BackRIL AGM may blow the bugle for financial services launch
The AGM is also expected to provide updates on RIL's $15 billion deal with Saudi Aramco, plans of listing Jio Platforms and Reliance Retail, launch of 5G services, and the way forward for JioMart
PremiumMUMBAI: Reliance Industries Ltd (RIL)'s annual shareholder meetings are never a dull affair. But this year could be different as the oil-to-telecom conglomerate gears up to hold its first online annual general meeting ever on Wednesday.
RIL's over a lakh shareholders can log in simultaneously from 500 different locations in India and abroad to attend the meeting.
The AGM, typically used by chairman Mukesh Ambani to make big ticket announcements for RIL, will likely provide updates on the company's $15 billion deal with Saudi Aramco, plans of listing Jio Platforms and Reliance Retail, launch of 5G services, and the way forward for JioMart, the retail arm's e-commerce venture.
Four AGMs ago, Ambani had announced the launch of the group's mobile services that made calling nearly free in the country. Jio Platforms is today's India's largest mobile company.
Shareholders would be waiting for a similar big bang announcement from the world's sixth largest billionaire for his plans to offer financial services, including insurance broking and mutual fund products, on the Jio platform which already caters to its telecom and e-commerce businesses. Jio’s anchor customer base of 387.5 million and Reliance Retail’s 11,784 stores, could provide a strong distribution channel for its financial products.
JioMoney is already live on various platforms. RIL also holds a 70% stake in Jio Payments Bank, a joint venture with the State Bank of India, which is awaiting a formal launch.
At the last AGM, Ambani had promised shareholders that RIL would be a net debt free before March 2021, which he has fulfilled having raised ₹1.75 trillion against the net debt of ₹1.61 trillion.
The company raised ₹1.15 trillion through a 24.71% stake sale of equity of its subsidiary Jio Platforms to nearly a dozen investors. It also raised ₹53,124.20 crore through a rights issue of its shares, which was subscribed 1.59 times.
"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," Ambani had said in a statement on 19 June, adding that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfillment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India’s prosperity and inclusive development.
For easy onboarding of its shareholders for the AGM, RIL has launched an educative Chatbot via Whatsapp number +91-79771-11111. The chatbot will streamline FAQs (frequently asked questions), to-dos for the AGM, voting and details such as dividend and taxation, etc.
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