Reliance Industries Limited (RIL), in its 44th Annual General Meeting (AGM) informed its investors of developments including its 5G rollout plan, a cheaper smartphone being developed with Google, a mega plan of green energy investments among other things.
Here are the top 8 highlights:
Saudi Aramco deal: Reliance Industries Ltd said on Thursday it hopes to formalise its partnership with Saudi Aramco by the end of 2021. Along with this, Saudi Aramco chairman and head of Kingdom’s cash-rich wealth fund PIF, Yasir Othman Al-Rumayyan will join the board of Reliance Industries as an independent director in a precursor to a USD 15 billion deal.
Rollout of 5G: Google will be in a cloud partnership with India’s Reliance Jio Infocomm Ltd, helping Reliance Jio with tech solutions for its enterprise and consumer offerings as it plans to launch 5G services.
Mega green energy roadmap: With an initial investment of Rs 75,000 crore, RIL plans to build four giga factories to manufacture and integrate all critical components of a new energy ecosystem.
Jio Institute: Nita Ambani announced Jio Institute, which is set to commence academic sessions at their campus in Navi Mumbai this year itself despite the pandemic.
Covid care: Reliance Foundation launched five Missions to fight Covid-19 – Mission Oxygen, Mission Covid Infra, Mission Anna Seva, Mission Employee Care, and Mission Vaccine Suraksha. Reliance is producing over 11 per cent of India’s medical grade oxygen. In two weeks, RIL ramped up production to a massive 1100 Metric Tonnes per day.
Three affirmations: Ambani made three affirmations to investors. First, as one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape. Second, Reliance will provide leadership on the combined strength of our balance sheet, talent, technology and proven project execution capabilities. Third, Reliance will make its New Energy business a truly global business.
Employee benefits: RIL did not cut salaries, bonuses, or any other compensation of its employees throughout the COVID-19 pandemic, said Nita Ambani, Reliance Foundation’s founder and chairperson. Under Mission Employee Care, Reliance will continue to a) pay the deceased employee’s salary to the family for the next five years; b) finance their children’s education in India till graduation, and ensure continuity of medical coverage to the family for life. Additionally, a lump-sum amount of Rs 10 lakh will be provided to families of off-roll employees who succumbed to Covid-19.
JioPhone Next: Claiming it to be the world’s most affordable smartphone, Mukesh Ambani announced ‘JioPhone Next’, a power-packed affordable smartphone that has been jointly developed by Jio and Google. JioPhone Next will be available from September 10.