RIL’s 43rd AGM Highlights today

Billionaire Mukesh Ambani-led Reliance Industries (RIL) will conduct its annual general meeting (AGM) through video conferencing shortly today.
This is the 43th AGM of the country’s most valuable company, RIL, whose market capitalisation topped the Rs 12 lakh crore mark earlier this week, will begin at 2 PM through video conferencing.
Last month, RIL achieved the goal of becoming net debt-free, much ahead of a March 2021 set earlier by Mukesh Ambani.

RIL is now “in its golden decade”, said Mukesh Ambani as the group reached the milestone.
RILs’ rights issue of more than Rs 53,000 crore and investments of Rs 1,18,318.45 crore in its digital services arm, Jio Platforms, from global companies including internet giant Facebook helped the group achieve its goal.
RIL is India’s most valuable company, meaning its market capitalisation (also known as M-Cap) is the highest among listed companies in the country.
RIL AGM highlights made today include

Co has reached debt-free status.
7.7% Google investment in Jio for development of an affordable android based smart phone
Development of in-house 5G technology.
Capital raising is complete & makes RIL net debt free achieved ahead of schedule
Rs 337bn (USD 4.5bn) 7.7% stake sale in Jio Platforms to Google. Stake sale is at the same price as Facebook i.e. at an 11% discount to other strategic partners.
Google & Jio partnering android-based smart phone operating system customised for Indian customers. This tie-up is already available for Jio Phone.

Net debt free achieved ahead of schedule: Total capital raised Rs 2.12tr including rights issue and Jio stake sale vs FY20 stated net debt of Rs 1.61bn and its estimated adjusted net debt of Rs 2.5bn.
Company’s target for capital raising is now completed having raised Rs 152bn by Jio Platforms and Rs 53bn rights issue.

Jio Platforms: Developed 5G home growth technology; Plans to add 500m new customers; Limited tech partnership with Google
+ Largest mobile broadband in India with 388m+ mobile customers & 1m FFTH. Plans to add 500m more customers over next 3 years.
Also company has developed 5G home grown cutting edge technology solutions from scratch, which shall be ready for field development next year.
JioMart launched which will integrate Consumer, Kirana & producers through PoS machines.
Minimum 7% discount .

Beta launched in 200 cities with 250,000 orders per day.
Will expand to cover pharma, electronics, healthcare, etc.
As regards the Retail business company expects to sign up with new partners within 3 years
Past 5 years turnover has grown 8x and profits 11x.
As regards Refining & petrochemicals business, the Saudi Aramco deal has not materlised; 90% utilzations during Covid while targeted zero carbon emission target planned ahead

The company has also commissioned a butly rubber plant, which is amongst the top 10 globally.
Going ahead the Jio-BP Plc to develop new age mobility solutions.
Net net the company has delivered strongly on the promise of becoming net debt free while maintain that growth drivers for the telecom business and the JioMart business remain strong going ahead.

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