RIL AGM 2020 live updates: The 43rd Reliance Industries Limited AGM has started. RIL Chairman Mukesh Ambani addressed shareholders, detailing the future roadmap of the company. The company also demonstrated some of its new Jio offerings.
Mumbai, July 15:
The 43rd Annual General Meeting (AGM) of Reliance Industries Limited (RIL) has started and the company’s chairman Mukesh Ambani is addressing shareholders via video conferencing. The 43rd RIL AGM started at 2 pm.
As mentioned earlier, Ambani made many announcements related to Reliance’s future roadmap for its retail ventures and Jio Platforms. He also announced that Google will invest Rs 33,737 crore in Jio Platforms for 7.7 per cent stake.
The RIL boss also announced that the company’s balance sheet is stronger than ever and the additional revenue will be used to boost its digital businesses, especially in the aftermath of Covid-19.
Ambani also spoke about the company’s digital business at length and how the company plans to integrate it to make the experience more consumer-friendly. Akash and Isha Ambani also demonstrated exciting new technologies that RIL will introduce.
One of the biggest announcements was related to the development of 5G solution by Jio. Ambani said this will not only help India’s Atma Nirbhar Bharat push, but also help the country in becoming digitally connected.
Follow live updates below:
3:04 pm: Mukesh Ambani said JioMart will soon expand into many more categories and collaborate with more entrepreneurs and brands.
3:00 pm: Mukesh Ambani said Reliance Retail is one the first-growing retail chain in the country. He also said that the revenue in the retail business has grown eight times and profit almost 11 times.
2:54 pm: Google CEO Sundar Pichai offers a detailed vision of the technology giant’s partnership with Jio in a short message during the AGM. On the partnership, Mukesh Ambani said, “Google and Jio are partnering to build an Operating System that could power a value-engineered, entry-level 4G/5G smartphone. The Jio-Google partnership is determined to make India 2G-mukt.”
2:52 pm: Mukesh Ambani says JioMart and WhatsApp will be working together to create opportunities for India’s small Kirana traders. “JioMart and WhatsApp will be working closely to create growth opportunities for millions of Indian small merchants and enable customers seamlessly transact with kirana shops,” he said.
2:48 pm: Mukesh Ambani also strengthened its commitment to making Reliance a digitally-focused company during his address to shareholders.
2:38 pm: Isha and Akash Ambani conducted virtual demonstrations of the new exciting applications like Jio TV+, which will curate platforms such as Netflix, Amazon Prime Video, Hotstar and others.
2:32 pm: Reliance gives demonstrations of new interactive technology like JioTV+ and JioGlass.
2:27 pm: Ambani announces big plans for Reliance Jio. He said the solution that Jio has been working several solutions that could help not only India but the entire world.
2:23 pm: Jio has developed a complete 5G solution, says Mukesh Ambani. Ambani dedicates Jio’s 5G solution to PM Modi’s vision of ‘Atma Nirbhar Bharat’. “Jio has developed complete 5G solution from scratch that will enable us to launch a world-class 5g service in India,” Ambani said.
2:19 pm: Jio is now the undisputed leader in India, says Mukesh Ambani. “Jio has become a digital lifeline for citizens,” said Mukesh Ambani. He said Reliance Group has also strengthened its position after the recent investments. It is now a zero net-debt company and has a “very strong” balance sheet.
2:17 pm: Mukesh Ambani announced that global technology giant Google will invest Rs 33,737 crore in Reliance’s digital arm, Jio Platforms. Google will make the investment for acquiring 7.7 per cent stake in Jio Platforms.
2:15 pm: Mukesh Ambani said RIL will work with Intel and Telecom for building better technology for India. He said the company aims to integrate better technology into its digital arm, Jio Platforms.
2:10 pm: Mukesh Ambani speaks about strategic partnerships with global investors and the RIL rights issue, which was a huge success. He also thanked shareholders for making the RIL rights issue a huge success.
2:05 pm: Mukesh Ambani begins address to shareholders. Ambani starts off his speech addressing the Covid-19 crisis and its impact on the economy.
2:00 pm: The 43rd Reliance Annual General Meeting (AGM) begins. This is the first RIL AGM that is being held via video conferencing.
1:55 pm: Many analysts predict that this year’s AGM will be about product launches and updates about Reliance’s tie-up with Facebook.
1:50 pm: The 43rd Reliance AGM will start in 10 minutes. A host of new announcements are being predicted as Reliance widens its energy-to-oil business and ventures into consumer retail.
1:45 pm: Mukesh Ambani is now the eighth richest man in the world, according to Bloomberg Billionaires Index (BBI). His net valuation on the BBI is higher than Google founders and Tesla’s Elon Musk.
1:40 pm: Reliance shares trading over 2 per cent ahead of RIL’s 43rd AGM. Investors have huge expectations from the AGM on the back of the company’s aggressive focus to raise capital and strengthen its digital business, Jio Platforms. The fact that Ambani has promised to make Jio a public company in future will be on the minds of investors and some roadmap related to Jio can be announced by the RIL boss.
1:35 pm: The Reliance AGM will be held virtually for the first time ever on Wednesday. This is Reliance’s 43rd AGM. Like every year, Mukesh Ambani will address the company’s shareholders and announce fresh roadmaps and goals the company has planned after successfully became a zero net debt company before the deadline.