Reliance Industries Chairman Mukesh Ambani addresses the virtual AGM on Wednesday.
On the Google-Jio deal, the RIL chairman said this is not just a financial but a strategic investment by the Internet giant. “Thus, Jio Platforms has now four strategic partners – Facebook, Intel, Qualcomm and Google. It has also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14. Total funds raised is Rs 1,52,056 crore,” Ambani said.
This is the first time in the company’s history that the AGM is being held online in view of the novel coronavirus pandemic. RIL’s over a lakh shareholders can log in simultaneously from 500 different locations in India and abroad to attend the meeting.
RIL chairman Mukesh Ambani is expected to make several big ticket announcements at the AGM, likely providing updates on the company’s $15 billion deal with Saudi Aramco, plans of listing Jio Platforms and Reliance Retail, launch of 5G services, and the way forward for JioMart, the retail arm’s e-commerce venture. For all the Jio related announcements, follow
“The 43rd annual meet will be held on Wednesday, July 15, 2020 at 2 pm through video conferencing/other audio-visual means,” the company said in a regulatory filing.
The oil-telecom-to-retail giant is India’s most valued company and it recently crossed Rs 12 lakh crore in market capitalisation, becoming the first listed Indian entity to achieve the feat.
The surge in stock prices has largely been on the back of a series of stake sales in its telcom and digital arm, Jio Platforms. The company raised Rs 118,318.45 crore through a 25.24 per cent stake sale of equity of its subsidiary Jio Platforms to a dozen investors, including the likes of Facebook, Intel Capital and Qualcomm. It also raised ₹53,124.20 crore through a rights issue of its shares, which was subscribed 1.59 times.
At the last AGM, Ambani had promised shareholders that RIL would be a net debt free before March 2021, which he has fulfilled having raised ₹1.75 trillion against the net debt of