India’s biggest company Reliance industries held its 43rd Annual General Meeting virtually with Chairman and Managing Director Mukesh Ambani addressing shareholders. Ambani said the target for capital raise is now complete and RIL will now only look at adding strategic partners to its businesses. He also pointed out that RIL has kept its promise of becoming net debt-free ahead of schedule.
The key aannouncement’s are
-Google will invest Rs 33,737 crore for 7.7 percent stake in Jio Platforms.
– Jio is ready with a “world-class 5G solution” and field deployment could happen next year.
– Launch of Jio TV+ and Jio Glass
– Saudi Aramco deal has not progressed as per the original timeline, but RIL is committed to the deal
– RIL will approach NCLT with a proposal to spin-off the O2C Biz into a separate subsidiary
– RIL is working to induct global partners, investors into Reliance Retail in the next few quarters.
– Jio is partnering with Google to build a smartphone operating system
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