All eyes now on Reliance AGM as financial services launch expected. Reliance Industries Ltd (RIL)’s annual shareholder meetings are always a matter of great pomp and affair. It includes launch of new products and services, establishment of a new enterprise and future of the oil-to-telecom conglomerate.
On July 15, Reliance will call its 43rd Annual General meeting (AGM) via online modes of transmission.
RIL’s over a Lakh shareholders can log in simultaneously from 500 different locations in India and abroad to attend the meeting.
Reliance Industries Set For A New Operation
The AGM, used by Chairman & MD Mukesh Ambani to make big ticket announcements for RIL, will provide 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.
Four AGMs back, Ambani had announced the launch of the group’s mobile services. Jio Platforms is today’s India’s largest telecom provider.
Shareholders would be waiting for a similar big bang announcement from the world’s sixth largest billionaire for his plans to offer financial services, on the Jio platform which caters to its telecom and e-commerce businesses.
Jio’s anchor customer base of 387.5 million and Reliance Retail’s 11,784 stores, could provide a strong distribution channel. JioMoney has been launched. RIL also holds a 70% stake in Jio Payments Bank. A joint venture with the State Bank of India. Which is awaiting a formal launch.
In the previous AGM, Ambani had promised shareholders that RIL would be net debt free before March 2021, which he has fulfilled having raised ₹1.75 trillion against the net debt of ₹1.61 trillion.
The company raised ₹1.15 trillion through a 24.71% stake sale of equity of its subsidiary Jio Platforms to nearly a dozen investors. It also raised ₹53,124.20 crore through a rights issue of its shares, which was subscribed 1.59 times.
Exceeding Expectations
“Exceeding the expectations of our shareholders and all other stakeholders. Again and yet again, is in the very DNA of Reliance”. Ambani had said in a statement on 19 June. Adding that Reliance in its Golden Decade will set even more ambitious growth goals. And achieve them, in fulfillment of the vision of our Founder, Dhirubhai Ambani. Also to consistently increase our contribution to India’s prosperity and inclusive development.
Reliance Industries has launched a Chatbot via Whatsapp number +91-79771-11111. The chatbot will streamline FAQs (frequently asked questions), details such as dividend and taxation, etc.
On July 15 12:12, the stock was trading at Rs 1,958.20 on the Sensex. All eyes will now be on Reliance
