Reliance Industries Limited (RIL), in its 44th Annual General Meeting (AGM) informed its investors about its 5G rollout plan, a cheap smartphone being developed with Google, a mega plan for green energy investment, among other things.
Here are the top 8 highlights:
Saudi Aramco Deal: Reliance Industries Limited said on Thursday that it would buy . looks forward to formalizing its partnership with Saudi Aramco Simultaneously, Yasser Othman Al-Rumayyan, chairman of Saudi Aramco and head of the Kingdom’s cash-rich wealth fund PIF, will join the board of Reliance Industries as an independent director for the USD 15 billion deal.
5G rollout: Google will partner with India’s Reliance Jio Infocomm Ltd in cloud partnership, help Reliance Jio With tech solutions for its enterprise and consumer offerings as it plans to launch 5G services.
Mega Green Energy Roadmap: With an initial investment of Rs 75,000 crore, RIL plans to build four giga factories to manufacture and integrate all critical components of a new energy ecosystem.
Jio Institute: Nita Ambani announced Jio Institute, which is all set to start the academic session this year at its campus in Navi Mumbai despite the pandemic.
COVID Care: Reliance Foundation launched five missions to fight COVID-19 – Mission Oxygen, Mission COVID Infra, Mission Anna Sewa, Mission Employee Care and Mission Vaccine Suraksha. Reliance is producing more than 11 per cent of India’s medical grade oxygen. In two weeks, RIL increased production to 1100 metric tonnes per day.
Three confirmations: Ambani gave three confirmations to investors. Firstly, as one of the largest energy markets in the world, India will play a leading role in transforming the global energy landscape. Second, Reliance will provide leadership on the combined strength of our balance sheet, talent, technology and proven project execution capabilities. Third, Reliance will make its new energy business a truly global business.
Employee benefits: Reliance Foundation founder and chairperson Nita Ambani said that RIL did not cut salaries, bonuses or any other compensation of its employees during the COVID-19 pandemic. Under Mission Employee Care, Reliance will a) continue to pay salaries to the family of the deceased employee for the next five years; b) Financing the education of their children up to graduation level in India, and ensuring continuity of medical coverage for the family for life. Additionally, a lump sum amount of Rs 10 lakh will be provided to the families of off-roll employees who succumbed to COVID-19.
JioPhone Next: Claiming it to be the world’s most affordable smartphone, Mukesh Ambani announced ‘JioPhone Next’, a power-packed affordable smartphone jointly developed by Jio and Google. JioPhone Next will be available from September 10.
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