Reliance AGM meet: Reliance AGM Meeting Live: Mukesh Ambani addresses RIL’s annual shareholder meet: Key points | India Business News

NEW DELHI: Reliance Industries chairperson Mukesh Ambani addressed the company’s 43rd annual shareholder meeting on Wednesday. Ambani welcomed Google as a strategic investor in Jio Platforms. The companies have signed a binding partnership and agreement under which Google will invest over Rs 33,737 crore for 7.7% stake in Jio Platforms.
This is the company’s first online annual general meet (AGM) in the wake of the ongoing Covid-19 crisis.
Here are the key points:
* Reliance will work with other Indian companies, including start-ups, to vigorously promote ‘Made-in-India’, ‘Made-for-India’ and ‘Made-for-the-World’ products: Mukesh Ambani
* Google, Jio partnering to build Android-based smartphone operating system. The Jio-Google partnership is determined to make India 2G-mukt: Mukesh Ambani
* As India is standing at the doorsteps of the 5G era, we should accelerate the migration of 350 million Indians, who currently use a 2G feature phone, to an affordable smart phone: Ambani
* Reliance Retail is India’s largest and most profitable retail business, with revenues of Rs 1,62,936 crore and EBITDA of Rs 9,654 crore. It is the fastest growing retailer in the world, and only Indian co in the top 100 global retailers: Ambani
* JioMart and WhatsApp will be working closely to create growth opportunities for millions of Indian small merchants and enable customers seamlessly transact with kirana shops: Mukesh Ambani
* The RIL chief said that Facebook and Jio share a strong vision for digitally empowering consumers as well as SMEs and entrepreneurs across India.
* Ambani announced that Jio will be developing a complete 5G solution from scratch; trials for this will be launched as soon as 5G spectrum is available.
* Using these technologies, we can create compelling solutions across multiple industry verticals like media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing & smart mobility: Mukesh Ambani
* Jio Platforms is conceived with vision of developing original, captive intellectual property, using which we can demonstrate transformative power of technology across multiple ecosystems – first in India, and then rest of world.
* Isha Ambani sums up unique offerings of JioMart to customers: Trusted supplies, fresh produce, delivered at the doorstep; great value and attractive prices; easy-to-use platform that offers intuitive experience with voice-integration in multiple languages.
* A unique solution that JioMart offers is to convert the kirana’s existing stores in less than 48 hours into refreshed self-service stores, thereby transforming their customer experience completely: Isha Ambani
* As an introductory offer, customers will receive a complimentary Covid essential kit with the first order placed on JioMart: Isha Ambani
* We have successfully piloted JioMart grocery model with kirana partners. The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day: Mukesh Ambani
* Jio is providing digital connectivity to over 40 crore people, empowering over 30,000 organisations to work from home, and lakhs of students to learn from home: Nita Ambani
* Through Education and Sports for All initiative, Reliance Foundation has reached out to over 21.5 million children. Right from grassroots level – we are working tirelessly to develop a holistic sporting ecosystem in the country: Nita Ambani
* RIL earlier this week launched JioMeet video conferencing app with unlimited free calling, which is being seen as rate war on rival Zoom.
* Ambani said India’s first cloud-based video conferencing app JioMeet has seen 5 million downloads within days of its launch.
* The target of capital raise for Jio Platforms is complete with onboarding of Google: Ambani
* Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three Hyper-Growth Engines — Jio, Retail and O2C: Ambani
* For decades, TV content has been largely broadcast-dependent without any interactivity. With JioFiber, we have reimagined this experience and brought interactivity to TV: Akash Ambani
* Through the Jio App Store on the Set Top Box, one can access internet applications across multiple genres such as entertainment, education, health, cooking, yoga, gaming, religion, and many more: Akash Ambani
* Jio’s latest innovation, Jio Glass, is at the cutting edge of technology that provides best-in-class mixed reality services to give users a truly meaningful immersive experience: Kiran Thomas
* Ambani said Jio will connect half a billion mobile customers, a billion smart sensors and 50 million home and business establishments in the next three years.
* We have fully kick-started five accelerators of growth of digital connectivity: Mobile broadband, JioFiber, Jio’s enterprise broadband, broadband for SMEs, and Jio’s Narrowband Internet-of-Things (NBIoT): Mukesh Ambani
* RIL held its first online AGM and it promises to be a much bigger affair with a brand-new virtual platform which can log more than one lakh shareholders from 500 locations simultaneously.
* For easy onboarding of its shareholders, RIL has launched an educative Chatbot via Whatsapp number +91-79771-11111 to nuance processing of logging in, asking questions and voting on the resolution.
* Ambani had at the last AGM on August 12, 2019 announced plans to sell stake in RIL’s technology venture as well as in its oil-to-chemical (O2C) business to help become net debt-free by March 2021.
* The net debt-free status has been achieved much ahead of the deadline thanks to Rs 1.18 lakh crore amassed through the sale of 25.24 per cent in Jio Platforms Ltd – the unit that houses India’s youngest but largest telecom firm Jio Infocomm and apps – to likes of Facebook, and the country’s biggest rights issue of Rs 53,124 crore.
* The sale of a 20 per cent stake in O2C business, which comprises of its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to Saudi Aramco for an asking of $15 billion has however dragged on, although RIL has said it is on track.
* In the past, RIL has talked about 500 million customers being within its reach. Jio currently has a base of around 388 million subscribers. “We will look for any further colour on Jio’s strategy to bring the next 100 million into the fold,” it said.
(With PTI inputs)
In Video:Google to invest over Rs 33,000 crore in Reliance Jio

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