Reliance Industries is holding its 43rd Annual General Meeting virtually this year, in light of the COVID-19 pandemic. While addressing RIL Group shareholders at the 43rd Annual General Meeting of Reliance Industries Limited, RIL CMD Mukesh Ambani said, "JioMeet has already been downloaded by over 5 million users, India's first and only cloud-based video conferencing service."
Google investment
During the RIL AGM, Mukesh Ambani announced that Google will invest 33,737 crore for 7.7 percent stake in Jio Platforms.
Sundar Pichai, CEO of Google and Alphabet, during RIL AGM said, “Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest ₹ 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all.”
EBITDA growth
"Consumer business continued to deliver EBITDA growth of 49 percent this year. Consumer business contributed 35 percent of EBIDTA. Consumer and tech business have rapidly achieved scale by their exponential growth. Our consumer and technology business have rapidly gained scale," Mukesh Ambani said.
Jio’s mobile broadband network
Ambani also said that Jio’s mobile broadband network is the largest and delivered 500 crore GB last month. "Over one million homes are connected on JioFiber. Jio’s enterprise broadband service is enabling Indian companies to make rapid strides towards digital transformation and global competitiveness," Mukesh Ambani added.
5G solution
Mukesh Ambani announced that Jio is ready with 5G solution. "Jio is ready with a world class 5G solution. Field deployment can happen next year. This 5G product will be available for trials as soon as spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators," he said.
During the AGM, Akash Ambani said that the entire 5G stack has been made by Jio employees. "I am proud to share that the entire 5G stack has been made by Jio employees. It is ready for deployment once the spectrum is allocated," he said.
Zero net-debt company
Jio is now the undisputed leader in India, said Mukesh Ambani. "Jio has become a digital lifeline for citizens," he said. RIL CMD further said that Reliance Group has also strengthened its position after the recent investments. It is now a zero net-debt company and has a "very strong" balance sheet.
Jio Glass
Reliance Industries unveils Jio Glass -- a new mixed reality headset, will enables holographic video calling. "Using technology, we can create multiple solutions across digital capabilities. These hold the power to achieve 360 degree digital transformation. We are inviting more startups to join our ecosystem," Mukesh Ambani said.
he JioGlass weighs only 75 grams, offers best in class, immersive mixed reality services. Remains connected by a single-cable and already has 25 apps that allow augmented reality video meetings and more.
JioMart
While talking about JioMart’s features, Isha Ambani said, "JioMart is built upon two fundamental pillars 1. A powerful omni-channel tech-platform to unite customers, kiranas and producers. 2. A widespread physical network of Reliance Retail that takes benefits of new commerce to every corner."
Mark Zuckerberg
During the AGM, in a pre-recorded video, Facebook CEO Mark Zuckerberg said, "We are working together on critical projects that will open up new opportunities for commerce in India. Small businesses are at the core of every country's economy.
Jio Phones
Mukesh Ambani said that 100 million Jio Phones have been sold so far. "Have sold 100 million Jio Phones till date. But there are many feature phone users waiting to upgrade to a conventional smart phone. We believe we can design an entry level 4G or even a 5G smart phone. We believe that we can design such a phone at a fraction of the current cost," he said.
"To power such a value engineered smartphone, we also need an equally value engineered smart phone operating system. And, such an operating system must be designed from grounds-up. Google and Jio are partnering to build just such a smartphone operating system right here in India," he added.
Reliance Retail
During the AGM, Mukesh Ambani said Reliance Retail is India’s largest and most profitable retail business. He said that the company has been approached by global companies for strategic partnerships with the petrochemicals business. Potential partnerships will help build competitive manufacturing capabilities.
Saudi Aramco deal
During the AGM, Mukesh Ambani said that due to unforeseen circumstances and COVID-19, the deal with Saudi Aramco has not progressed as per the earlier timeline.
Carbon-neutral by 2035
Mukesh Ambani said that Reliance Industries is targeting to become net carbon-neutral by 2035. "The energy industry must understand that fossil fuels and renewables are not mutually exclusive. The world needs access to clean and affordable energy. The energy industry must adopt a planet-friendly model. We are committed to convert CO2 emissions into high value products. We are targeting to become net carbon-neutral by 2035," he said.
Nita Ambani on COVID-19 vaccine
Reliance Foundation chairperson and founder Nita Ambani during the AGM said, "I assure to you that as soon as a vaccine against COVID-19 is available, we will use our digital infrastructure and supply chain to ensure it reaches every corner of the country."
(Inputs from Sanjay Jog)
