Reliance AGM. This has become a huge, big event. In normal circumstances itself, it’s the most watched event on the Indian business channel and now with many still working from home, held via video conferencing, it looked like all were glued to it.
Maybe it’s the fascination with the ‘richest’ tag or the curiosity to see Ambani’s children and wife or just see how this works or maybe a break from corona news – anyone and everyone, not even connected to the market was watching this AGM.
So, we thought Reliance Industries is a petrochemical company? Well, over the past few AGMs, we are increasingly seeing that the image has changed over completely – it is now a hi-tech company, taking innovative giant strides. Jio is what RIL is all about. And Retail is also becoming a hotspot. In this AGM, like the previous ones, only the last 15-odd minutes were dedicated to petrochem and maximum footage was Jio and its future exciting plans.
Think about it – its pretty amazing that an Indian company has got some of the biggest companies in the world – Google and Facebook, having faith in its future and want to be a part of the change which RIL has promised to bring about.
The big news was obviously - Google will invest Rs 33,737 crore for 7.7% stake in Jio Platforms. The market played it typical – bought on the rumour and sold on news.
Of course, there was disappointment that there was no mention about the timeline of listing Jio on the stock exchanges. And on its hiving off O2C into a separate entity – it did mention that it will be approaching the NCLT to spin off this business into a separate subsidiary and said that it expects to complete this process by early 2021.
More said on O2C:
In April 2020, its O2C business accounted for nearly 50% of India's exports.
O2C business has outperformed the sector and delivered an EBITDA of Rs 55,394 crore despite the COVID-19 led uncertainty.
O2C business has competitive feedstock streams that are the building blocks for specialty and new value chains of Acetyls, Acrylates, Phenols and Polyurethanes.
RIL has been approached by some global companies for strategic partnerships.
Was able to enhance its petrochemical and fuel exports by over 2.5 times in just two weeks during the lockdown.
Manufacturing facilities continued to operate at over 90% capacity utilisation.
Jio developing a homegrown 5G telecom solution.
Will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year.
To connect 500 million customers and over 50 million homes and businesses over the next three years.
This cloud-based video conferencing app JioMeet has seen 5 million downloads within days of its launch.
A viewing device, can be attached to your phone and connect to the internet.
The Glass weighs only 75 grams and provides a best-in-class mixed reality service to provide an immersive experience.
It supports 25 apps, comes with hi-resolution display and personalized audio system
On Reliance Retail:
To induct global partners and investors in Reliance Retail in the next few quarters
Successfully piloted JioMart grocery model with kirana partners.
The beta version of JioMart grocery platform is being piloted in 200 cities. \
Daily orders have crossed 2.5 lakh.
More than two-thirds of Reliance Retails' nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns.
It sources over 80% of fruits and vegetable directly from farmers.
Accelerating the roll out of Jio Mart.