Reliance AGM 2021 Live Updates: Key announcements from Reliance Industries 43rd annual general meeting
– Jio Glass | Ambani announced the launch of Jio Glass, which is a new mixed reality headset. The device will enable holographic video calling. Jio Glass weighs only 75 grams, offers best in class, immersive mixed reality services. It remains connected by a single-cable and already has 25 apps that allow augmented reality video meetings and more
– Net carbon neutral by 2035 | “The energy industry must understand that fossil fuels and renewables are not mutually exclusive. The world needs access to clean and affordable energy,” said the company’s chairman. He stated, “The energy industry must adopt a planet-friendly model. We are committed to converting CO2 emissions into high-value products. We are targeting to become net carbon-neutral by 2035.”
– Jio TV | Jio TV+ will curate OTT platforms such as Netflix, Amazon Prime Video and Hotstar, among others, into one app. It will be voice-search enabled.
– Consolidation of media and distribution businesses | The company plans to consolidate its media and distribution business. Network18’s 72 channel-strong TV broadcast network across news and entertainment reaches more than 80 crore Indians. (3/3)
Reliance AGM 2021 Live Updates: Key announcements from Reliance Industries 43rd annual general meeting
– Consumer, technology business gaining scale | The company’s consumer business continued to deliver 49 percent EBITDA growth this year. Consumer and tech businesses have rapidly achieved scale by their exponential growth.
– New smartphone OS | Google and Jio are partnering to build a new smartphone operating system in India. RIL Chairman Mukesh Ambani said, “Have sold 100 million Jio Phones till date. But there are many feature phone users waiting to upgrade to a conventional smartphone. We believe we can design an entry-level 4G or even a 5G smartphone. We believe that we can design such a phone at a fraction of its current cost. To power such a value-engineered smartphone, we also need an equally value-engineered smartphone operating system. And, such an operating system must be designed from ground-up.”
– Delay in Aramco deal | Due to unforeseen circumstances and COVID-19 pandemic, the deal with Saudi Aramco has not progressed as per the earlier timeline. However, the company has been approached by global companies for strategic partnerships in its petrochemicals business. Potential partnerships will help build competitive manufacturing capabilities.
– Retail business | JioMart, Reliance Industries’ (RIL) platform for customers and kirana stores, has now enabled a multipurpose point of service (POS) to enable smooth transactions between stores and their customers. Last year, Reliance Retail posted a revenue of Rs 1,62,936 crore and EBITDA of Rs 9,654 crore. The company is India’s largest and most profitable retail business. (2/3)
Reliance AGM 2021 Live Updates: Key announcements from Reliance Industries 43rd annual general meeting
India’s most-valued private company Reliance Industries held its 43rd annual general meeting (AGM) virtually with Chairman and Managing Director Mukesh Ambani addressing shareholders. Ambani said the company has completed its capital raising target, and is now looking to add only a strategic partner. The company has raised a total of Rs 2.1 lakh crore through the rights issue, deal with British Petroleum and stake sales in Jio Platforms. Here are the key announcements made in its first ever virtual AGM due to the novel coronavirus pandemic.
– Google stake buy in Jio | Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms, becoming the latest A-list investor in the digital unit of RIL. The investment by Google — the 14th such deal in less than 13 weeks — takes the total stake that RIL has sold in Jio Platforms to a little over 33 percent
– Debt-free ahead of schedule | The company had a target of becoming net debt free by March 2021. However, it achieved the goal ahead of the schedule. Cumulatively, the company has raised Rs 2,12,809 crore through the rights issue, the combined investments in Jio Platforms and investment by BP.
– Jio 5G | Jio is ready with a world-class 5G solution. Field deployment can happen next year. This 5G product will be available for trials as soon as the spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators (1/3)
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Reliance AGM 2021 Live Updates: Here’s how and where you can watch Reliance Industries’ 44th AGM live on June 24
Here’s how and where you can catch all the action from the RIL AGM that will be held over video conferencing / other audio-visual means, owing to the pandemic situation.
– To view the AGM on JIOMEET, visit https://jiomeet.jio.com/rilagm/joinmeeting.
Click on OTHERS, enter your FULL NAME and ORGANISATION, and the CAPTCHA CODE that will appear on your screen. Access will be available from 30 minutes before the scheduled time of AGM.
YOUTUBE
– The Flame Of Truth Channel and Playback URL here
– Jio Channel and Playback URL here
FACEBOOK
– Reliance Industries Limited Page here and Playback URL here
– Jio Page here and Playback URL here
TWITTER
– @FlameOfTruth and Playback URL here
– @RelianceJio and Playback URL here
Reliance AGM 2021 Live Updates | Reliance Industries Annual Report Key Highlights: From Strong Liquidity To Growth Plans For Jio
Reliance AGM 2021 Live Updates | Reliance Industries Annual Report Key Highlights: From Strong Liquidity To Growth Plans For Jio
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RIL annual report: CMD Mukesh Ambani that the company has a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines, Jio, Retail and Oil-to…
Reliance AGM 2021 Live Updates: Key highlights of annual report released on June 2
– JPL completed fundraising of Rs 152,056 crore across 13 global marquee investors.
– Focus over the next few years would be on “creating a robust wireline network across the country, offering high-speed connectivity and a bouquet of digital services to every home and enterprise.
– To date, Jio has been granted 371 patents across multiple jurisdictions. In FY 2020-21 alone, the company filed for 38 patents and was granted 40.
– Among the key technology areas covered by the patents are Quantum Blockchain Network Technology, Deep Learning Applications in Health and Agriculture, and AI Industrial IoT Automation. (3/3)
Reliance AGM 2021 Live Updates: Key highlights of annual report released on June 2
– Jio meanwhile is “accelerating rollout of digital platforms and indigenously-developed next-generation 5G stack”, the company said.
– As per the report, Reliance Jio has built sufficient network capacity for the next 300 million mobile broadband subscribers, over 50 million fibre homes and 50 million micro, small and medium businesses (MSMEs).
– Qualcomm and Jio successfully tested 5G solutions in India, achieving the 1 GBPS milestone on the Jio 5G solution.
– Further, Jio Platforms (JPL) and Qualcomm’s wholly-owned subsidiary Radisys Corporation, developed an open and interoperable interface-compliant architecture-based 5G solution with a virtualized RAN (vRAN), which will accelerate the development and rollout of indigenous 5G network infrastructure and services in India. (2/3)
Reliance AGM 2021 Live Updates: Key highlights of annual report released on June 2
– MD Ambani said that the company had a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines, Jio, Retail and Oil-to-Chemicals.
– As per the annual report, RIL sold minority stakes in its telecom and digital business Jio Platforms and its retail arm for almost Rs 2 lakh crore and raised another Rs 53,124 crore through rights issue.
– RIL’s Rs 53,124 crore rights issue completed during 2020-21, was India’s largest ever and oversubscribed by 1.59 times. It was also the largest in the world by a non-financial institution in the last 10 years. These funds notably helped Reliance reach net zero-debt target ahead of schedule. (1/3)
Reliance AGM 2021 Live Updates: RIL’s 44th AGM to be held virtually on June 24
Reliance Industries (RIL), India’s largest company by market capitalisation, is conducting its 44th annual general meeting (AGM) virtually on June 24 (today), at 2 pm. The annual report will also be available on the company website www.ril.com. The event is closely watched by Dalal Street and this time is expected to be no different. RIL, which has a track record of meeting its target ahead of deadlines, is expected to make announcements across its telecom, retail and O2C business. The conglomerate said it will send its FY21 annual report, along with the board’s report, auditors’ report and other documents required in electronic mode to the members of the company. The company released its latest annual report on June 2. Chairman and Managing Director Mukesh Ambani said that post a record fundraising round, RIL has a “strong balance sheet with high liquidity” that will support growth for its businesses. Read more here
Good morning readers! Hello and welcome to Moneycontrol’s LIVE blog for Reliance Industries’ 44th AGM today. Stay tuned for the latest news and developments on the same!
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
