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Reliance AGM 2021: All you need to know about key announcements
BofA securities in a report said that it expects an update on 5g related to the Jio-Google phone. Details like its potential pricing and timeline will also be discussed at the AGM.
Reliance Industries Ltd's (RIL) Annual General Meeting (AGM) on June 24 (Thursday) has led to a rise of expectations among shareholders and investors. Investors and shareholders are also keen on the announcement of the stake’s sale in oil to chemicals (O2C) business as well as induction of Saudi Aramco chairman and governor of the kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, to the board of Reliance Industries Ltd.
Ahead of the AGM, BofA securities in a report said that it expects an update on 5g related to the Jio-Google phone. Details like its potential pricing and timeline will also be discussed at the AGM. The report also said that more clarity on JioMart and other online commerce businesses along with the integration of JioMart-WhatsApp is also expected to be discussed on Thursday.
Experts believe that an update on the deal between RIL and Aramco may be announced this year as prices of crude-oil reached multi-year highs and Reliance’s refining and petrochemical business showed an improved outlook. Reliance Industries becoming a net debt-free company after raising capital through monetisation of consumer businesses and rights issues also increased the possibility of announcements related to the deal on Thursday.
Mukesh Ambani in August 2019 announced that RIL will sell a 20% stake to Aramco in the O2C business at an enterprise value of $75 billion during the AGM in 2019 but due to multiple reasons the deal could not materialize.
“RIL's Annual General Meeting (AGM) has historically been a keenly watched event (previously attended by 3,000 shareholders when held in physical format and last year saw 300,000 concurrent viewers of the virtual AGM across 42 countries and 468 cities) given that it has been one of the top 3 companies by market capitalisation in India, has a large free float and a large public shareholding (more than 3 million non institutional shareholders),” a June 17 report by HSBC Global Research said.
“Over the last year, new investors have joined RIL's digital and retail business at subsidiary level and RIL has formed new partnerships with global players like Google, Facebook, Microsoft, Qualcomm etc. Investors now expect RIL to give direction to these businesses and announce groundbreaking products,” the report further added.
