The Reliance Industries Limited, on Wednesday, conducted the Annual General Meeting of the company. The meeting was conducted virtually over Jio’s new video conferencing platform, JioMeet. The 43rd Annual General Meeting was conducted by the Chairman and Managing Director, Mukesh Ambani.
From Reliance becoming net debt free to launch of new platforms and networks, the AGM came bearing a variety of things for the investors and shareholders. So here are some highlights from the AGM and what is new in Reliance:
Reliance Industries becomes Net Debt free
The company has declared itself net debt free and has done it way ahead of the deadline. March 31, 2021 was the deadline given to the shareholders for the same. “I’m happy to report we have fulfilled the promise of a net debt free balance sheet well ahead of timelines we had set for ourselves.
Google invests in Jio
For a 7.7% stake in the Jio platforms, the internet giant, Google, would be investing Rs. 33,737 crore. Reliance’s Jio, with Google, would be working on the development of a customized Android operating system. This system would pave the way for low-cost, entry-level smartphones
Jio 5G Solution
In the AGM, the company made the big announcement of the launch of the indigenously developed 5G solution. 5G or the fifth generation entails the latest and the highest level of Long Term Evolution (LTE) mobile broadband networks. The network would be introduced once the 5G spectrum would be launched in India. The auction for the 5G spectrum in India, for now, has been delayed to 2021 due to the poor financial health of the telecom industry, stated the Indian Express.
Jio Glass
Jio Glass is a Mixed Reality Solution launched by Reliance in the AGM. It is especially made for teachers and students to enable 3-D virtual rooms and holographic classes in real time. This can also be used by the companies to conduct virtual conferences. The price and the launch date have not been disclosed by the company yet.
Jio Mart
Launched in January 2020, JioMart is an Online-to-Offline e-commerce channel that provides retail groceries through local kirana stores. Isha Ambani stated that “With JioMart, kirana stores would no longer be held back by the limited range, space or delivery challenges”. She also said that the focus of this is to transform the customer experience as well.
JioTV+
JioTV+ is a content aggregator that brings together TV Channels, OTT platforms and apps under the ambit of Jio’s set-top-box service. “Through the Jio App Store on the set-top-box, one can access internet applications across multiple genres such as entertainment, education, health, etc”, said Akash Ambani at the AGM.
Zero-Carbon company by 2035
“Achieving a cleaner planet can be done by making CO2 as a recyclable resource, rather than treating it as an emitted waste” said Mukesh Ambani. He also stated that the company is committed to develop new technologies to convert carbon dioxide emissions into useful products and chemicals.
RIL-BP Joint Venture
Ambani also announced the joint venture between Reliance Industries Limited and BP. “Operating under the Jio-BP brand, the joint venture aims to become a leading player in India’s fuel and mobility markets”, he said. He also told the investors that for this joint venture, BP has invested Rs. 7629 crore for a 49% stake in Jio.
