10 Key Announcements Made By Mukesh Ambani
RIL's 43rd AGM was held virtually on July 15 and this is where you'll get to know all the key highlights from the AGM and the big bang announcements for shareholders and consumers.
Source: EconomicTimes
RIL AGM: Key Focus
- Jio Platforms Growth
- Enhancing Digital Connectivity
- New Additions to Digital Platforms
- Expansion of the Retail Network through JioMart
- New Strategic Partnership Announcements
were the focus of the 43rd AGM
The first
big announcement was on the new investment partner while adding to the string
of marking investment in the last couple of months Reliance Industries Chairmen
and Managing Director Mukesh Ambani informed about another strategic
partnership with Google. Google will invest Rs 33,737 cr for a 7.7% stake in
Jio Platforms.
Google and
Jio will partner to build an Android based OS to power an entry level 4G/5G
smartphone. Mukesh Ambani also said that Jio-Google partnership is determined
to make India 2G-mukt. He said that 100 mn Jio phones have been sold till date
and that he believes they can design entry level 4G/5G smartphone at a fraction
of the current cost.
Mukesh
Ambani also added the target of capital raising for Jio Platforms is complete
with on boarding of Google. With Google and 13 other global investors which
have already invested in Jio Platforms including Facebook, KKR, Intel, Qualcomm
and others.
Capital
raising through strategic stake sale in Jio Platforms along with the rights
issue has enabled Reliance Industries to become net debt free much before
target date of March 31th 2021.
Another big
announcement which came in was that Jio has developed a complete 5G solution
from scratch that will enable Reliance Industries to launch a world class 5G
service in India. The 100% homegrown 5G network will be ready for trials soon
after the spectrum is available and will be ready for field deployment by next
year.
On the
proposed deal with Saudi Aramco, Mukesh Ambani said that due to unforeseen
circumstances and COVID-19 the deal has not progressed as per the earlier
timeline however he said that he is committed for a long-term partnership with
Saudi Aramco. In Aug 2019, he had announced talks for sale of 20% stake in O2C
business to Saudi Aramco the deal was to be concluded by March 2020. No
timelines have been shared yet on same so far. He also stated in the AGM that
Reliance Industries will approach NCLT with its proposal of spinning off the
O2C business into a separate subsidiary to facilitate multiple partnership
opportunities. He also said he expects to complete this process by early 2021.
On the
retail venture, Ambani said that it has received strong interest from strategic
and financial investors. It is India's largest most profitable retail business
and is the fastest growing retailer in the world. Reliance Retail is the only
Indian retailer to feature in top 100 global retailers.
The AGM also
focused on how the new commerce platform JioMart is a powerful tech platform
which will help connect produces, customers and Kiranas and is also helping to
digitally transform Kiranas to boost India's consumption. In the AGM he said
that the Beta version of JioMart grocery platform is being piloted in 200
cities and daily orders have crossed 2.5 lakh and the number is growing each
day.
Reliance Jio
also launch latest innovations and tech offering including Jio Glass the
cutting edge of technology that provides best in class mixed reality services.
Other latest offerings included JioMeet which offers virtual hangouts to formal
meetings with unlimited free calling among others.
Along with
these big announcements Mukesh Ambani also highlighted that Reliance Industries
has become the first Indian company exceeding market capitalisation of $150 bn.
Looking at the future progress of Reliance Industries he stated that he will
work with other Indian companies including start-up to vigorously promote
'Made-in-India', 'Made-for-India' and 'Made-for-the-world' products
Thumbnail Credits: MoneyControl
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