div>The celebrations took place at the Ambani family's compound, which sits on 750 acres of property, according to <a target="_blank" href="https://www.vogue.com/slideshow/anant-ambani-and-radhika-merchant-wedding">Vogue</a>.Vogue reported that Anant Ambani's mother, Nita Mukesh Ambani, and designer Manish Malhotra planned the events, even constructing custom venues for some of the celebrations.For instance, they built a glass castle designed to look like something you'd see at the Brooklyn Botanic Garden for the first night's events, as Merchant loved to visit the Palm House when she lived in New York, Vogue reported. They also built a "Mela Rouge"-themed carnival for the second evening's festivities, complete with functioning rides, according to the outlet.Merchant told Vogue that she and Ambani decided not to see any of the venues before the celebrations, as they wanted to be surprised by some elements of the events. <div type="image" title="Mukesh Ambani, the Chairman of Reliance Industries, his wife Nita Ambani and their son Anant Ambani pose during the pre-wedding celebrations of Anant and Radhika Merchant, daughter of industrialist Viren Merchant, in Jamnagar, Gujarat, India, March 2, 2024" height="853" width="1280" msid="108307932" hostid="261" sizebytes="73150"></div>"I cannot emphasize enough that no one else could have created something like this — both in scale and on such a tight timeframe," Merchant said of her future mother-in-law and Malhotra's planning.Ambani also <a target="_blank" href="https://www.businessinsider.com/anant-ambani-mom-nita-worked-hours-months-pre-wedding-reliance-2024-3">praised his mother's efforts</a> in planning the event during the celebrations as a video from <a target="_blank" href="https://www.youtube.com/watch?v=mmMh8KtrGaY&amp;ab_channel=BusinessToday">Business Today</a> shows, though he did not mention Malhotra."All this is created by my mother and no one else, and my mother has gone all out for the last four months," he said. "She's worked for, I think, 18, 19 hours a day, and I'm extremely grateful to Mama. Thank you so much."

Anant Ambani and Radhika Merchant didn't see the venues for their pre-wedding celebrations in advance

<ul><li>RIL’s annual general meetings have been labelled ‘carnivals’ by market experts due to huge attendance.</li><li>The company has been acquiring many companies across sectors, above and beyond the many interests it already holds.</li><li>Here are some of the questions that investors can ask the chairman at the <keyword id="45644" type="General" weightage="80" keywordseo="agm" source="Orion">AGM</keyword> about the future course of the conglomerate. </li></ul>It’s been decades since <keyword id="6418409" type="General" weightage="50" keywordseo="dhirubhai-ambani" source="Orion">Dhirubhai Ambani</keyword> famously said that a phone call should be cheaper than a postcard. No one writes postcards anymore. But <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> generations are still experimenting with newer and newer ways to bring people ‘closer’. During the first pandemic year, Isha and Akash Ambani conversed in their 2D and 3D avatars via a holographic call at the company’s 41st annual general meeting; showcasing their futuristic product – <keyword id="9579590" type="General" weightage="50" keywordseo="jio-glass" source="Orion">Jio Glass</keyword>. The twins kept two important traditions alive – announcing the next-big thing of the group’s ever expanding interests; and of course the dazzle factor of AGMs. The celeb factor In 2019, <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> connected to Alphabet CEO Satya Nadella after he announced a deal with Google. Two years later, he ‘welcomed’ Saudi Aramco’s chairman Yasir Al-Rumayyan onto the board. The $15 billion deal with the oil major was cancelled a few months later over valuation mismatch. Yet the optics around the ‘big announcements’ have worked so well that most of the time, RIL stock tends to appreciate ahead of an AGM. Especially since 2016, when telecom’s soft launch kicked off, it never did die down. Most of them also center around technologies of tomorrow – be it shopping via VR or retail going online. The range and depth of Relianceverse It’s not just metaverse or virtual reality that the group is banking on – the sheer number of acquisitions and interest that it has in startups has turned its interests into a mini Relianceverse. While they have acquired interests in over 20 companies since 2019. The ticket size of these acquisitions range from $2 million to $200 million from Sankhya Sutra Labs to Dunzo, respectively. The companies belong to niche specializations – from fluid dynamics software simulation software VR imaging to ERP and SaaS companies, e-commerce companies, creative home solutions to AI powered learning platforms. The latest acquisitions however pertain to lithium and sodium battery solutions as the group ventures into green hydrogen. According to a Bank of America research report, the historical M&amp;As show a pattern – they all were done to add value or fill gaps in RIL’s consumer offerings where management believed it was difficult to build in-house. “All investments fall under five categories– telecom, retail, education, healthcare, and agriculture. A new category of clean-energy was added in 2020-21 where further investments were made with an intention of getting access to clean-tech,” the report said. This BoFA rule however exceptions – the luxury hotel of Mandarin Oriental in New York for $98 million, UK based hotel StokePark for $79 million, SkyTran a clean tech podcar transport system based in the US, and also a smaller acquisition of IMG Reliance, an event management company for $7 million. This is the part that investors seek clarity from the management and the best way to do it is the annual general meeting that’s to be held on August 29, 2022. Questions to be asked Reliance AGMs are blessed with a large and wide attendance, making market watcher S P Tulsian once call it a ‘carnival’. While most people come to get a glimpse of India’s richest family members and some others entertain with shayaris, investors also need to do what AGMs are there for — to ask questions about the direction of the business and the value its creating. Currently, RIL is an oil to telecom to retail to new energy business that’s being driven in different directions. Here are some of the questions that can be answered at the AGM. <ol><li>Why are we acquiring so many companies across business and are we getting into hotels and lifestyle business, especially in international markets? </li><li><keyword id="8508699" type="General" weightage="50" keywordseo="jio-mart" source="Orion">Jio Mart</keyword> is nowhere close to Amazon, Flipkart or even startups like Swiggy Instamart. When can we expect a possible sync with Dunzo and become a serious e-commerce player?? </li><li>Reliance JioTV and JioFibre were launched with the promise of first show movies, but Voot and JioTV are nowhere close to Hotstar, Prime or Netflix. Will the $3 billion IPL media rights be a game changer? </li><li>We paid nearly $11 billion for 5G spectrum, when can we expect the payoff? And, when will we reach the 500 million subscriber target? </li><li>Reliance has plans for green hydrogen, biogas and solar PV manufacturing, which are capital intensive. When can we expect a demerger or fund raising? </li><li>The IPO market has become feeble due to international market conditions. Will that delay the demerger and listing of retail and telecom businesses? </li><li>Akash Ambani has been elevated as the head of telecom business. Is there a complete succession plan in place? </li></ol>SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/research/news/drdo-has-developed-a-facial-recognition-system-that-claims-to-see-through-masks-and-disguise/articleshow/93726351.cms">DRDO has developed a facial recognition system that claims to see through masks and disguise</a>

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Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

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Reliance Jio emerges as World's largest mobile operator in data traffic, surpassing China mobile

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Reliance Industries quarterly profit stays flat; annual earnings hit record at ₹69,621 crore

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Reliance Jio Q4 net profit rises over 13% to ₹5,337 crore

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Inside the Ambani wedding: Details you may have missed, according to a guest who was there all weekend

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RIL acquires California-based solar software developer SenseHawk for $32 million

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Rihanna came out of retirement for the Ambani wedding concert and a hefty payday

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Anant Ambani and Radhika Merchant didn't see the venues for their pre-wedding celebrations in advance

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What should investors ask Mukesh Ambani at his company’s AGM?

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