RIL AGM Highlights: Big Investment In New Energy Business, Aramco Deal Progress, JioPhone Next And More...
Reliance Industries Ltd. Chairman Mukesh Ambani made a slew of big announcements and laid out the future roadmap for the company at its 44th annual general meeting.
In his closely watched address to shareholders, Ambani gave updates on a deal with Saudio Aramco, announced a mega investment in RIL's new energy business and launched a new phone in collaboration with Google.
Here are some of the key announcements:
RIL's partnership with Saudi Aramco for its oil-to-chemicals business expected to formalise this year.
Aramco chairman Yasir Al-Rumayyan to join RIL as an independent director.
RIL will invest Rs 75,000 crore in its New Energy business over next three years—will set up renewable energy complex and four giga factories.
JioPhone Next, an affordable smartphone co-developed with Google, to launch on Sept. 10, 2021.
Jio working on 5G trials, will collaborate with Google Cloud for solutions.
Trials being done with Facebook for integrating JioMart and WhatsApp.
Watch his full address here or read on for details of the announcements...
RIL Stock Ends Lower
Investors reaction to big announcements by Mukesh Ambani remained muted as the RIL stock closed 2.35% lower in trade today.
Working With Facebook To Integrate JioMart And Whatsapp: Ambani
Mukesh Ambani said that Reliance Jio is doing a trial run with Facebook to integrate JioMart with WhatsApp.
The initial response from customers has been encouraging, Ambani said.
Jio To Collaborate With Google Cloud For 5G Solutions
Google-parent Alphabet's CEO Sundar Pichai, who made an appearance at the AGM via video, said that they will tie-up with Reliance Jio in a new 5G partnership.
"A new 5G partnership between Google Cloud and Jio will help more than a billion Indians connect to a faster internet, support businesses in digital transformation and lay foundation for next phase of India’s digitisation," Pichai said.
Ambani Reveals Much Anticipated 'JioPhone Next'
Mukesh Ambani has revealed the JioPhone Next—an affordable smartphone co-developed with Google that is aimed at first-time internet users.
The phone will be available in the market from Sept. 10, 2021. "JioPhone Next will be by far the most affordable smartphone globally," Ambani said.
The phone will be powered by a highly optimised version of Android, Ambani said.
Ambani Says Will Invest Rs 75,000 Crore In New Energy Business
Mukesh Ambani laid out the roadmap of RIL's new energy business which will see the company produce everything from solar modules to batteries and fuel cells.
"We have started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar," Ambani said. "It will be amongst the largest such integrated renewable energy manufacturing facilities in the world."
Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem. Our overall investment in New Energy business will be Rs 75,000 crore in 3 years.Mukesh Ambani, Chairman, Reliance Industries
Ambani said that RIL plans to build four Giga Factories for each of these task:
Production of solar energy.
Storage of intermittent energy.
Production of green hydrogen.
Fuel cell factory for converting hydrogen to usable power.
Ambani said that RIL will set up two additional divisions—Renewable Energy Project Management and Construction Division and a Renewable Energy Project Finance Division—to further strengthen its renewable ambitions.