Reliance Industries Limited (RIL) held its 43rd Annual General Meeting today. Due to the ongoing pandemic, the AGM was organised virtually. There was a lot of anticipation in regards to the announcements today and the company did not disappoint its stockholders and investors.
Here are the five top things that were announced in today's AGM and one deal that did not go through.
Google- Jio Deal
Right at the beginning of the AGM, RIL Chairman & Managing Director Mukesh D Ambani announced that Google will be coming on-board as a strategic investor in Jio Platforms. It was also disclosed that Google will invest Rs 33,737 crores for 7.73 per cent stake in Jio Platforms. This is the second major investment that Jio has garnered in 2020. In the month of April, Facebook had picked 9.99 per cent stake in the company.
Zero Net Debt company
Reliance had the target of becoming a zero net debt company by March 2021. Way ahead of the same, the company has achieved its goals. It has been possible through the slew of stake sales and investments in the Jio Platform. In addition to this, RIL has also completed its joint venture with BP.
Made in India 5G network
Speaking at the AGM, Ambani also revealed that Reliance Jio has designed and developed a complete 5G solution from scratch. This is in line with the sentiment that is raging in the country to become self-reliant and reduce our dependence on countries such as China. Ambani even said that the network is ready for trials and that they can start the same as soon as the spectrum is made available.
The spectrum auctions were to take place this year but with the coronavirus outbreak, there has been no announcement made by the Government so far.
Jio Glass
Another major conversation point in today's AGM was Jio Glass. Jio Glass is a mixed reality-based holographic lens system that was today announced. With the help of this glass, users will be able to perform tasks such as host conference calls, share and view presentations, hold discussions etc. Pricing details and availability details for Jio Glass were not announced.
JioMart and JioMeet
Talking of the new initiatives that the company has taken, Ambani shared that they will be piloting JioMart in 200 cities. He mentioned that in just a few weeks of launch, JioMart has already reached 250,000 orders per day and numbers continue to grow with each passing day.
In days to come, JioMart will also be diversifying its portfolio by including electronics, fashion, pharmaceuticals, and healthcare products.
In a short span of time, JioMeet also has garnered 5 million downloads.
Deal with Aramco
While there were plenty of positive outcomes discussed at the AGM, there were also things that did not go about as planned. One such thing was the deal with Aramco. This much talked about deal was worth $15 billion. Talking about the same as the AGM Ambani said "Due to unforeseen circumstances in the energy market and the COVID-19 situation, the deal has not progressed as per the original timeline."
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