PremiumReliance Industries Limited, India’s most valuable company, apprised its investors of developments including its 5G rollout plan, a cheaper smartphone being developed with Google, and other initiatives for a greener future at its 44th Annual General Meeting (AGM). During the AGM, Mukesh Ambani said that Jio is working not only on making India 2G-mukt, but also 5G-yukt.
RIL AGM 2021: These are the major highlights
Saudi Aramco deal to formalise this year
Reliance Industries Ltd said on Thursday it hopes to formalise its partnership with Saudi Aramco by the end of 2021. Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world's top oil exporting firm.
Over 3.24 lakh capital raised
Reliance raised ₹3,24,432 cr capital through equity sale in Jio Platform and retail, rights issue, asset monetisation: Mukesh Ambani. "RIL raised USD 44.4 billion – largest-ever capital raise by any company in a year globally. This capital raise is a strong vote of confidence by global investors in India's growth potential," he said.
Saudi Aramco chairman to join RIL board
Saudi Aramco chairman and head of Kingdom's cash-rich wealth fund PIF, Yasir Othman Al-Rumayyan will join the board of Reliance Industries as an independent director in a precursor to a USD 15 billion deal.
No salary cuts for employees
RIL did not cut salaries, bonuses, or any other compensation of its employees throughout the COVID-19 pandemic, said Nita Ambani, Reliance Foundation's founder and chairperson.
JioPhone Next: World's most affordable smartphone
Mukesh Ambani announced 'JioPhone Next', a power-packed affordable smartphone that has been jointly developed by Jio and Google. JioPhone Next will be available from September 10, and will be the most affordable smartphone globally, Ambani said while addressing RIL's annual general meeting.
Partnership with Google for 5G in India
Google is forging a cloud partnership with India's Reliance Jio Infocomm Ltd, helping Reliance Jio with tech solutions for its enterprise and consumer offerings as it plans to launch 5G services. The tie-up lends Jio the expertise of a global tech giant as it expands digital services to small and medium businesses as well as hundreds of millions of individual customers.
For green energy push
RIL plans to build four giga factories to manufacture and integrate all critical components of a new energy ecosystem, Mukesh Ambani said. "Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem," said Ambani. "Over the next three years, we will invest over ₹60,000 crore in these initiatives."
"We will invest an additional ₹15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in the new energy business will be ₹75,000 crore in 3 years," he said.
