Reliance, India’s largest company by market capitalisation conducted their 44th Annual General Meeting (AGM) on 24th June, 2021. There were a slew of announcements made that included Mukesh Ambani declaring that Jio would not only make India 2G mukt but 5G yukt, cheaper smartphone development in collaboration with Google, 5G plans, initiatives for greener future etc.
Here were the highlights of the meeting held:
1. Jiophone Next
Ambani announced Jiophone next, the world’s most affordable smartphone, developed in a joint collaboration with Jio and Google. It will roll out from 10th September 2021, and was proclaimed to be a power-packed economic phone.
2. 5G in India by a partnership with Google
Google will form a cloud partnership with Reliance Jio Infocomm Ltd. that would support Jio with tech solutions for consumer and enterprise packages for launching of 5G services. This will help Jio to gain the expertise of a tech giant and render its digital services to millions of individuals and MSMEs. This is done to boost 5G services.
3. No employee salary cuts
Nita Ambani, founder, and chairperson of Reliance foundation said Reliance had not cut back on salaries, bonuses, commissions, or other employee compensations in the pandemic.
4. Over 3.24 lakh crore capital was raised
Mukesh Ambani announced Reliance had raised over 3.24 lakhs crores Rupees in the Jio platform through the sale of equity, asset monetization, retail, rights issues,
“The largest-ever capital raised by any company in a year globally. This capital raise is a strong vote of confidence by global investors in India’s growth potential,”as said by Mr. Ambani
5. Formalisation of Saudi Aramco deal
Reliance Industries Ltd., in 2019 had announced the sale of a 20% stake for 15 billion dollars in its business of oil to chemicals to Aramco and hoped to formalize it’s deal with Saudi Aramco by end of 2021.
6. Saudi Aramco chairman will join Reliance Industries Ltd. Board
Yasir Othman Al-Rumayyan, the chairman of Saudi Aramco and head of the Kingdom’s cash-rich wealth fund PIF is set to join RIL’s board as an independent director as an antecedent of the 15 billion dollars deal.
7. Energy efficiency approach
Reliance Industries Ltd. over the next three years to invest over 60000 crores in New Energy Business which includes setting up of four giga factories (energy storage battery factory, electrolyser factory, solar photovoltaic module factory and fuel cell factory) and renewable energy complex for green energy initiatives. The business is to be valued at 75000 crores over next three years. The company is also stated to invest 15000 crores Rupees in future technologies, including upstream and downstream industries, value chain and partnerships.
Some other highlights were:
- Trials are going on with Facebook to set up an integration between WhatsApp and
- Reliance along with the partnership of USAID to launch Women Connect India challenge
this year to empower more Indian women with digital access.
- The Retail business will add 1 crore new vendors and create 10 lakhs jobs in next three
years with the business seeing 3x growth by next 3-5 years.
- Reliance’s Mission Vaccine Suraksha is one of the largest vaccine drives of India, aiming
to vaccinate 20 lakhs people, including families of employees and retired employees freeof cost. The other four missions to launch are Mission Employee Care, Mission Anna
Seva, Covid Infra and Mission Oxygen.
- Jiofibre, as said by Mukesh Ambani, has added a cumulative of 3 million active users,
making it India’s fastest growing broadband operator.
Nita Ambani also spoke about the contributions of Reliance towards India’s fight with the covid pandemic. Mukesh Ambani also said India is destined to be in the top 3 economies of the world while also mentioning RIL investing 90 billion dollars in creating wealth for the nation and value for shareholders. The RIL stocks remained low as investors remained mum with stocks closing 2.35% lower on that day.