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Reliance AGM highlights: Mukesh Ambani announces JioPhone Next; Aramco deal to be finalised this year

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Reliance Industries AGM 2021 highlights: RIL chairman Mukesh Ambani is currently addressing the 44th annual general meeting (AGM) of shareholders virtually. Stay tuned for all the latest udpates

Reliance AGM highlights: Mukesh Ambani announces JioPhone Next; Aramco deal to be finalised this year
  • With that it's a wrap to the live updates from Reliance Industries' AGM. Stay tuned to CNBCTV18.com for more news, views a latest updates. Have a nice evening. 

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  • RIL AGM: Reliance to conclude Aramco deal this year; Aramco chairman to join RIL board

    Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as a precursor to a USD 15 billion deal that is now expected to conclude this year. RIL chairman and Asia's richest man Mukesh Ambani told shareholders that a deal to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco was expected to conclude this year. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. "Despite several challenges due to COVID-19, we have made substantial progress in the past in our discussions (with Saudi Aramco)," he said. "I expect our partnership to be formalised in an expeditious manner during this year." RIL had inked an initial pact to sell a fifth of the unit that houses its oil refineries, petrochemical plants and fuel retailing business in August 2019, but the outbreak of global pandemic delayed the deal.

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  • Reliance AGM 2021: Here's the full text of Chairman Mukesh Ambani's speech
    Reliance Industries Chairman and Managing Director Mukesh Ambani made numerous announcements during the company's AGM; here's a look at the full text of the speech
    Reliance AGM highlights: Mukesh Ambani announces JioPhone Next; Aramco deal to be finalised this year
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  • RIL AGM: Harshvardhan Dole says Reliance will generate heaps of money in O2C business
     
    From an immediate perspective, the good part is we all know where the cash updated will be deployed. There was anxiety among the investors that Reliance has now become debt free, it will generate heaps of cash particularly in the O2C business and how would that be deployed. Now we have the answer that a substantial chunk of the O2C cash will be redeployed in the green energy and setting up of the gigafactories. So to that extent, the money generated from oil molecules will be funding the green revolution of RIL. It will significantly improve the environment, social and governance (ESG) score for Reliance and that will be huge, significantly positive by the global shareholders.

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  • RIL AGM: JioPhone Next to be launched on Sep 10; will be among most affordable smartphones globally
    JioPhone Next will be launched on September 10, 2021, on the auspicious occasion of Ganesh Chaturthi, Reliance MD, Mukesh Ambani said.
    Reliance AGM highlights: Mukesh Ambani announces JioPhone Next; Aramco deal to be finalised this year
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  • RIL AGM: Prakash Diwan says 'green energy puts Reliance into a new trajectory'

    “This is the flagging off of Reliance 3.0. Last couple of years we saw Jio and Retail were given far bigger weightage and play in terms of company’s overall operations. Now addition of this green energy area puts the company into a new trajectory and sets the wheels in motion for the nation as a whole to start contributing much more significantly to the global scene. India could become the factory to the world on a lot of things which are fairly new and equally available to everybody. So the opportunity is massive. Also the internationalisation of the O2C business is very significant.”

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  • RIL AGM: Probal Sen, says Reliance has suprised with speed of amibition to become a global player

    All of us hold energy, analysts will need to start studying up new energy technologies. Very ambitious plans and a very drastic course of action - as usual Reliance has surprised with the speed of the ambition of becoming a global player or a player of global scale in the new energy and the new materials businesses. So we will have to understand the economics a bit more. On the face of it, it is a very significant change and the one that will impact the shape of this company over the next decade.

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  • Here's a quick look at all the announcements made at Reliance Industries' 44th annual general meeting today

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  • The best of RIL is yet to come, says Mukesh Ambani

    Mukesh Ambani said, "I believe speedy recovery in the post-COVID period is beyond any doubt. But beyond recovery, there will be rapid resurgence. I have no doubt that India is destined to emerge as one of the top three economies in the world. My father Dhirubhai founded Reliance on the principles of investing in future technologies, investing in Indian talent, and investing in India's growth opportunity. I have continued the tradition of following his evergreen principles while growing Reliance as a world-class enterprise. As Reliance climbs new summits of success in its onward journey, it will also cross new milestones in being a "caring and empathetic corporate citizen. But believe me: The Best of Reliance is yet to come."

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  • RIL CMD Mukesh Ambani on Reliance Retail
    Despite challenging and restrictive operating conditions, Reliance Retail continued to deliver industry leading returns. We added 1,500 new stores, which is amongst the largest retail expansion undertaken by any retailer during this period, taking our store count to 12,711. We continue to maintain and strengthen our leadership position. Today one in every eight Indians shops with Reliance Retail.

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  • RIL AGM LIVE: Best of Reliance is yet to come, says Mukesh Ambani

    "Reliance will cross new milestones in being a 'caring and empathetic corporate citizen," said Mukesh Ambani, while addressing the 44th AGM on June 24. "The Indian economy will bounce back at a rate that will surprise the world and opportunities will be created for all 1.35 billion citizens. Investments will also create over 10 lakh new jobs and we will consistently increase payouts to shareholders. In last 10 years we have invested over $90 billion and in the next 10 years we will catalyse investments of over $200 billion. See global economy resetting itself to create a more equal world."

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  • Mukesh Ambani: "Network18 successfully overcame the challenges posed by COVID-19. Our journalists continue to venture out every day to deliver relevant information. Colors was the first to resume fresh programming after Covid 1.0"

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  • RIL AGM: Reliance Retail to create 10 lakh new jobs in next 3 years, says Ambani

    RIL Chairman Ambani said at the AGM that its retail arm would create 10 lakh new jobs over the next three years. It is expected to add 1 crore new vendors in 3 years, which is 3X growth in next three to five years. "Aspire to be among the top 10 retailers in the world," Ambani said.

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  • Mukesh Ambani: “Will on-board over one crore merchant partners over the next three years.”

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  • AJIO now contributes 25% of our apparel business, says Mukesh Ambani

    On Reliance Retail, RIL chairman Mukesh Amabni said, " we have added 1,500 new stores in Reliance Retail, the largest retail expansion undertaken by any retailer during this period. One in every eight Indians shops with Reliance Retail. Ajio now contributes to over 25% of our apparel business. Reliance Retail sold over a billion units of groceries or about 30 lakh units per day. JioMart registered over 6.5 lakh peak orders in a single day. 80% of JioMart customers are repeat shoppers. Last year over 3 lakh shop keepers across 150 cities were enabled and empowered. Seen 3x growth in kirana orders and 2x growth in order frequency"

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  • RIL AGM: Confident of being the first to launch full-fledged 5G services

    Jio 5G to deliver AR/VR content to students and classrooms at Reliance Foundation schools, said RIL Chairman Mukesh Ambani. "Data consumption on JIOFIBER has grown to more than 3.5 times compared to a year ago. The company is confident of a rapid uptake of JIOFIBER services and Revenue growth for Jio," Ambani added and elaborated, "We have tested JIO 5G solutions and demonstrated speeds well in excess of 1 GBPS, we are seeking necessary regulatory approvals and trial spectrum for initiating 5G field-trials."

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  • RIL AGM: JIOPHONE Next to be launched Sep 10; will be among most affordable smartphones globally
     
    Google and JIO teams have jointly developed JIOPHONE Next, a “truly breakthrough smartphone”, Reliance Industries Chairman said at the company’s 44th annual general meeting (AGM), held virtually.
     
    “While being ultra-affordable, JIOPHONE Next is packed with cutting-edge features like the voice assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters and much more,” Ambani said.
     
    He said JIOPHONE Next will be available in the market from September 10, which also coincides with the auspicious occasion of Ganesh Chaturthi.
     
    “And as you have come to expect from Jio, it is my promise that JIOPHONE Next will be by far, amongst the most affordable smartphone not just in India, but globally,” Ambani said.

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  • Excited about innovation our partnership with RIL will unleash, says Sundar Pichai at RIL AGM

    Google's Sundar Pichari: Pandemic has accelerated the need to bring affordable connectivity solutions. Have optimized a version of the Android OS for the Jio NExt phone. Our vision was to bring affordable access to information for Indians in their own language. The vision was to build new products and services for India's unique needs. Excited about the innovation our partnership with RIL will unleash. Reliance will shift its core retail businesses to Google Cloud's infrastructure.

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  • JIOPHONE NEXT to be available from Sept 10, 2021

    Mukesh Ambani: "Google and JIO teams have jointly developed a truly breakthrough Smartphone called JIOPHONE Next. JIOPHONE Next is a fully featured smartphone, supports entire suite of applications from both Google and Jio. JIOPHONE Next is powered by an extremely optimised version of the Android Operating System and developed especially for the Indian market."

    "JIOPHONE next will have features like the voice assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters. JIOPHONE Next will be available in the market from 10 September 2021. JIOPHONE Next will be by far, amongst the most affordable smartphone not just in India, but globally."

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  • RIL AGM: Have set up 116 vaccination centres in 109 cities pan-India

    To help speed up the vaccination drive, Reliance Industries has so far set up 116 vaccinations centres in 109 cities across the country, Nita Ambani said at the company’s 44th annual general meeting, held virtually.

    “Mass vaccination is India's topmost and urgent priority now. To help speed up the vaccination drive, we have set up 116 vaccinations centres in 109 cities across the country,” Nita Ambani said.

    “We have made the entire vaccination process very easy and accessible on our physical/digital platform JioHealthHub with a click of a button, you can book a slot or download CoWin Certificates,” she said.

    “Reliance Foundation will offer this platform absolutely free of cost to all users. The platform has the ability to scale up to 1 lakh vaccinations a day, that's one crore vaccinations in 100 days. We are continuously working to further increase this number,” she said.

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  • Big Breaking | RIL chairman Mukesh Ambani announces the launch of JIO PHONE NEXT jointly developed by Google & Jio.

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  • Mukesh Ambani: We will invest strategically in India's first world-scale CARBON FIBER plant. RIL will use solar energy on an economically attractive basis to decarbonise our existing O2C business. We will use Green Hydrogen and CO as raw materials to develop a road map for new Green Chemicals. We will transform our legacy business into sustainable, circular and net zero carbon materials business.

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  • RIL kickstarts mega private capex cycle; to invest big in clean energy
    RIL announces mega Rs 75,000 crore investment plan
    India will present to the world a template of a Green Economy Movement
    We will build two additional divisions to further strengthen green energy ecosystem
    First, a dedicated Renewable Energy Project Management and Construction Division
    Second, a dedicated Renewable Energy Project Finance Division.

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  • Here’s what RIL chairman Mukesh Ambani said on partnership with Saudi Aramco

    “As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business. Despite several challenges due to COVID 19, we have made substantial progress in the past year in our discussions. These discussions have been held in the spirit of mutual commitment to convert our long-standing relationship into a perpetual partnership. This continued engagement and resolve from both sides, even during this pandemic, is a testimony of the strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner during this year.”

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  • RIL announces big renewable energy push

    Will build integrated photo voltaic factory; will build advance battery storage factory
    We will build an integrated solar photovoltaic module factory
    we will build an advanced energy storage battery factory
    Over the next 3 years we will invest over 60,000 crore rupees in new energy business

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  • RIL chairman Mukesh Ambani continues his address. Here are the key pointers from his speech to the 44th AGM meet today:

    H.E. Yasir Al-Rumayyan joining the board is also the beginning of internationalisation of Reliance
    World is entering a highly disruptive new energy era
    Will announce our international plans in the times to come
    Only option is rapid transition to clean, green renewable energy
    India will be a part of transformation in global energy landscape
    RIL will make its new energy biz a truly global biz
    We have established the Reliance New Energy Council
    Developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar.
    Have started developing Dhirubhai Ambani Green Energy Giga Complex
    Will build integrated photo voltaic factory; will build advance battery storage factory

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  • RIL chairman Mukesh Ambani continues his address. Here are the key pointers from his speech to the 44th AGM meet today:

    -Reliance Retail has been a leader in groceries, electronics & apparel
    -Our O2C business faced unprecedented challenges
    -Managed to maintain EBITDA margin at 11.9% despite volatility in feedstock availability
    -"Look forward to welcoming Saudi Aramco as a strategic partner"
    -We have made substantial progress in the past year in our discussions with Aramco
    -In our E&P business, bp and Reliance commenced production in KGD6 basin
    -we will produce 30 MMSCMD gas production by 2023
    -We will be able to meet 20% of India's gas demand
    -EP will again be source of significant value and will sustain earnings over next decade
    -Delighted to welcome Yasir Al-Rumayyan to join the RIL board as an independent member

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  • Reliance Industries' Chairman & MD, Mukesh Ambani kicks-off the 44th AGM

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  • RIL chairman Mukesh Ambani continues his address. Here are the key pointers from his speech to the 44th AGM meet today:
    -Jio Platforms is the leading digital company in terms of wireless connectivity and with its suite of
    apps and platforms.
    -Jio added 37.9 m subscribers last year
    -Jio platforms  FY21 revenues at Rs 86,493 crore  EBITDA Rs 32,359 crore.
    -Jio has over 425 million consumers on its network
    -Jio has revenue market leadership in 19 out of 22 circles.

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  • RIL AGM: Have provided 7.5 crore meals to the needy since the pandemic began

    The Reliance Foundation has so far provided more than 7.5 crore free meals to marginalised communities, daily-wage earners, and frontline workers across the country, Nita Ambani said at the company’s 44th virtual annual general meeting of shareholders.“In the early days of the lockdown, we launched Mission Anna Seva, our commitment to feed the needy, and we extended it to include cattle and stray animals,” Nita Ambani said.“Today, this commitment has taken the form of the largest meal distribution programme undertaken by a corporate foundation anywhere in the world.We have so far provided more than 7.5 crore free meals to marginalised communities, daily-wage earners, and frontline workers across the country,” she said.

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Reliance Industries AGM 2021 LIVE Updates:
RIL chairman Mukesh Ambani is currently addressing the 44th annual general meeting (AGM) of shareholders virtually. The event is tracked by the business community and Dalal Street as RIL is India's largest company by market capitalisation and leads in multiple sectors.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.