Reliance AGM highlights: Google’s investment in Jio Platforms |Jio 5G Solution, Jio Glass, Jio-TV Plus, 2G-Free India
The Reliance Industries Limited (RIL) had its first-ever virtual annual general meeting (AGM) with Chairman and Managing Director Mukesh Ambani addressing shareholders.
In a first, the annual general meeting of oil-to-telecom conglomerate RIL – whose market capitalization topped the Rs 12 lakh crore mark earlier this week – was conducted through a video webcast. During the AGM, Mukesh Ambani made a slew of announcements.
1. Google is going to invest in Jio
The Reliance Company announced Google will invest Rs 33,737 cr for a 7.7% stake in Jio Platforms, as google is also going to invest $10 Billion in India.
This is the 14th investment in Jio Platforms in less than 3 months. This investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. Google’s investment will translate into a 7.73% equity stake in Jio Platforms on a fully diluted basis. With this, the total investment from financial and strategic investors into Jio Platforms now become Rs 1,52,056 crore.
Jio Platforms now has four strategic partners including Facebook, Intel, Qualcomm, and Google. Jio is the only company in the world to have both Google and Facebook as strategic investors. (source)
2. 5G solution
Ambani announced that Jio has developed a complete 5G solution from scratch that will enable the Reliance to launch a world-class 5G service in India.
The telecom operator promises 100 percent home developed 5G, Trials for which will start soon and will be ready for field deployment by next year. (source)
Google’s investment in Jio takes cumulative fund-raising by Reliance Industries in less than three months to Rs 2,12,809 crore, said Mukesh Ambani. He was referring to investments from companies including Facebook, the Rs 53,124-crore rights issue of Reliance Industries which concluded last month, and investment by BP in a fuel retailing venture with the conglomerate.(source)
4. Next big investment driver for RIL
After the Jio Platform, Reliance Retail may the next big investment driver for RIL. Addressing shareholders, Mukesh Ambani said that the company has received interest from strategic and financial investors to invest in Reliance Retail and he would induct global and strategic partners into the business. (source)
5. Promoting Made-in-India products
Ambani said, PM’s AatmaNirbhar Bharat and Make in India mission. He stated that Reliance will work with other Indian companies, including start-ups, to vigorously promote “Made-in-India”, “Made-for-India” and “Made-for-the-World” products. (source)
6. 5G smartphones
Google and Jio are partnering to build an Operating System that could power a cheap 4G/5G smartphone. Jio will roll out its 5G network once airwaves are available, according to Ambani. Together with going to develop entry-level affordable 4G and possibly 5G smartphones in the future with an aim to make India ‘2G-mukt’ or free of 2G technology. (source)