Reliance Industries AGM 2020 Highlights: Indian billionaire Mukesh Ambani-led Reliance Industries held its annual general meeting (AGM) hosted through video conferencing and other audio-visual means. on Wednesday. This is the first virtual 43rd Annual General Meeting. This was the 43rd AGM of the oil-to-telecom conglomerate, which is the country’s most valuable company.
At Reliance Industries Annual General Meeting 2020 the company announced Google will invest Rs 33,737 cr for a 7.7% stake in Jio Platforms. In addition, Reliance Jio also revealed that the company is developing Jio TV Plus, Jio Glass, and more. The Reliance company also announced details on JioMart and Jio 5G solution.
Mukesh Ambani said, “Reliance Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India.” The telecom operator promises 100 percent home developed 5G. Trials to start soon and will be ready for field deployment by next year. Mukesh Ambani also announced that Google and Reliance Jio are partnering to build an Android-based smartphone operating system.
However, Reliance Industries‘ deal with Saudi Aramco has not progressed according to the scheduled time due to “unforeseen situation in the energy market and COVID-19 situation”, Mr. Mukesh Ambani said in an address to the company’s shareholders at the AGM. Here check out Reliance Industries AGM 2020 Highlights below:
Reliance Industries AGM 2020 Highlights:
- Google will invest Rs 33,737 crores for a 7.7 percent stake in Jio Platforms.
- Reliance Industries became the first Indian company to cross-market capitalization of $150 billion.
- Reliance JioMeet App the first cloud-based video conferencing app in India launched
- The Highest GST and VAT payer in the country with Rs 21,660 cr of payments.
- In the current financial year, RIL raised Rs 212,809 crore via a rights issue, investment in Jio, and investment by BP.
- The target for raising capital is now complete and Reliance Industries has now become a debt-free company.
- Reliance Jio has developed a ‘Made in India’ 5G solution from scratch. Trials to begin once the 5G spectrum is allocated.
- Mukesh Ambani dedicated the 5G Solution to PM Narendra Modi under Atmanirbhar Bharat
- Reliance Jio Platforms will be positioned for 5G solutions to other telecom operators by next year.
- Design an entry-level 4G, or even 5G smartphone, to support India’s cellular market
- Google and Jio will partner to develop Android-based smartphone Operating System
- The new product called Jio Glass launched for conducting virtual reality meetings
- Reliance Jio is determined to make India “2G-mukt”, says Mukesh Ambani
- Mukesh Ambani dedicates the 5G Solution to PM Narendra Modi under Atmairbhar Bharat
- DEN and Hathway Cable being merged into Network18 and TV18.
- Investment in RIL will be our biggest investment under the recently announced $10 billion digitization fund, says Google CEO Sundar Pichai.
- RIL making rapid progress in Azure cloud partnership with Microsoft
- Revenue from the retail business grew 8 times in the last five years
- Reliance Jio ready to partner startups to help them reach their full potential
- Will approach NCLT with our proposal to spin off our O2C biz into a separate subsidiary
- Reliance Target to become net carbon-free company by 2035
- Saudi Aramco deal has not progressed as expected due to disruption in energy markets
- Received strong interest from investors and bankers to invest in Reliance Retail.