Reliance Industries’ (RIL) Annual General Meeting (AGM) has historically been a keenly watched event given that it is one of the top three companies by market capitalisation in India, has a large free float and a large public shareholding. In its 44th AGM, Chairman Mukesh Ambani is expected to announce major developments and deals by the oil-to-retail-to-telecom conglomerate.
Market experts expect updates around the company’s first 5G phone and next-generation wireless plans, JioMart’s grocery venture with Facebook’s WhatsApp, announcements on JioBook, a low-cost affordable laptop, and also its $15-billion deal with Saudi Aramco deal in its newly carved oil-to-chemical (O2C) unit.
Specific announcements are also expected on the progress of Saudi Aramco deal in O2C business as well as Future Retail merger in the retail space. Investors are also awaiting an announcement on the pricing and launch timeline of the Jio-Google phone. Last year, Ambani had said Google would partner with Jio to design an operating system to introduce an affordable entry-level smartphone.
Shares of Reliance Industries fell over 1% on Thursday as investors await the annual general meeting (AGM), scheduled for later today. The stock was trading at around ₹2,173 per share on the BSE.
LIVE updates of RIL’s 44th AGM:
–Reliance Foundation launched five Missions to fight COVID – Mission Oxygen, Mission COVID Infra, Mission Anna Seva, Mission Employee Care, and Mission Vaccine Suraksha: Nita Ambani
-Nita Ambani says Reliance procured 100 oxygen tankers from within India and abroad
–Reliance Foundation also partnered with USAID to launch the Women Connect India Challenge this year. A partnership that aims to empower more and more Indian women with digital access and opportunity: Nita Ambani
–Jio Institute to commence session this year, says Nita Ambani
-Despite the pandemic, I am pleased to announce that Jio Institute is all set to commence academic sessions at their campus in Navi Mumbai this year itself: Nita Ambani
-We remained committed to Education and Sport for All. We also worked hard to bring our dream project – Jio Institute – to life: Nita Ambani
-Mukesh Ambani says our business performance has exceeded expectations despite the covid-19 pandemic
-We are in the midst of a humanitarian crisis: Ambani
-Have taken all possible steps so shareholders can participate in today’s virtual meet: Mukesh Ambani
-Chairman Mukesh Ambani begins virtual address to investors and stakeholders at RIL’s 44th AGM.
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