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Business News/ Companies / News/  RIL AGM: 'Jio is not just working to make India 2G-mukt, but also 5G-yukt', says Mukesh Ambani

RIL AGM: 'Jio is not just working to make India 2G-mukt, but also 5G-yukt', says Mukesh Ambani

Shares of Reliance Industries fell more than 2% on Thursday after the announcements at the AGM. The stock closed at ₹2,153 per share, down 2.3% on the BSE

Chairman Mukesh Ambani at RIL's 44th AGMPremium
Chairman Mukesh Ambani at RIL's 44th AGM

Reliance Industries' (RIL) Chairman Mukesh Ambani made major announcements at the company's 44th Annual General Meeting (AGM) today. The key announcements varied from naming Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the kingdom’s wealth fund Public Investment Fund, as a director on RIL's board, to unveiling the 'most affordable smartphone' JioPhone Next. Ambani also announced plans to disrupt the new energy business.

However, shares of Reliance Industries fell more than 2% on Thursday after the announcements at the AGM. The stock closed at 2,153 per share, down 2.3% on the BSE.

Key Highlights of RIL's 44th AGM:

-'Best of Reliance is yet to come'

''As Reliance climbs new summits of success in its onward journey, it will also cross new milestones in being a caring and empathetic corporate citizen. But believe me: The Best of Reliance is yet to come,'' says Mukesh Ambani

-In last 10 years, Reliance invested $90bn in creating substantial wealth for nation and value for shareholders. In the coming decade, Reliance has capacity to catalyse investments of over $200bn directly and through partners: Mukesh Ambani

-We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years: Mukesh Ambani

-Talking about Reliance Retail, Ambani says that the company added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking its store count to 12,711

-''Jio is not just working to make India 2G-mukt, but also 5G-yukt'': Mukesh Ambani

-With Facebook, we have launched an initial set of integrations between WhatsApp and JioMart on a trial basis and the response from WhatsApp and JioMart customers is encouraging along with lots of valuable feedback, says Mukesh Ambani

-A new 5G partnership between Google Cloud and Jio will help more than a billion Indians connect to a faster internet, support businesses in digital transformation and lay foundation for next phase of India’s digitization: Sundar Pichai

-JioPhone Next to be available on market from September 10

''JIOPHONE NEXT is powered by an optimized version of Android OS jointly developed by Jio and. It is ultra-affordable and packs cutting-edge features. It will be available in market from Ganesh Chaturthi, 10th September,'' says Mukesh Ambani

-I am pleased to announce that Google and Jio teams have jointly developed a truly breakthrough smartphone – JIOPHONE NEXT. It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio: Mukesh Ambani

-During recent spectrum auctions, we invested 57,123 cr to acquire significant additional spectrum, making Jio the largest operator of 4G spectrum in India. We have operationalized nearly 100% of this additional spectrum: Mukesh Ambani

-''Jio became the first operator outside China to cross 400 million mobile subscribers in a single country''

-Talking about Reliance Jio, Ambani says that Jio is today world’s 2nd largest mobile data carrier handling over 630 crore GBs a month. This is 45% growth in data consumption in the last year alone – a testament to the rapid pace at which India is digitizing

-With these new initiatives, Reliance will put Gujarat and India on world solar and hydrogen map. All our products will proudly proclaim ‘Made in India, by India, for India and for the world’: Mukesh Ambani

-We will build two additional divisions to further strengthen this ecosystem. First, a dedicated Renewable Energy Project Management and Construction Division. Second, a dedicated Renewable Energy Project Finance Division: Mukesh Ambani

-Reliance will thus create and offer a fully integrated, end-to-end renewables energy eco-system. Over the next 3 years we will invest over 60,000 crore in these initiatives: Mukesh Ambani

-Developing Dhirubhai Ambani Green Energy Giga Complex in Jamnagar

''We have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. It will be amongst the largest such integrated renewable energy manufacturing facilities in the world,'' Mukesh Ambani

-Yasir Al-Rumayyan to join RIL's Board as independent director.

''I welcome H.E. Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as Independent Director. His joining our Board is also the beginning of internationalisation of Reliance, '' says Mukesh Ambani

-Continued engagement and resolve from both sides, even during this pandemic, is a testimony of strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner this year: Mukesh Ambani

-Our O2C biz faced unprecedented challenges by severe economic contraction at the beginning of year. Yet we were probably the only company globally that operated at near full capacity and was profitable in every quarter: Mukesh Ambani

-Talking about the telecom business, Ambani says that Reliance Jio had net addition of 37.9 million subscribers during the year. ''We now serve over 425 million consumers on our network. We have revenue market leadership in 19 out of 22 circles.''

-RIL raised $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: Mukesh Ambani

-Mukesh Ambani says that even in a challenging environment, RIL’s performance continued to be outstanding. The company's consolidated revenue was at 540,000 cr, consolidated EBITDA was around 98,000 cr, and almost 50% of EBITDA was contributed by consumer businesses

-RIL’s Mission Vaccine Suraksha is one of India’s largest corporate vaccination drives, to vaccinate 20 lakh of our Family, including retired employees, partner company employees, and their families free of cost: Nita Ambani

-Assured no salary, bonus cuts due to Covid, says Nita Ambani

-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 the company's 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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Saloni Kothari
Covers markets, personal finance and economy for Livemint and currently hosts the 'Millionaire On A Budget' podcast
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Updated: 24 Jun 2021, 03:55 PM IST
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