Reliance 43rd Annual General Meeting

Today Reliance Industries organized their 43rd Annual General Meeting(AGM) virtual event that had some huge announcements. So here is the list of  announcements you need to know about 

1) Reliance Industries welcomed Google as its strategic investor in Jio platform

Reliance Industries and the Tech Giant Google signed a  binding partnership agreement under which Google will invest over Rs 33, 737 crores for a 7.7% stake in Jio Platforms. Also, Google and Jio will partner to develop an android based operating system for affordable 4G,5G smartphones. Also, they will ensure to make India 2G Mukt. (To make India free from 2G) The chairperson Mukesh Ambani said that As India is standing towards an era of 5G, they should accelerate the migration of 350 million Indians currently using 2G feature phones, to an affordable. 

2) 5G solutions to be developed by Jio 

Ambani made another big announcement of developing 5G solutions. Yes, Jio will be developing 5G solutions from scratch. The trials for the same will be launched as soon as 5G spectrums are available. 

3) Reliance to work with other Indian companies

In the event, it was also announced that Reliance will work with Indian companies, start-ups to promote ‘Made in India’, ‘Made for India’, and ‘Made for the world’ products.

4) Reliance Retail is India’s largest and most profitable retail business: Ambani

With revenues of Rs 1,62,936 crores and EBITDA of Rs 9654 crore, Reliance Retail is the fastest-growing retailer in the world and only Indian company in the top 100 global retailers. 

5) JioMart and Whatsapp to work closely. Also, Facebook and Jio are aiming to empower SMEs and entrepreneurs of India

Ambani said in the conference that JioMart and WhatsApp are working in the direction of creating growth opportunities for millions of small business owners and to enable customers to transact seamlessly with Kirana shops. Also, Facebook and Jio to digitally empower SMEs, and entrepreneurs across India.

6) Isha Ambani spoke about the unique offerings of JioMart

The unique offerings of Jiomart include trusted supplies, fresh products, great value, attractive prices, delivery at the doorsteps. The app has amazing user-experience and it is also integrated into multiple languages so that any Indian can easily use the app. She also announced an introductory offer for first-time users in which the users will be given a complimentary COVID essential kit by placing their first order.

7) We have successfully piloted Jiomart’s grocery model with Kirana partners: Ambani

Yes, the beta version of JioMart grocery has been released in 200 cities. And the daily orders have already crossed 2.5 lakhs. 

8) Reliance is now a zero net debt company: Ambani

Ambani said that Reliance is now a truly zero net debt company, and ahead of his goal of March 2021. He further added that it has an extremely strong balance sheet that will support the growth plans for its three hyper-growth engines that are Jio, Retail, and O2C. 

9) Jio Fibre to bring interactivity to TV

Tv content has been dependent largely on broadcast with no interactivity. With the help of JioFibre, the interactivity will be added to the TV. Now through the Jio App store on the setup box, one can access internet applications across multiple genres such as Entertainment, Cooking, Yoga, and many more. : Akash Ambani

10) Jio launches Jio Glass at AGM

Jio launched its first smart glasses called Jio Glass. The glass is based on mixed reality and is powered by both cellular and wireless networks using paired phones. 

So this was all about Reliance AGM