RIL approached by global petrochem giants for strategic partnerships

Mukesh Ambani, CMD

Key takeways: Google investment; India's own 5G tech, low-cost 4G smartphone; delay in Aramco deal

 

3:30 pm

 

Thats a wrap here. Over 3 lakh people watched this AGM live, which could be the highest number for any AGM.

Key takeaways: Jio has got Google as strategic investor; Google and Jio will develop affordable 4G smartphones, Jio is ready with India's first 5G tech and the deal with Aramco on the petroleum business is now delayed.

 

3:25 pm

Petrochem business: Global companies keen on tie-ups

RIL has been approached by global companies for strategic partnerships in its petrochemical business, including in utilising feedstocks. These potential partnerships will help us build competitive manufacturing capacity at our existing sites to serve the deficit Indian market that still depends on large-scale imports of chemicals: Mukesh Ambani.

 

3:20 pm

Among top producers of butyl rubber

Business and consumer activity had come to a halt leading to unprecedented demand destruction and dislocation of margins.

Despite that, all our manufacturing facilities continued to operate at over 90 per cent capacity utilisation.

In April 2020, O2C business accounted for nearly 50 per cent of India’s exports.

India’s first butyl rubber plant, places us amongst the world’s top 10 producers of butyl rubber: Mukesh Ambani.

 

3:15 pm

Reliance Industries, Jio Platforms deserve credit for India's digital transformation: Sundar Pichai

“Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India’s digital transformation. The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest ₹ 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don’t currently own a smartphone while improving the mobile experience for all,” Sundar Pichai, CEO of Google and Alphabet, said.

3:12 pm

Refining units

Mukesh Ambani : all our refining units continue to operate at over 90 per cent capacity utilisation

During the lockdown, RIL leveraged its deep understanding of global markets and enhanced petrochemical and fuel exports over 2.5 times in just two weeks. In Apr’20, the O2C business accounted for nearly 50% of India’s exports: Mukesh Ambani

 

3:10 pm

Reliance Retail among top 100 global retailers

Reliance Retail is India’s largest and most profitable retail business, with revenues of ₹1,62,936 cr and EBITDA of ₹9,654 cr. It is the fastest growing retailer in the world, and only Indian company in the Top 100 global retailers: Mukesh Ambani

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. JioMart will cover many more cities and expand to many more categories: Mukesh Amban

We will induct global partners and investors to Reliance Retail over the next few quarters- Mukesh Ambani

3:08 pm

2G-mukt 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 smart phone. The Jio-Google partnership is determined to make India 2G-mukt: Mukesh Ambani

 

3:05 pm

Jio committed to providing affordable 4G devices

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 ground-up.

 

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 still remains the world’s most affordable 4G phone: Mukesh Ambani

DEN and Hathway to be merged with Network 18: Ambani

3:00 pm

Key Takeaways from RIL AGM so far: 1. Google to pick 7.7 per cent stake in Jio. 2. Jio to build 5G technology 3. RIL looking to build entry-level 4G smartphone

 

3:00 pm

Google, Jio to collaborate on 4G smartphone

Google and Jio are partnering to build a 4G smartphone. RIL is looking to design an entry 4G smartphone at a fraction of its cost:  Mukesh Ambani

 

2:58 pm

JioMart, WhatsApp to work together

JioMart and WhatsApp to work together to provide seamless experience to user: Mukesh Ambani

 

2:57 pm

Jio TV

Isha Ambani and Akash Ambani demonstrate new Jio TV, which will curate OTT platforms such as Netflix, Amazon Prime Video and Hotstar, besides others. Besides this, it is also equipped with voice-search.

 

2:55 pm

JioMart

JioMart is built to digitally enable, empower and engage kirana stores. Kiranas will stay connected and transact with their customers on the JioMart platform, facilitated by a multifunctional POS: Isha Ambani

A unique solution that JioMart offers is to convert the kirana’s existing stores in less than 48 hours into refreshed self-service stores, thereby transforming their customer experience completely: Isha Ambani

Mukesh Ambani: Received all the necessary regulatory approvals for Facebook investment

2:52 pm

5G stack made in-house

The entire 5G stack has been made by Jio employees. It is ready for deployment once the spectrum is allocated: Akash Ambani at RIL’s 43rd AGM.

 

2:50 pm

Digital healthcare

At Reliance and Jio, we are committed to digital healthcare in a big way, and it comprises of three core pillars: Jio 4G mobile network and JioFiber broadband, JioMeet platform, and JioHealthHub platform: Isha Ambani

With Jio Health Platform we are integrating the overall healthcare ecosystem to enable people to book online consultations, securely store and share health records, book lab tests and avail various other healthcare services: Isha Ambani

Read also: Google to invest Rs 33,737 Crore in Jio Platforms for 7.73 per cent stake

 

2:45 pm

Jio Glass -- an immersive experience

Jio’s latest innovation, Jio Glass, is at the cutting edge of technology that provides best-in-class Mixed Reality services to give users a truly meaningful immersive experience: Kiran Thomas

JioGlass weighs only 75 grams and connects through a single cable and already has 25 apps that allow augmented reality video meetings.

2:43 pm

Jio Platforms develops 5G solution: Ambani

Jio Platforms, a wholly-owned subsidiary of RIL, has developed a complete 5G solution from scratch, which can be also exported to other countries.

"Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India. This is 100 per cent homegrown and ‘Made in India’, and is ready for field deployments next year,” RIL Chairman and MD Mukesh Ambani said at the AGM.

Jio will also emerge as an exporter of 5G solutions to other nations, he added.

Also read: 5G tech to be deployed once spectrum is available: Mukesh Ambani

 

2:40 pm

Google invests Rs 33,737 cr for a 7.7 per cent stake in Jio Platforms

Google will pick 7.7 a per cent stake in Jio Platfroms for Rs 33,737 crore. This is the first time that Google and Facebook will be investing in the same entity.  This is the fourteenth investment in Jio Platforms, which has raised a total of over ₹2 lakh crore.

Google had recently announced a $10-billion investment into India. Google has announced this investment at a time when the broadband user base in India has crossed 500 million and Indians are using more data than ever before – 4GB on average every month, projected to grow to 11GB per month in the next four years. India is clearly one of the biggest markets for any global digital company, given that China has a highly regulated market.

Also read: Jio Platforms has raised ₹1,52,056 cr in total funds

 

2:37 pm

2 lakh viewers connected online

Thirty minutes into the AGM, there are over 2 lakh viewers connected online

 

2:35 pm

Fund-raising from Google

This is not just a financial but a strategic investment by the Internet giant. Now Jio Platforms has four strategic partners - Facebook, Intel, Qualcomm and Google, and also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14.

 

2:30 pm

Truly global digital services company

Time has come for a truly global digital services company to emerge from India: Ambani

 

2:26 pm

Jio has developed complete 5G solution

Jio has designed and developed a complete 5G solution from scratch to help us launch a 5G service from India. It is ready for trial as soon as 5G spectrum is ready. It is 100 per cent homegrown and ‘Made in India’ and ready for field deployment next year. Jio will also emerge as an exporter of 5G solutions to other nations: Mukesh Ambani.

2:25 pm

RIL has conducted largest rights issue

“In last year’s AGM speech, I had shared our goal of being net debt-free. I am  happy to report that we have met our goal ahead of my target of March 31, 2021. We also completed India’s largest rights issue: Mukesh Ambani.

Reliance has become the first Indian company with a m-cap of $150 billion: Mukesh Ambani.

 

2:20 pm

Jio in the lead

Jio is now the undisputed leader in India. It has become the digital lifeline for Indians and an essential service provider to the nation.

2:16 pm

Welcomes new investors

Mukesh Ambani welcomes new investors in the company including Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Abu Dhabi Investment Authority, TPG, Mubadala, L Catterton and Intel Capital.

“They bring faith in to the Indian economy,” Mukesh Ambani.

2:15 pm

Delivered on the promise to become debt-free

We have fulfilled the promise of becoming a net debt-free company much ahead of schedule

 

2:14 pm

Market capitalisation

Reliance became the first Indian company to exceed market capitalisation of $150 billion. It is also the first Indian company to cross ₹ 1,00,000 crore in consolidated EBITDA: Mukesh Ambani

We will work with Intel and Qaulcomm to develop new products for India and Indians, Mukesh Ambani

 

2:12 pm

JioMeet

Since its release a few days ago, JioMeet has already been downloaded by more than 5 million users. Built by a young Jio Platforms team in just two months, it is India’s first and only cloud-based video-conferencing app.

 

 

2:12 pm

Corona crisis the most disruptive event in modern corporate histrory

Corinia crisis is the most disruptive even in modern corporate history. Every adversity presents multiple new opportunities. JioMeet, the cloud-based video conferencing app, has been downloaded by more than 5 million users

 

2:10 pm

1.24 lakh viewers logged in

As many as 1,24,800 viewers have already logged in for the virtual AGM, with the majority coming in from JioMeet.

Nearly 1,19,800 people have logged in using JioMeet, RIL’s videoconferencing platform, and about 5,000 are watching it over Youtube.

2:05 pm

AGM opens

AGM starts with over 1 lakh connected live. Chairman Mukesh Ambani explains the reasons for holding a virtual AGM.

Chairman Mukesh Ambani is now introducing the board members, who are also connected through video conference

2:00 pm

Virtual AGM for the first time

Five minutes to go for the proceedings to start. Since this is the first time a virtual AGM is being held, the company is now playing a video explaining how to vote on various proposals for shareholders who may not be familiar with e-voting.

The first ever virtual AGM of Reliance Industries will give a chance to those shareholders residing outside Mumbai to participate in the meeting.

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1:55 pm

RIL AGM: what to expect

RIL is expected to announce some new virtual reality devices. Further plans for JioMart, the e-commerce venture of RIL subsidiary Reliance Retail, which has already rolled out services across the major cities, are expected to be unveiled. There could also be updates on the company's $15 billion deal with Saudi Aramco, plans of listing Jio Platforms and big bang entry into the financial services space, including insurance broking and mutual fund products.

RIL has over 1 lakh shareholders, many of whom may be "virtually" attending the AGM for the first time. Being spread out across the country and the world, they may not have otherwise been able to attend a real-world AGM.

But this year, they can log in simultaneously from 500 different locations in India and abroad to attend the meeting. The live stream starts at 2 pm and you can watch it on these channels.

Facebook: https://bit.ly/Jio_FB_RIL_AGM2020LIVE

Twitter: https://bit.ly/Jio_Twitter_RIL_AGM2020LIVE

YouTube: https://bit.ly/Jio_YouTube_RIL_AGM2020LIVE

 

Published on July 15, 2020