Reliance AGM: Addressing the annual general meeting of (AGM) of Reliance Industries Limited, Mukesh Ambani today made a slew of announcements ranging from the “success” of JioMeet, bumper investments from Google, Facebook and other global tech giants in Reliance Jio, building an indigenous 5G platform from scratch, to the future of Jio Platforms.
The company’s 43rd AGM was held virtually due to the ongoing coronavirus pandemic. Addressing the AGM, Mukesh Ambani said, “I strongly believe that every adversity presents multiple new opportunities. The RIL AGM itself illustrates this point. All of us are participating in it through our brand-new digital product, called JioMeet.”
Mukesh Ambani said JioMeet has already been downloaded by more than 5 million users since its release a few days ago. “It is India’s first and only cloud-based video-conferencing app,” Mukesh Ambani said.
Here the 10 major announcements made at Reliance AGM today:
1) The biggest announcement made by Mukesh Ambani today at the RIL AGM was the Rs 33,737 crore investment from Google. He said, “We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms.”
We are delighted to welcome @Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest INR 33,737 crores for a 7.7% stake in Jio Platforms: Mukesh Ambani at #RILAGM #NayeIndiaKaNayaJosh #Jio
— Reliance Jio (@reliancejio) July 15, 2020
2) Soon after, Google CEO Sundar Pichai in a tweet said, “Everyone should have access to the internet. Proud to partner with Reliance Jio to increase access for the hundreds of millions in India who don’t own a smartphone with our first investment of $4.5B from the #GoogleForIndia Digitisation Fund.”
Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don’t own a smartphone with our 1st investment of $4.5B from the #GoogleForIndia Digitization Fund.https://t.co/1fP8iBZQfm
— Sundar Pichai (@sundarpichai) July 15, 2020
3) The second major announcement made in today’s RIL AGM was Reliance’s plan to build an indigenous 5G platform. Making this major announcement, Mukesh Ambani said, “Reliance Jio’s global-scale 4G and fiber network is powered by several core software technologies and components. It is this capability and know-how that positions Reliance Jio on the cutting edge of another exciting frontier – 5G.”
4) “Reliance Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year,” Mukesh Ambani said in his address at RIL AGM.
5) Mukesh Ambani said that in his speech at last year’s AGM, he had shared the goal of growing businesses through partnerships and achieving a ‘net debt free balance sheet’. “I am happy to report that we have fulfilled this promise well ahead of timelines that we had set,” Mukesh Ambani said. He said RIL has completed India’s largest-ever Rights Issue worth Rs 53,124 crore. “It was the world’s largest Rights Issue by a non-financial institution in a decade. It was over-subscribed 1.59 times, setting another record in Indian capital markets,” Ambani said.
6) Mukesh Ambani welcomed recent investments from tech giants like Facebook, Silver Lake and others. On the partnership with Facebook, Mukesh Ambani said he welcomes them “as our premier strategic partner”.
7) Mukesh Ambani also informed the AGM that Reliance Industries Limited has investments from “most admired” tech and financial investors – Silver Lake, Vista Equity Partners, General Atlantic, KKR, and TPG. “They have a long history of successfully investing in the best tech and growth enterprises,” Mukesh Ambani said at the RIL AGM.
Ambani said he also welcomes ADIA and Mubadala of the UAE, and PIF of Saudi Arabia as RIL’s “valued partners”. “What they bring is more than money. They bring faith in our economy’s immense growth potential,” he said.
8) Speaking about the company’s growth trajectory and plans, Mukesh Ambani said, “We have fully kick-started five accelerators of growth of digital connectivity: Mobile broadband, JioFiber, Jio’s enterprise broadband, broadband for SMEs, and Jio’s Narrowband Internet-of-Things (NBIoT).” He said in the next three years, Reliance Jio will “connect half a billion mobile customers, a billion smart sensors and 50 million home and business establishments”.
9) Meanwhile, also addressing the AGM, his son, Akash Ambani, said said JioTV Plus will be featuring aggregated content from over 12 leading global OTT players like Netflix, Amazon Prime, Disney+ Hotstar, Voot, SonyLiv, Zee5, JioCinema, JioSaavn, YouTube and many others.
“For decades, TV content has been largely broadcast-dependent without any interactivity. With JioFiber, we have reimagined this experience and brought interactivity to TV,” Akash Ambani said.
10) In her speech at the AGM, Isha Ambani said, “Reliance Jio’s education platform, Embibe, will address the shortage of quality teachers in India. It is built on three foundational blocks: unprecedented personalisation, incredible content and teacher empowerment.”
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