Reliance AGM 2021 HIGHLIGHTS: Saudi Aramco Chairman Given Charge As Independent Director; Google & Jio Team Up For JioPhone Next
Reliance AGM 2021 HIGHLIGHTS: Billionaire Mukesh Ambani, Asia's most affluent, is addressing the shareholders at the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), India's most valued firm by market capitalization, today virtually.
"My father, Dhirubhai Ambani, used to say, Challenge negative forces with hope, self-confidence and conviction, and the ambition and initiative will ultimately triumph.” I have absolutely no doubt that India will conquer the COVID crisis — sooner rather than later. Post COVID, India will emerge stronger. It will be a Better India, a Resurgent India, a more Equal India, and a far more Self-Confident India," Mukesh Ambani.
"I foresee that the Indian economy will bounce back at a rate that will surprise the world. And prosperity and opportunities will be created for all on a scale never seen before. Not for a few, but for all 1.35 billion Indians. Indeed, I see the global economy resetting itself in ways that will create a more EQUAL WORLD. May God forever guide us along this path," Mukesh Ambani.
To develop the end-to-end 5G ecosystem we are now working with leading global partners to develop a full range of 5G-capable devices. The Jio 5G technology is well-positioned to create compelling applications for consumers and enterprises spanning Healthcare, Education, Entertainment, Retail and other key verticals of the economy.
RIL CMD Mukesh Ambani: Together with our partners, we have tested the JIO 5G solutions in India and we successfully demonstrated speeds well in excess of 1 GBPS. Our 'Made in India' solution is comprehensive, complete and globally competitive. It reaffirms my faith in the abundant talent of Indian engineers to deliver world-class products in such cutting-edge technology.
Recently, we received the necessary regulatory approvals... as well as trial spectrum for initiating 5G field trials. As I speak to you, the entire 5G Standalone Network has been installed in our data centres across the nation and also at our trial sites in Navi Mumbai. We are confident of being the first to launch full-fledged 5G services. And because of our converged, future-proof architecture JIO's network is uniquely positioned to quickly and seamlessly upgrade from 4G to 5G.
India is destined to emerge as one of the top three economies in the world. And as our company in its Golden Decade transforms itself as New Reliance, it is destined to play a proud role in emergence of a New India: Mukesh Ambani
We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that RelianceRetail is set to grow 3X and is on a high growth trajectory. Set to continue as of the fastest-growing retailers in the world. Added 65,000 new jobs, further set to create employment for 10 lakh people in the next three years: Mukesh Ambani.
JioFiber has acquired over 2 million new premises over past year. With a cumulative base of 3 million active home and business users, JioFiber has become the largest and the fastest-growing fixed broadband operator in India: Reliance Industries Chairman Mukesh Ambani.
Jio is uniquely positioned to quickly and seamlessly upgrade to 5G. To develop 5G ecosystem, we are working with global partners to develop a range of 5G devices. Jio is not just working to make India 2G-mukt, but also 5G-yukt: Reliance Industries Chairman Mukesh Ambani.
I am pleased to announce that Google and Jio teams have jointly developed a truly breakthrough smartphone – JIOPHONE NEXT. It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio: Reliance Industries Chairman Mukesh Ambani.
JIOPHONE NEXT is powered by an optimized version of Android OS jointly developed by Jio and Google. It is ultra-affordable and packs cutting-edge features. It will be available in market from Ganesh Chaturthi, 10th September: Reliance Industries Chairman Mukesh Ambani
We are in 2021 launching our new energy business with the aim of bridging the green energy divide in India and globally. And we will do it — like we have always done — by getting our First Principles right.
- First through Hyper-Integration: By integrating scientific knowledge with continuous technological innovation to build and operate truly integrated systems that deliver hyper-performance;
- Second with a Robust business model: By building a model that catches the irreversible upward curve in the demand for green, clean and renewable energy in India and globally; and the downward curve in the cost of their production;
- Third by Scale: By improving the efficiency, performance and life-cycle of our assets and operations to achieve total system optimisation and economics.
I have no doubt that world-class talent will be the most critical resource for this new business. We have begun the process of attracting the best talent from across the world and put into place various key initiatives.
I welcome H.E. Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as Independent Director. His joining our Board is also the beginning of internationalisation of Reliance: Mukesh Ambani
Even in a challenging environment, RIL’s performance continued to be outstanding; Consolidated revenue was Rs 540,000 cr, consolidated EBITDA was Rs 98,000 cr, and almost 50% of EBITDA was contributed by consumer businesses: Mukesh Ambani
"Across Reliance we ensured no jobs were lost, no salaries, no bonuses cut due to Covid. All medical expenses were fully paid and fully paid leaves were granted, In spite of that, we lost some precious members of a Reliance family to the pandemic. Nothing can fill the void left in a mind and heart entire Reliance family stands in solidarity with their families," Nita Ambani.
We remain committed to the families' continued well-being and fulfilling their dreams. Reliance will continue to pay salaries of deceased employees for the next 5 years. We will ensure continuity of medical coverage to the family on that additional lump sum amount of 10 lakhs will be provided to families of employees who succumbed to Covid-19. My prayers, thoughts, and deepest condolences are with every family that has lost a loved one: Nita Ambani.
I hope that all of you and your loved ones are safe amid the Covid pandemic. It is a humanitarian crisis. when humanity was struck with the worst crisis in over 100 years we did our best in every possible way we could and did so urgently: Nita Ambani.
We bring our dream project Jio institute to life in India and the world despite the pandmeic. I am pleased to announce that Jio institute is all set to commence academic session at the campus in Navi Mumbai this year: Nita Ambani.
"Our financial success since the last AGM has exceeded our expectations. I feel both proud and humble to share with you that throughout the Covid crisis, our Reliance family has risen to the occasion with a sense of purpose and national duty. Our entire organisation has become energized with the spirit of service - every single employing has participated directly or indirectly in the fight against pandemic and become a goodwill ambassador of Reliance," Mukesh Ambani.
Here are the top five announcements to expect from RIL's 44th AGM:
- Mukesh Ambani is expected to clarify the long impending $15 billion deal with the world's largest oil firm Saudi Aramco to sell a 20% stake in the newly carved out oil-to-chemicals (O2C) business of RIL.
- Reliance may launch its first 5G phone in association with Google and JioBook, a low-cost affordable laptop from Reliance Jio. The phone's pricing would be critical to converting the feature phone subscribers to Jio 4G subscribers. Last year, Ambani spoke about the 5G deployment in the country, and the investors will be keenly watching Ambani's update on the 5G deployment in the country.
- Investors will look for clarity on the operations of JioMart, which now has a presence in 200 cities, along with AJIO—its fashion and lifestyle platform. According to global brokerage and research firm Goldman Sachs, retail could be the next engine of growth for RIL as it believes that the retail EBITDA could grow 10x over the next 10 years.
- Details of the road map to meet the 2035 target of de-carbonization are expected to attract a new investor pool focused on ESG (environmental, social, and corporate governance) companies. "We have no option as a society, as a business, but to really adopt a sustainable business model," Ambani told Bloomberg at the Qatar Economic Forum on Monday.
- The shareholders and investors could be looking for a hint about the demerger of the main company into Jio, retail and petrochemical businesses, a move that market experts see as a succession plan for the 64-year old billionaire.
Reliance Industries Limited (RIL) shares opened in red ahead of its 44th annual general meeting on Thursday. Shares of India's most valued firm were trading down 0.7% or Rs 15 at Rs 2190 in a firm Mumbai market.
In the last 10-year, RIL shares closed down six times after the AGM and closed up four times post-AGM. RIL shares surged almost 10% after the 2019 AGM and closed down 3.71% after the 2020 AGM.
Background
Reliance AGM 2021 HIGHLIGHTS: Billionaire Mukesh Ambani, Asia's most affluent, is addressing the shareholders at the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), India's most valued firm by market capitalization, today virtually.
Ambani, known for making big bang announcements during the AGM, is expected to cheer the shareholders with mega announcements in its core O2C business and the consumer-facing retail and telecom businesses.
The market expects the 64-year old business tycoon to clarify the long impending 15 billion deal with the world's largest oil firm Saudi Aramco to sell a 20% stake in the newly carved out oil-to-chemicals (O2C) business of RIL.
RIL had raised Rs 2.6 lakh crore ($36 billion) by selling stakes in its retail and digital assets, turning net debt-free, and now the investors are looking at RIL chief to chart a strategic road map for initiatives such as e-commerce to 5G rollout in the upcoming AGM.
Meanwhile, Reliance Industries Limited (RIL) shares opened in red ahead of its 44th annual general meeting on Thursday. Shares of India's most valued firm were trading down 0.7% or Rs 15 at Rs 2190 in a firm Mumbai market.
In the last 10-year, RIL shares closed down six times after the AGM and closed up four times post-AGM. RIL shares surged almost 10% after the 2019 AGM and closed down 3.71% after the 2020 AGM.
Reliance is expected to launch its first 5G phone in association with Google and JioBook, a low-cost affordable laptop from Reliance Jio. Last year, Mukesh Ambani spoke about the 5G deployment in the country.
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