InvestorQ : Can you share with me some of the major highlights of the Reliance AGM on 15 July?
vidhya Laxmi made post

Can you share with me some of the major highlights of the Reliance AGM on 15 July?

diksha shah answered.
2 years ago

Here are some of the highlights of the 43rd AGM of Reliance Industries held on 15 July via video conference.

· Google will invest of Rs.33,700 crore for a 7.37% stake in Jio Platforms. This will take the total Jio Platforms monetization to 32.98%.

· Saudi Aramco deal was on and only required further discussions due to the changed global macros.

· Reliance announced future plans for a totally indigenous palate of 5G products and solutions and will compete with ZTE, Huawei and Ericsson globally.

· Reliance to launch super OTT platform which will act as a syndicator for OTT content from Netflix, Amazon Prime, Hotstar among others.

· Reliance has also spoken about the launch of Jio Glass products to facilitate virtual interactions and make business interactions more economical.

· The AGM did not discuss anything about the much talked bonus issue, which was expected since the prices had gone up sharply since the last bonus in 2017.

· RIL confirmed that it was totally on target to become zero net-debt well before Mar-21 even without Aramco deal and sale of telecom towers to Brookefield

· RIL has also sought permission from the NCLT to hive off the Oil-to-Chemicals or O2C business into a separate entity, which may set the tone for Aramco monetization

· Effectively, the 43rd AGM markets the beginning of the shift of RIL from an old economy oil & chemicals company to a new economy to data and AI driven company.