event highlights

RIL AGM 2020 Latest Updates: Reliance Industries Ltd chairman Mukesh Ambani on Wednesday addressed the conglomerate's first-ever virtual annual general meeting (AGM). At the 43rd meeting of its shareholders, RIL chairman Mukesh Ambani made major announcements from Google buying a 7.7 percent stake over Rs 33,000 crore to the progress on indigenous 5G network and expansion of JioMart.

Jul 15, 2020

16:23

RIL AGM 2020 LIVE Updates: Received strong interest from strategic and financial investors to invest in Reliance Retail, says Mukesh Ambani

After Jio Platform, Reliance Retail may the next big investment driver for RIL. Addressing shareholders, Mukesh Ambani said that the company has received interest from strategic and financial investors to invest in Reliance Retail and he would induct global and strategic partners into the business.

"We are India’s largest and most profitable retail business. Reliance Retail is the fastest-growing retailer in the world, and the only Indian Retailer to feature in the Top 100 global retailers and we continue to be a partner of choice for marquee international brands. Reliance Retail has been at the forefront of bringing about the Organized Retail Revolution in India. We do this by partnering with farmers, small and medium-scale manufacturers, merchants, vendors, start-ups and global companies. Four things that give me huge satisfaction are: First, more than two-thirds of our nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Second, the deep-rooted bond with tens of thousands of farmers that has helped us source over 80% of our fresh fruits and vegetable directly from farmers. We sell more fruits and vegetables than any other organised retailer in the country. Third, we continue to provide large employment and development opportunities for lakhs of people across India. Fourth, our growth model is based on partnership with small merchants and shopkeepers;" said Ambani

Jul 15, 2020

16:16

RIL AGM 2020 LIVE Updates: Here’s what Mukesh Ambani said on Saudi Aaramco Deal at the 43^rd AGM today

With the deal between Saudi Aramco and RIL getting delayed, a big question in the AGM was if the deal will be called off. Addressing the subject, Mukesh Ambani told shareholders that while the deal had been delayed, RIL remained committed to a long term partnership with Saudi Aramco. Due to unforeseen circumstances in the energy market and the COVID-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met.

Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership. Reliance’s long-term vision, beyond O2C and re-imagining of our entire energy platform, he said.

Reliance was looking at selling 20 percent stake in the oil to chemical (O2C) business which comprises of its twin oil refineries at Jamnagar in Gujarat and its petrochemicals assets to Saudi Aramco. With a stake, Aramco would not just have a stake in one of the world's best refineries and the largest integrated petrochemical complex but also access to one of the fastest-growing markets - a ready-made market for 5 lakh barrels per day of its Arabian crude and offering a potentially bigger downstream role in future. The company will be moving NCLT to spin off its O2C business.

Jul 15, 2020

16:08

RIL AGM 2020 LIVE Updates: What Jio's big 5G bet means

Jio to develop 5G products & solutions in India:

- Jio has designed and developed a complete 5G solution from scratch

- Jio will develop home-grown 5G products & solutions in India

Process:

- Jio can easily upgrade its 4G network to 5G, since it is all-IP network architecture

- Jio 5G will be driven on its own products

- Well positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service

Timeline:

- The made-in-India technology can be deployed & launched in 1 year once spectrum is available

- Jio’s 5G products & solutions are ready for 5G trials once spectrum is available

What this means for the co?

- Will enable Jio in being an end to end digital services player in 5G

- 5G solutions being offered to other telecom companies will add additional revenue stream

- Jio will be the first Indian telecom operator to launch 5G products & solutions

- Will eventually compete with the likes of Nokia, Samsung, Ericsson, Huawei, ZTE

Jul 15, 2020

15:30

RIL AGM 2020 LIVE Updates: On JioMart, here are the main highlights from RIL chairman Mukesh Ambani’s speech

• JioMart is a tech-enabled partnership that will link producers, traders, small merchants, consumer brands and consumers.

• Within a few weeks of launch, we have reached over 250,000 orders a day and the numbers continue to grow each day.

• JioMart is now focused on scaling its geographical reach and delivery capabilities.

• In addition to grocery, we will expand JioMart to cover electronics, fashion, pharmaceutical and healthcare in the days ahead.

• In the coming years, we will cover many more cities, serve many more customers across India, and expand to many more categories.

• Will reduce inefficiencies thereby creating more value for everyone in the retail ecosystem.

• Connecting farmers and delivering their fresh produce directly to homes is a key part of our grocery strategy.

• This will significantly improve farmer income and incentivise higher productivity

• New Commerce will transfer significant new value to consumers, producers and merchants.

• We are accelerating the rollout of JioMart. We have successfully piloted our JioMart grocery model with kirana partners. And are piloting the beta version of the JioMart grocery customer online platform in 200 cities.

• JioMart is obsessed with providing convenience and a superior shopping experience to consumers.

Jul 15, 2020

15:11

RIL AGM 2020 LIVE Updates: We are accelerating the roll-out of JioMart, says Mukesh Ambani

Speaking at the 43 AGM of shareholders, RIL Chairman Mukesh Ambani said that the company is accelerating the roll-out of JioMart. Here are the other major highlights from Reliance Retail’s business:

• We are India’s largest and most profitable retail business.

• Reliance Retail is the fastest-growing retailer in the world, and the only Indian Retailer to feature in the Top 100 global retailers.

• And we continue to be a partner of choice for marquee international brands.

• Reliance Retail has been at the forefront of bringing about the Organized Retail Revolution in India.

• We do this by partnering with farmers, small and medium-scale manufacturers, merchants, vendors, start-ups and global companies.

• Four things that give me huge satisfaction are: First, more than two-thirds of our nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Second, the deep-rooted bond with tens of thousands of farmers that has helped us source over 80% of our fresh fruits and vegetable directly from farmers. We sell more fruits and vegetables than any other organised retailer in the country. Third, we continue to provide large employment and development opportunities for lakhs of people across India. Fourth, our growth model is based on partnership with small merchants and shopkeepers.

• WhatsApp… which is a FACEBOOK product… is already the platform of choice for Indians and Indian businesses to connect with each other.

• Over 400 million WhatsApp users in India bring unique value to our partnership.

• Jio’s New Commerce platform… JioMart… and Whatsapp will be working closely to create growth opportunities for millions of Indian small merchants and kirana shops…

• And to ensure that consumers are able to transact seamlessly with nearby kiranas using JioMart and WhatsApp.

Jul 15, 2020

14:53

RIl AGM 2020 LIVE Updates: Google and Jio aim to build an android based smartphone operating system, says Mukesh Ambani; will make India 2G mukt

RIL Chairman Mukesh Ambani on Wednesday announced that the company has partnered with technology giant Google to build an android based smartphone operating system. The two companies are working on building an entry-level 4G or even a 5G enabled smartphone. It will be building an Android-based operating system (OS).

Ambani also said that we need to accelerate the migration of Indians that still use 2G feature phone. Joining Ambani, Google CEO Sundar Pichai said the partnership is a key part of our next chapter for India.

The key highlights of the announcements are:

• The Jio-Google partnership is determined to make India 2G-mukt.

• We believe we can design entry-level 4G… or even 5G SMARTPHONE… for a fraction of its current cost.

• To power such a value-engineered smartphone, we also need an equally value-engineered smartphone Operating System… and such an Operating System must be designed from grounds-up.

• Google and Jio are partnering to build just such a smartphone Operating System right here in India.

• As India is standing at the doorsteps of the 5G era, we should accelerate the migration of 350 million Indians, who currently use a 2G feature phone, to an affordable smartphone.

• Jio commited to provide affordable 4G devices to more than 300 million feature phone users in India.

• JIOPHONE… which still remains the world’s most affordable 4G phone.

Jul 15, 2020

14:35

RIL AGM 2020 LIVE Updates: Jio is ready with a world-class 5G solution; dedicate to PM Modi's Atmanirbhar Bharat Vision, says Mukesh Ambani

RIL Chairman and MD Mukesh Ambani announced at the company's 43rd shareholder's meet that Reliance Jio is positioned on the cutting edge of another exciting frontier-5G.

"Jio is ready with a world-class 5G solution, field deployment can happen next year," Ambani said.

"Designed and developed a complete 5G solution from scratch. I dedicate this to the 'Atmanirbharat Vision' of PM Modi," Ambani said at the 43d RIL AGM today;.

"Jio Platforms is conceived with this vision of developing original, captive & intellectual property," he further added. Ambani says the time has come for a truly global digital products & services co to emerge from India.

Here are the main highlights from RIL Chairman Mukesh Ambani's annoucements on 5G network:

• Jio has designed and developed a complete 5G solution from scratch

• The made-in-India technology can be deployed and launched in a years’ time once spectrum is available.

• Jio can easily upgrade its 4G network to 5G , since it is all-IP network architecture

• Once it is proven in India, Jio Platforms would be well positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service.