On Thursday, billionaire Mukesh Ambani will virtually address the shareholders at the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL).
Ambani, one of Asia’s most influential is known for making big announcements during the AGM.
The market expects Ambani 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.
Last year, the 64-year old business tycoon, during the AGM stated, “Last year, I shared with you the basis of equity investment by Saudi Aramco in our O2C business.”
He further added that due to COVID-19 situation, the deal has not progressed as per the original timeline.
They expect the completion of this process by early 2021.
Reliance may launch first 5G phone in association with Google and JioBook, a low-cost affordable laptop from Reliance Jio.
According to analysts’ belief, the phone’s pricing would be critical to converting the feature phone subscribers to Jio 4G subscribers.
Ambani spoke about the 5G deployment in the country, last year.
Mr. Mukesh said during last year’s AGM, “Jio has designed and developed a complete 5G solution from scratch. This will enable us to launch a world-class 5G service in India… using 100% homegrown technologies and solutions. This Made-in-India 5G solution will be ready for trials as soon as the 5G spectrum is available… and can be ready for field deployment next year.”
He shared that because of JIO’s converged, all-IP network architecture they can easily upgrade their 4G network to 5G.
He further shared, “Once Jio’s 5G solution is proven at India-scale, Jio Platforms would be well-positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service.”
Ambani’s plan for 5G will be keenly observed by the investors.
