Mukesh Ambani today addressed the first-ever virtual Annual General Meeting of Reliance Industries. The AGM, conducted through Jio Meet had over 3 lakh investors from over 40 countries join Mukesh Ambani has he unveiled RIL’s plans. The key announcement made by Mukesh Ambani at the AGM was the investment of Google into Jio Platforms for a 7.73% equity stake for Rs 33,700 crore.
Google and Jio announced that they will join hands to develop an affordable smartphone and an Android OS. The AGM shed light on RIL’s commerce venture Jio Mart, which has so far reached 200 cities. RIL informed shareholders that it will make WhatsApp and Jio Mart join hands for a better experience for both users and customers.
The 43rd AGM of the company also saw the launch of Jio TV+ and Jio Glass. Along with this, Jio’s ready to use the made-in-India 5G network was also unveiled. The network will be available to the public when spectrums are made available.
The 63-year-old Mukesh Ambani has used the AGM as a platform to announce plans that would shape the company’s future growth. In the 2019 AGM, Mukesh Ambani announced that RIL would be net-debt-free by March 2021, a promise he fulfilled last month, much ahead of the deadline. So far this financial year, RIL has managed to sell 25.24% equity stake in Jio Platforms for Rs 1.18 lakh crore and has also raised Rs 53,124 crore through the biggest ever rights issue that the country has ever seen.
(With inputs from Financial Express)