Reliance’ 43rd AGM Highlights: Reliance Industries Ltd (RIL) has used its Annual General Meeting(AGM) as a platform to announce its strategic decisions for the fifth year. It was termed as the most disruptive event in human history. More than 3 lakh people joined the meeting via Jio Meet. This started with the launch of Reliance Telecom’s Jio 4G network in 2016. The launch of JioPhone in 2017 followed it along with the launch of JioGigaFiber in 2018. The plan to become a net debt-free company last year followed these.
The 2020 AGM had some big announcements. These included the strategic partnership with Google, intending to build an Android-based smartphone OS. The revolutionary idea behind this is to target the price-sensitive 350 million simple feature phone users with a new JioPhone.
Asia’s richest man, Mukesh Ambani has lured more than $10 billion of investment for his Indian digital platform business month. Even when the world faced such an economic calamity during the Covid-19 Pandemic. The Indian Business Magnate has been selling stakes in Jio in support of a vow to bring a net debt of more than $20 billion to zero at his oil, retail, and telecommunications group before March 2021.
Reliance Industries Limited is the 1st Indian company to exceed a market cap of $150 bn. It is also the first Indian company to cross the Rs. 1,00,000 cr in consolidated EBITDA.
Reliance completes India’s largest-ever Rs. 53,124 cr rights issue- the world’s largest-ever by a non-financial institution in a decade. This also makes it a debt-free company.
It also raises a cumulative capital of Rs. 2,12,809 cr. This made the chief, Mukesh Ambani, the fifth richest man in the world, succeeding Warren Buffet.
1. Investors – Reliance’ 43rd AGM Highlights
The leading investors involved in the mission, who were acknowledged in the event were –
- Google: The investment of Google in Jio is the first and the biggest of Google’s Indian Digitization Fund. This is the key chapter of the $10 billion Google For India Digitization Fund announced earlier this week, Ambani Said.
Google signs a strategic partnership under which it will invest Rs. 33,737 cr for a 7.7% stake in Jio platforms.
- Facebook: Taking interest in the digitization project of the world’s third-largest internet user, the U.S. tech giant also jumps in. Facebook’s participation in the Jio’s digitization mission is a significant step of the company in our country
- Qualcomm: The final piece to the puzzle aims at the development of something new and big for the people of India. Moreover, the promised partnership of Reliance and Google in developing an Android-based Smartphone OS is a sign of the massive development of a third-generation JioPhone.
- BP: The BP Oil Company has also invested Rs.7,629 crores for its 49% stake.
2. Jio for Atmanirbhar India
Jio invests to strengthen India’s economy by looking after the new startups. shares its fortune with many small businesses and start-ups that might contribute to a brighter digital future of India. Moreover, a wholly made in India 5G network is focuses on the PM’s vision of “Atmanirbhar Bharat.”
Jio proposes its plans for almost every sector. These sectors mainly include-
- Financial Services
- New Commerce
- Smart Cities
- Smart Manufacturing and Mobility
3. JioTV+ – Reliance’ 43rd AGM Highlights
One of the key announcements of the event was the JioTV+. It is an integrated online OTT service that will provide content from many popular platforms like Amazon Prime Video, Disney+ Hotstar, Youtube, Jio Cinema, Zee5, ErosNow, etc.
The JioTV+ feature will be available for JioGigaFiber users. It will be availed through the Jio Set-Top-Box. It will relieve users from the hassle of multiple log-ins. It also helps them to get rid of multiple costly subscriptions. they will be able to enjoy various content through a single platform.
The JioTV+ will also feature hundreds of satellite TV channels. It will also engage the users in interactive ways like voting in reality shows, debates, etc. The results will also be shown in real-time.
Reliance Jio Director, Akash Ambani announced this TV revolution. While announcing the launch, he says :
“For decades, TV content has been largely broadcast-dependent without any interactivity. With JioFiber, we have reimagined this experience and brought interactivity to TV. We believe that two-way communication is the future of TV consumption.”
Another big announcement was the Jio’s 5G vision for India. Jio levels up its 4G user base. The company is committing itself on a mission to not only make India 5G ready. It is also looking forward to become the largest exporter of 5G technology in the world.
Chairman, Mukesh Ambani, addresses and informs his shareholders at the AGM saying:
“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 percent homegrown technologies and solutions. This Made in India 5G solution will be ready for trials as soon as 5G spectrum is available, and can be ready for field deployment next year. And because of Jio’s converged, all-IP network architecture, we can easily upgrade our 4G network to 5G.”
“Once Jio’s 5G solution is proven at India-scale, we would be well-positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service,” Ambani concluded.
5. Jio Glass
It is another hardware product by Reliance Group whose launch was announced at the AGM.
“Jio Glass is a mixed reality headset with wireless support and 3D holographic video calling features. It can be used in remote conferencing, online education, AI-based healthcare, and gaming. Users can also connect to calls through voice commands.”
The product weighs 75 grams and can support 25 mixed reality applications. Users get an option to create their virtual 3D avatars. With them, they can engage in interactions, discussions, screen-sharing, presentations, and other holographic content.
Reliance expresses its intention to do good for the education system as well. They announced their belief that the Jio Glass will play a crucial role in transforming online education. This can prove to be a revolutionary step witnessing the unprecedented growth in the pandemic.
“It will make teachers and students come together in 3D classrooms. With Jio Glass, the traditional way of learning geography will be history; students can get transported to actual locations like the Taj Mahal or the Colosseum while reading about them.”, says Kiran Kumar Das, Asst. Vice President at Reliance Jio.
This app marks the breakthrough of Reliance Industries in the education sector. This will be a revolutionary app providing adequate education on topics for everyone.
A healthcare platform project led by Jio. This can be a massive stroke in the field of medical treatment for Jio.
This is an effective implementation by Jio in the field of groceries and daily needs. It will be integrated with What’s App and will increase your ease of daily shopping. This is a platform of great exposure for the small Kirana shops that are unnoticed by the market.