Reliance 44th AGM 2021 Key Announcements

Reliance

Reliance Chairman Mukesh Ambani made major announcements during the 44th Annual General Meeting (AGM). Here are the key highlights:

  • Mr. Yasir Al-Rumayyan joins Reliance Board:

Mr. Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor PIF joins Reliance board as an independent director, while YP Trivedi retires from Reliance board. Mr Mukesh Ambani said, to achieve accelerated growth, Reliance looks forward to adding Saudi Aramco as strategic partnership in Oil to Chemical business. The Aramco-RIL partnership will be formalized this year, with more updates awaited. He said, this is the beginning of the internationalisation of Reliance, you will hear more about our international plans in the times to come. 

  • 5G partnership:

Google Cloud and Jio announce 5G partnership, laying foundation for India’s digitisation. Jio will use Google Cloud’s technology to power Jio’s 5G solutions. Reliance has tested Jio 5G solutions in India and demonstrated speeds of up to 1GBPS. Mr Mukesh Ambani said, Jio is not just working to make India 2G-mukt, but also 5G-yukt. Entire 5G standalone network has been installed in RIL data centres and trial sites in Navi Mumbai. He said he is confident of being the first to launch a full-fledged 5G service in India. He further said of Creating 100% owned intellectual property in 5G, AI/ML, blockchain, and mixed reality. 

  • JioPhone Next:

Mukesh Ambani says, Google and Jio announce JioPhone Next; a fully featured android smartphone.  JioPhone Next will be available from 10th September this year. JioPhone Next is an ultra affordable smartphone. 

  • New Energy business:

RIL launches a new energy business and creates Dhirubhai Ambani Green Energy Giga Complex. The overall initial investment in the new energy business will be Rs 75,000 crore.

Reliance New Energy Council established which is partnering with leading universities and tech companies. Four Giga Factories announced: Integrated solar photovoltaic module factory – production of solar energy; Advanced every storage battery factory – Storage of intermittent energy; Electrolyser factory Production of green hydrogen; Fuel cell factory – Converting hydrogen into mobile & stationary power.

India will play a leading role in transform the global energy landscape by growing sustainable business and providing leaderships. Repurposing existing assets to create a sustainable economic environment; multi decade growth plan.

  • Retail:

Mr Ambani said, Reliance Retail has not only protected jobs, but also created over 65,000 new jobs. “Reliance Retail is on a hyper-growth trajectory to grow at least 3x in the next 3-5 years”. He highlighted five key steps to deepen its retail arm: Establishing research design centres; further strengthening the value ecosystem; building state of the art supply chain infra; renewed focus on consumers; and continuing to acquire businesseses.

Further announcements include, the oil-to-telecom conglomerate announced Google’s Rs 33,737 crore investment for 7.7% stake in Jio Platforms, the delay in the Saudi Aramco deal, and RIL becoming debt-free ahead of target with India’s largest rights issue.

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