RIL AGM 2020 LIVE Updates: eliance Industries Limited Chairman Mukesh Ambani on Wednesday said Alphabet Inc's Google will buy a 7.7% stake in its digital unit for Rs 33,737 crore, winning the backing of another US tech giant after Facebook Inc in late April.
Ambani, addressing the first ever virtual Annual General Meeting of RIL, laid the future roadmap for the company and also announced that Jio was developing a homegrown 5G solution, that has been made in India from scratch. This will enable Jio to launch a “world-class 5G service in India”. Ambani stated that this 5G solution will be ready for trials as soon as 5G spectrum is available and be ready for field deployment next year.
Reliance Jio has announced its plans for its upcoming 5G connectivity service which the company will be building from scratch.
Jul 15, 2020 4:15 pm (IST)
Search Engine Giant Google Will Invest Rs 33,737 Crore in Jio Platforms | Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore. With this deal, Reliance has sold 32.84 per cent stake in Jio Platforms Ltd - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,52,055.45 crore. Google, which is the 13th marquee firm to have set a sight on India's hottest digital play in 12 weeks, values Jio Platforms at Rs 4.36 lakh crore. This is less than Rs 4.91 lakh crore value at which last investor, Qualcomm had invested just last week.
Jul 15, 2020 4:04 pm (IST)
A RECAP | At the company’s first virtual annual general meeting on Wednesday, Reliance Industries Chairman Mukesh Ambani said his group's retail venture has received strong interest from strategic and financial investors. "We will induct global partners and investors in Reliance Retail in the next few quarters," he said at Reliance Industries annual general meeting. Reliance Retail has already started pilots of its ecommerce venture."We have successfully piloted JioMart grocery model with kirana partners. The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day," Ambani said.
Jul 15, 2020 4:04 pm (IST)
At the recently concluded Annual General Meeting by Reliance Industries, Jio Platforms played a key role, taking up the majority of RIL’s biggest announcements. Part of it is JioMart, which is now primed to expand steadily in India’s hyperlocal retail space. JioMart, which already piloted a debut project with JioMart in 200 select cities, is now set to expand to more areas across India, and will use its strategic partnership with Facebook to use WhatsApp as a medium to bring kirana stores online. Read full story here.
This announcement by Reliance Jio for the 5G solution comes as US Secretary of State, Mike Pompeo had praised India’s Reliance Jio as a clean network while being critical of Huawei’s 5G equipment as…
Jul 15, 2020 3:44 pm (IST)
Reliance Industries’ Chairman and Managing Director Mukesh Ambani concludes his AGM address.
Jul 15, 2020 3:41 pm (IST)
Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 per cent stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.
Jul 15, 2020 3:36 pm (IST)
“Reliance is now ranked among the World’s 60 largest companies by market capitalization. And when Reliance scales still higher summits of success, our employees and shareholders will surely reap its rewards,” says Mukesh Ambani.
Jul 15, 2020 3:35 pm (IST)
'Reliance Will Work to Vigorously Promote Made-in-India’| “Reliance will work with other Indian companies, including start-ups, to vigorously promote “Made-in-India”, “Made-for-India” and “Made-for-the-World” products,” says RIL Chairman Mukesh Ambani.
Jul 15, 2020 3:30 pm (IST)
“Through Education and Sports for All initiative, Reliance Foundation has reached out to over 21.5 million children. Right from grassroots level – we are working tirelessly to develop a holistic sporting ecosystem in the country,” says Nita Ambani.
Jul 15, 2020 3:27 pm (IST)
“I assure you, as soon as the coronavairus vaccine becomes available, we will volunteer by using the same digital distribution and supply chain, to ensure that the vaccine reaches every nook and corner of our country,” says Nita Ambani.
Jul 15, 2020 3:25 pm (IST)
“Jio is providing digital connectivity to over 40 crore people, empowering over 30,000 organisations to work from home, and lakhs of students to learn from home. Reliance has also been providing free fuel to Emergency Service vehicles across the country. This is not just business for us. It is our duty, our dharma, our seva to the nation,” says Nita Ambani.
Jul 15, 2020 3:24 pm (IST)
On Mission Anna Seva |“Through Mission Anna Seva, we have provided more than 5 crore meals to marginalised communities, daily-wage earners, and frontline workers across the country,” says Nita Ambani at RIL AGM.
Jul 15, 2020 3:22 pm (IST)
Nita Ambani, chairperson and founder of Reliance Foundation, is speaking at the AGM regarding the philanthropic activities of the organisation. “In record time, we produced 1 lakh PPEs and N95 masks every single day and that too at one-third the price of the imported ones,” says Nita Ambani.
Jul 15, 2020 3:19 pm (IST)
'Target to Become Net Carbon-neutral by 2035' | “We are targeting to become net carbon-neutral by 2035”, says RIL Chairman Mukesh Ambani at the 43rd annual general meeting of Reliance Industries Limited.
Jul 15, 2020 3:16 pm (IST)
‘Committed to a Long-term Partnership with Saudi Aramco’ | “With this we will have an integrated and competitive Oil to Chemicals portfolio which is valuable to global companies as it provides access to the large and growing Indian market. Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met.Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership,” says Mukesh Ambani.
Jul 15, 2020 3:14 pm (IST)
On Reliance’s O2C Path Ahead | “Our O2C business has competitive feedstock streams that are the building blocks for specialty and new value chains of Acetyls, Acrylates, Phenols and Polyurethanes. Reliance has been approached by global companies for strategic partnerships in its petrochemical business, including in utilizing these feedstocks. These potential partnerships will help us build competitive manufacturing capacity at our existing sites to serve the deficit Indian market that still depends on large-scale imports of chemicals,” says RIL Chairman Mukesh Ambani.
Jul 15, 2020 3:12 pm (IST)
On Organised Retail |“Four things that give me huge satisfaction are: First, more than two-thirds of our nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Second, the deep-rooted bond with tens of thousands of farmers that has helped us source over 80% of our fresh fruits and vegetable directly from farmers. We sell more fruits and vegetables than any other organised retailer in the country. Third, we continue to provide large employment and development opportunities for lakhs of people across India. Fourth, our growth model is based on partnership with small merchants and shopkeepers,” Says RIL Chairman Mukesh Ambani.
Jul 15, 2020 3:09 pm (IST)
Proud to Partner with Reliance Jio: Sundar Pichai | “Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund,” tweets Sundar Pichai, CEO, Google and Alphabet.
Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund.https://t.co/1fP8iBZQfm
‘Reliance Retail at Forefront of Bringing Organised Retail Revolution’| We are India’s largest and most profitable retail business. Reliance Retail is the fastest growing retailer in the world, and the only Indian Retailer to feature in the Top 100 global retailers. And we continue to be a partner of choice for marquee international brands. Reliance Retail has been at the forefront of bringing about the Organized Retail Revolution in India.
Jul 15, 2020 3:04 pm (IST)
“Today, people in India no longer have to wait for technology to come for you. Smartphones and affordable data have made it possible for a billion Indians to come online. We have never been more hopeful about India’s future,” says Alphabet CEO Sundar Pichai in a video message.
Jul 15, 2020 3:01 pm (IST)
“Jio will integrate start-ups into Jio’s roadmap and will help them reach their full potential. We are well-positioned to help Indian start-ups in a number of ways—whether it be technology development, product development, distribution market access and even scale up capital,” says RIL Chairman Mukesh Ambani.
Jul 15, 2020 2:57 pm (IST)
Google & Jio to Develop Cheap 5G Smartphone | “Have sold 100 million Jio Phones till date. But there are many feature phone users waiting to upgrade to a conventional smart phone. We believe we can design an entry level 4G or even a 5G smart phone. We believe that we can design such a phone at a fraction of the current cost. Google and Jio are partnering to build a value-engineered Android based smartphone Operation System,” says RIL Chariman Mukesh Ambani at the 43rd annual general meeting of Reliance Industries Limited.
Jul 15, 2020 2:52 pm (IST)
Jio Developing Homegrown 5G Telecom Solution: Mukesh Ambani |"Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting. Jio's global-scale 4G and fibre network is powered by several core software technologies and components. "It is this capability and know-how that positions Jio on the cutting edge of another exciting frontier 5G," he said.
Jul 15, 2020 2:50 pm (IST)
“JioMart is built upon two fundamental pillars -- 1. A powerful omni-channel tech-platform to unite customers, kiranas and producers. 2. A widespread physical network of Reliance Retail that takes benefits of new commerce to every corner,” says Isha Ambani.
Jul 15, 2020 2:48 pm (IST)
Isha Ambani Talks About JioMart | Isha Ambani now details the how JioMart is empowering offline kirana stores, in partnership with Reliance's strong retail network. She says that its beta pilot programme in 200 cities has received positive feedback.
Jul 15, 2020 2:43 pm (IST)
“I am proud to share that the entire 5G stack has been made by Jio employees. It is ready for deployment once the spectrum is allocated,” says Akash Ambani at 43rd annual general meeting of Reliance Industries Limited.
Jul 15, 2020 2:37 pm (IST)
JioGlass Unveiled | Jio unveils JioGlass – weighs only 75g, offers best in class, immersive mixed reality services. Remains connected by a single cable and already has 25 apps that allow augmented reality video meetings and more.
Jul 15, 2020 2:35 pm (IST)
Isha Ambani and Akash Ambani conduct virtual demonstrations of the new Jio TV+. Jio TV+ will curate OTT platforms such as Netflix, Amazon Prime Video, Hotstar and others, into one app. Besides this, it is also equipped with voice-search.
Jul 15, 2020 2:30 pm (IST)
“Using these technologies, we (Jio) can create compelling solutions that span multiple industry verticals and ecosystems like media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing and smart mobility,” says RIL Chairman Mukesh Ambani.
Reliance Industries Chairman Mukesh Ambani addresses the virtual AGM on Wednesday.
Ambani also announced at the company’s first virtual annual general meeting that the company will spin off its oil-to-chemical business into a separate subsidiary by early 2021 after regulatory approvals, and detailed plans of also moving into green energy space.
“Due to unforeseen circumstances in the energy market and the Covid-19 situation, the Saudi Aramco deal has not progressed as per the original timeline. Our equity requirements have already been met. Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership,” he said.
On the Google-Jio deal, the RIL chairman said this is not just a financial but a strategic investment by the Internet giant. "Thus, Jio Platforms has now four strategic partners - Facebook, Intel, Qualcomm and Google. It has also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14. Total funds raised is Rs 1,52,056 crore," Ambani said.
This is the first time in the company's history that the AGM is being held online in view of the novel coronavirus pandemic. RIL's over a lakh shareholders can log in simultaneously from 500 different locations in India and abroad to attend the meeting.
RIL chairman Mukesh Ambani is expected to make several big ticket announcements at the AGM, likely providing updates on the company's $15 billion deal with Saudi Aramco, plans of listing Jio Platforms and Reliance Retail, launch of 5G services, and the way forward for JioMart, the retail arm's e-commerce venture. For all the Jio related announcements, follow live updates here.
"The 43rd annual meet will be held on Wednesday, July 15, 2020 at 2 pm through video conferencing/other audio-visual means," the company said in a regulatory filing.
The oil-telecom-to-retail giant is India’s most valued company and it recently crossed Rs 12 lakh crore in market capitalisation, becoming the first listed Indian entity to achieve the feat.
The surge in stock prices has largely been on the back of a series of stake sales in its telcom and digital arm, Jio Platforms. The company raised Rs 118,318.45 crore through a 25.24 per cent stake sale of equity of its subsidiary Jio Platforms to a dozen investors, including the likes of Facebook, Intel Capital and Qualcomm. It also raised ₹53,124.20 crore through a rights issue of its shares, which was subscribed 1.59 times.
At the last AGM, Ambani had promised shareholders that RIL would be a net debt free before March 2021, which he has fulfilled having raised ₹1.75 trillion against the net debt of ₹1.61 trillion.
Experts said that after successfully fulfilling the promise of becoming zero net debt company earlier-than-expected, Reliance Industries may now also shift its focus on growing its Retail business (JioMart) and overseas listing of Jio Platforms.
For the first time, Reliance will allow users to enter the webinar through JioMeet video conferencing platform. Shareholders will be able to log into the event half an hour before it starts, listen to the plans and initiatives and comment and participate as well. Reliance will also stream the event live on the company’s official website, as well as on YouTube and Facebook.
RIL has this year also launched a Chatbot Assistant on WhatsApp ahead of the annual general meeting. The WhatsApp Chatbot Assistant is designed to help shareholders with the onboarding process and also help with general FAQs, guidance for the Virtual AGM, voting on resolutions, Dividend and Taxation details as well as for sharing important links and documents. Users will also be able to access FAQ videos via the WhatsApp Chatbot Assistant.