Taking the virtual route for the second time in a row, Reliance Industries Limited held its 44th Annual General Meeting (AGM) on June 24 through a video webcast. The AGM unveiled several announcements and new projects such as the new energy business, launch. A smartphone, changes to the board of directors, etc. The company masters the process of reinventing itself every five to seven years, from an oil giant to consumer-facing businesses and now into the green energy sector with a vision. Meeting more than 20% of India’s total renewable energy target is commendable in itself. Some of the important announcements made by RIL Chairman Mukesh Ambani during the AGM are given below:
change in board of directors
Reliance hailed Saudi Aramco as a “strategic partner” and named Saudi Aramco Chairman His Highness Yasir Al-Rumayan to the board as independent directors, while YP Trivedi will retire from the board. The company is expected to formalize the Aramco partnership this year.
new energy business
Inspired by our Prime Minister’s target of achieving 450GW renewable energy capacity by 2030, Reliance to create a fully integrated, end-to-end renewable energy ecosystem, create a value chain, create partnerships worth Rs 75,000 crore over three years will invest. and future technologies. The chairman also announced that Reliance plans to build four gig factories to manufacture and integrate all the critical components of the new energy ecosystem. Reliance plans to install and enable at least 100GW of solar power by 2030 and make it a truly global business.
help
Reliance tied up with global giants like Google, Microsoft, Facebook, etc in 2020 and has made significant progress with those collaborations within a year.
JioPhone Next, a successful smartphone that is the result of the Reliance-Google partnership, will be available in the market from September 10 on the occasion of Ganesh Chaturthi. JioPhone Next will be a feature-rich, affordable and specially designed Android smartphone for the Indian market and will come with state-of-the-art features like Voice Assistant, Automatic Read-Aloud of Screen Text, Language Translation, Smart Camera with Augmented Reality Filter. and many more.
An initial set of integrations between WhatsApp and JioMart has been launched on a trial basis and the response is encouraging as the teams are actively developing complete new commerce solutions, connecting merchants and consumers. Along with Microsoft, it operated Jio-Azure cloud data centers with initial 10MW capacity in two cities: Jamnagar and Nagpur. The company is currently inducting pilot customers with plans to expand data center capacity and a growing number of SMEs and start-ups in the coming quarters.
5G Solution
To make India “2G free but 5G enabled”, the company is in a unique position to upgrade to 5G rapidly and seamlessly and has already tested 5G solutions and successfully demonstrated speeds in excess of 1Gbps. has done The company is confident of being the first to launch a full-fledged 5G service and is currently working to establish an end-to-end 5G ecosystem with leading global partners to develop a full range of 5G-enabled devices. has been
Other highlights
RIL’s contribution to the Indian economy is unmatched: 6.8% of India’s merchandise exports, among the largest taxpayers in India, creating over 75,000 new jobs, largest capital raised by any company globally in a single year, etc. .
During the COVID pandemic, Reliance launched Mission Oxygen, Mission Covid Infra, Mission Anna Sewa, Mission Employee Care, Mission Vaccine Suraksha, etc.
Reliance will provide five years’ salary to the family of each deceased employee, education expenses of a deceased employee’s children and medical coverage for the family. Reliance will also provide Rs 10 lakh to each of the off-roll employees who lost their lives in the pandemic.
Jio Institute is all set to start the academic session this year at its campus in Navi Mumbai.
The company has made significant improvements in financial and non-financial standards across all business segments. Consolidated revenue for FY21 stood at around Rs 5,40,000 crore with a net profit of Rs 5,40,000 crore and RIL expects to create over 10 lakh new job opportunities with these new initiatives.
Disclaimer:The author is the founder of TRADEIT Investment Advisors. Views expressed are personal.
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