FPJ Fast Facts: Top 10 takeaways from Reliance AGM 2020

FPJ Fast Facts: Top 10 takeaways from Reliance AGM 2020

FPJ Web DeskUpdated: Wednesday, July 15, 2020, 05:42 PM IST
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The Mukesh Ambani-led Reliance Industries held it's first virtual annual general meeting on Wednesday. The m

1. Reliance Jio has developed a complete 5G solution from scratch using 'made-in-India' technology, Ambani said. This could be deployed and launched in a year's time once spectrum is available.

2. Google picks 7.7% stake in Jio platforms for Rs 33,373 crore. CEO Sundar Pichai also announced that out of the company's $ 10 billion fund for the Google for India Digitisation Fund, $4.5 billion would be invested in a partnership with Reliance Jio.

3. JioMeet has seen 5 million downloads within days of its launch. The video conferencing app is available across Android, iOS, Windows, macOS and web and offers unlimited free calling.

4. JioMart, Ambani said, would be expanding in the coming days, venturing into new categories. "We will induct global partners and investors in Reliance Retail in the next few quarters," he said.

5. The deal with Saudi Aramco has not progressed according to schedule due to the COVID-19 pandemic, Ambani said on Wednesday. He added that RIL was "committed to long term partnership" with the other company.

6. At the meeting, Reliance Industries announced the launch of its new JioTV+ service for its customers in India. Jio TV+ would curate content from 12 popular OTT platforms such as Netflix, Amazon Prime Video, Disney+ Hotstar, Voot, SonyLiv, Zee5, JioCinema, JioSaavn, YouTube into one app.

7. The meeting also saw the launch of another new offering -- Jio Glass. This lightweight Glass comes with a cable that can be attached to a phone and connected to the internet. It aims to provide a best-in-class mixed reality service.

8. The company is aiming to achieve carbon neutrality or to have net zero carbon footprint by 2035, Ambani said.

9. Reliance Industries completes India's largest-ever Rights issue. The Rs. 53,124 crore Rights Issue is also the world's largest by a non-financial institution in a decade, the company said.

10. While there had been speculation about the launch of Jio Phone 3 at the meeting, this did not happen. However Reliance Jio Platforms and Google on Wednesday announced to launch an entry-level Android smartphone soon.

Incidentally, equity benchmark indices wiped out early gains and ended flat on Wednesday due to heavy selling in Reliance Industries and infrastructure stocks.

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