Reliance AGM over the years: Key announcements made by Mukesh Ambani
Reliance Industries Limited (RIL) is holding its annual general meeting (AGM) on Thursday. At the meting, RIL chairman Mukesh Ambani will give information about the company's performance and the outlook of key business divisions.
Brokerage HSBC Global Research said that the Reliance AGM is a keenly watched event "given that it has been one of the top 3 companies by market capitalisation in India and has a large free float and a large public shareholding".
"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," it said.
Here's a look at announcements made at Reliance AGM in the past few years:
In 2020, Ambani announced that Reliance aims to become net carbon-zero by 2035. Asia's richest man reiterated that commitment this year when he told Bloomberg at Qatar Economic Forum, “We have no option as a society, as a business but to really adopt a sustainable business model.”
At last year's AGM, Ambani also announced that JioMart will expand to electronics, pharmaceutical, and fashion in the near future.
A partnership with Google to build an Android-based smartphone operating system was also announced. “We can build an entry-level 4G or 5G smartphone for a fraction of current cost,” Ambani had said on July 15, 2020. Google CEO Sundar Pichai also shared a message on the company's partnership with Jio.
Ambani also announced Google as strategic partner in Jio Platforms. The tech giant said it will invest ₹33,737 crore for a 7.7% stake in Jio Platforms.
Jio TV+ was launched as a curated platform for content from all popular OTT platforms. The company said that its new product will also work with voice search.
In 2019, Mukesh Ambani had announced investments of about ₹3.5 lakh crore to create a digital infrastructure across India, with the largest optical fibre footprint in the country.
A deal to sell 20% stake in oil to chemicals business to Saudi Aramco was also announced in 2019.
Other announcements included divestments of about ₹1.25 lakh crore of infrastructure into investment trusts and commercial launch of JioFiber.
The company had promised free voice calls for life from landlines, 100 mbps minimum broadband speed at subscription starting from ₹700 a month and free HD TV set on a commitment to an annual plan.
A year before that, Ambani announced the ‘Monsoon Hungama’ offer, where users could exchange their existing feature phones for a new JioPhone for ₹501.
Registrations for JioGigaFiber, which is now known JioFiber, were also announced in 2018.
RJio introduced its smartphone, JioPhone, at the 2017 AGM, free to subscribers.
In the 2016 AGM, Ambani launched the Jio Digital Life story by endorsing Prime Minister Narendra Modi’s Digital India campaign.