Reliance Industries Ltd (RIL) is expected to make a slew of announcements on, and updates to, each of its businesses at its June 24 Annual General Meeting though it may be a low-key affair this year.
The country’s largest private sector company is likely to announce the appointment of Saudi Aramco and Governor of the kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, on its board. Industry sources also expect update on Saudi Aramco deal.
RIL is expected to introduce a new affordable laptop as Work From Home gains ground in the country. Updates are expected on the Jio-Google phone (features, pricing and timeline), clarity on JioMart, JioMart-WhatsApp and online businesses.
RJio and Google have agreed to jointly develop an entry-level affordable smartphone, and details on it are a key expectation from the AGM. The company, which already has more than 2.5 million homes on its JioFiber (broadband services), is also expected to divulge additional plans of its nation-wide wireline network.
As in 2020, this year also the company, helmed by Asia’s richest man Mukesh Ambani, will hold the AGM, its 44th post-IPO, through video-conferencing.
While many believe it could be a low-key affair, some feel the advancement to June, from the usual July or August, suggests a major announcement.
Traditionally, RIL has made major announcements at its AGMs. Last year the July 15 virtual AGM was attended by about 5.5 lakh people from 41 countries. Ambani had unveiled a slew of big-ticket announcements, including a ₹33,737-crore ($4.5-billion) investment from Google in Jio Platforms for a 7.7 per cent stake.
Jio Platform developing India’s first 5G network solutions and affordable 4G smartphones in partnership global giants, plans to partner with Google to build an Android-based smartphone operating system, and developing a complete 5G solution among others were part of last year’s announcement.
In its 2019 AGM, the company announced investment of ₹3.5-lakh crore investment to create a digital infrastructure in India, commercial launch of JioFiber, divestments and ₹1.25-lakh crore of infrastructure into investment trusts among others. Offers such as ‘Monsoon Hungama’ (2018), launch of JioPhone (2017), launch of Jio Digital Life (2016) among others were announced in previous AGMs.