Shareholders-Mumbai: Asia’s richest billionaire Mukesh Ambani will virtually address shareholders at the 44th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), India’s most valuable company by market capitalization, Thursday. Ambani, known for its big bang announcements at the AGM, is expected to delight shareholders with big announcements in its core O2C business and its consumer retail and telecommunications business.
The market expects the 64-year-old business mogul under the long-running $ 15 billion deal with the world’s largest oil company Saudi Aramco to sell a 20% stake in the new business RIL petroleum-chemistry (O2C). will clarify.
Last year at the AGM, Ambani said, “Last year I shared with you the basis of Saudi Aramco’s equity investment in our O2C business. Due to unforeseen circumstances on the energy market and the COVID-19 situation, the initial deal has been delayed. Progress has not been made on schedule. We plan to complete this process by early 2021. “
Yasser Al-Rumayun, chairman of Saudi Aramco and governor of the Kingdom’s public investment fund, could be inducted into the board of directors of Reliance Industries Ltd, the forerunner of the $ 15 billion deal. However, the agreement signed in 2019 is not yet finalized.
RIL has raised Rs 2.6 lakh crore by selling stakes in its retail and digital assets, and now investors are looking to the head of RIL to set a strategic roadmap for new initiatives (from e-commerce to deployment of 5G).
Reliance could launch 5G phone Reliance could launch
its first 5G phone in collaboration with Google and JioBook, which is an affordable and affordable laptop from Reliance Jio. However, Ambani’s plan to conquer the Indian market with a locally assembled Google-powered smartphone is struggling. Bloomberg reported last week, citing people familiar with the matter, that there are issues such as supply chain disruptions and rising component prices that are suppressing production volumes.
Analysts believe the price of the phone will be crucial in converting multi-function phone customers to Jio 4G customers. Last year, Ambani mentioned the deployment of 5G in the country.
Ambani said at last year’s AGM: “JIO developed a comprehensive 5G solution design from the start. This will allow us to launch a world-class 5G service in India using 100% in-house technologies and solutions. Made in India 5G The solution will be ready for testing as soon as 5G spectrum becomes available … and could be ready for field deployment next year. Thanks to Jio’s all-IP converged network architecture, we can easily access our 4G network once Jio’s 5G solution is proven nationwide, Jio Platforms as a fully managed service, as a exporter of 5G solutions to other telecommunications operators around the world. Will also be well positioned.
Retail is important to RIL,
investors will review Ambani’s 5G plan. On the retail front, investors will seek clarification on the operations of JioMart (which now has a presence in 200 cities), as well as the fashion and lifestyle platform AJIO.
Retail could be RIL’s next growth engine, according to global brokerage and research firm Goldman Sachs, as it expects retail EBITDA to increase tenfold over the next 10 years. RIL’s AGMs have always been a well-attended event (the first in physical format brought together 3,000 shareholders, and last year the virtual AGM was watched by 300,000 simultaneous spectators in 42 countries and 468 cities).