RIL AGM 2021 HIGHLIGHTS: Mukesh Ambani’s big bang into solar, new energy; Jio launches affordable 4G smartphone

Saudi Aramco chairman and head of the Kingdom’s cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a USD 15 billion deal. Reliance Chairman and Asia’s richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company’s oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company’s annual meeting of shareholders.

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The world is entering a new energy era, which is going to be highly disruptive. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer. The huge quantities of carbon it has emitted into the environment have endangered life on Earth.

Mukesh Ambani said that in the last 10 years, Reliance invested over $90 billion in creating substantial wealth for the nation and value for the shareholders. In the coming decade, Reliance has the capacity to catalyse investments of over USD 200 billion directly and through partners.

The highlight of the 44th RIL AGM is chairman Mukesh Ambani's announcement of the launch of a truly transformational clean energy ecosystem which will   "transform India from a major importer of fossil fuels to an exporter of clean energy." The announcement of Rs 75000 cr investment in the next 3 years in 4 Giga factories will mark a seismic shift in India's clean energy pursuit. The affirmation that RIL will make clean energy a truly global business is good news not only for the planet but for shareholders too. The announcement of an ultra-affordable smartphone jointly developed by RIL & Google to be launched in September has the potential to accelerate India's digitization drive. RIL's plan to substantially scale up clean energy & digital technology has the potential to transform RIL into a leading global company in sync with a sustainable planet. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Reliance Industries Ltd (RIL) share price ended 2.35 per cent down at Rs 2,153.35 apiece as RIL AGM 2021 was underway

I see the global economy resetting itself in ways that will create a more equal world, says Mukesh Ambani

My father, Dhirubhai Ambani, used to say, “Challenge negative forces with hope, self-confidence and conviction, and the ambition and initiative will ultimately triumph.” I have absolutely no doubt that India will conquer the COVID crisis -- sooner rather than later, Mukesh Ambani said.

Mukesh Ambani thanked the Central and State Govts, shareholders, investors, lenders, suppliers and customers for their consistent and resolute support

India is destined to emerge as one of the top three economies in the world, says Mukesh Ambani

I foresee that the Indian economy will bounce back at a rate that will surprise the world, says Mukesh Ambani

Post COVID, India will emerge stronger. It will be a Better India, a Resurgent India, a more Equal India, and a far more Self-Confident India, says Mukesh Ambani

As Reliance climbs new summits of success in its onward journey, it will also cross new milestones in being a caring and empathetic corporate citizen, says Mukesh Ambani

Reliance the only company in the world to transform itself into an enterprise that now includes two mega-scale consumer and technology businesses, says Mukesh Ambani 

We are confident of becoming the first company to roll out 5G network, says Mukesh Ambani

Jio Mart registered over 6.5 lakh peak orders in a single day. Over 3 lakh merchant partners from 150 cities were enabled and empowered. 

Mukesh Ambani today said that Reliance Retail has more than 12,000 stores in the country. He added that one of 8 Indians shops from reliance retail. Relaince Retail sold 18 crore units of apparel and footwear last year, equal to entire Germany, UK, and Spain population.

we are working with global partners to develop a range of 5G devices. Jio is not just working to make India 2G-mukt, but also 5G-yukt, says Mukesh Ambani

Mukesh Ambani said Jio has tested its 5G solutions in India and has acheived speed of more than 1 GBPS.

JioFiber has become the largest and the fastest-growing fixed broadband operator in India, says Mukesh Ambani

With Facebook, we have launched an initial set of integrations between WhatsApp and JioMart on a trial basis and the response received from both WhatsApp and JioMart customers has been encouraging along with lots of valuable feedback

New 5G partnership between Google Cloud and Jio will help more than a billion Indians connect to a faster internet, Sundar Pichai said

JioMart has been launched on WhatsApp with full commerce operations to be available soon on the platform.

Our vision was to bring affordable access to information for Indians in their own language, to build new products and services for India’s unique needs, and empower businesses with technology. The next steps in this vision start with a new, affordable, Jio smartphone, created with Google, says Sundar Pichai

Jio will use Google's cloud services to better its offerings. 

JioPhone Next will be available in market from Ganesh Chaturthi, 10th September

Mukesh Ambani announced that Google and Jio teams have jointly developed a truly breakthrough smartphone – JioPhone Next. It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio, says Mukesh Ambani

Jio and Google announce JioPhone Next -- an android smartphone. The phone would come with cutting edge features like voice recognition, smart camera. To be available in India from September 10.

Ultra affordable 4G smartphone essential for 2G-mukt Bharat. Google, Jio have jointly developed a fully-featured smartphone

Reliance Jio is world’s 2nd largest mobile data carrier with over 630 cr GBs a month, a 45% growth in data consumption in the last year alone, says Mukesh Ambani

In spite of COVID-19 pandemic, Reliance Jio sustained its track record of robust performance

RIL will have no legacy asset write-downs in the coming years, Mukesh Ambani said during the 44th AGM today. 

Reliance is evolving a vision for New Materials and Green Chemicals. We will kickstart this by strategically investing in India’s first world-scale carbon fiber plant for supporting our hydrogen and solar ecosystems, says Mukesh Ambani

Mukesh Ambani said that Reliance will put Gujarat and India on world solar and hydrogen map. All our products will proudly proclaim ‘Made in India, by India, for India and for the world

Mukesh Ambani announced to build 2 additional divisions to strengthen this ecosystem. First, a dedicated Renewable Energy Project Management and Construction Division. Second, a dedicated Renewable Energy Project Finance Division

We will invest an additional Rs 15,000 cr in value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in New Energy business will be Rs 75,000 crore in next three years, says Mukesh Ambani

RIL plans to transofmr Jamnagar as the hub for its new energy business. The company plans to build 4 giga factories to integrate all components of the new energy ecosystem. RIL will also invest Rs 60,000 crore over the next 3 years.

Reliance said it is forming partnership with leading univerisites, startups across countries, and technology companies.

Reliance will thus create and offer a fully integrated, end-to-end renewables energy eco-system. Over the next 3 years we will invest over Rs 60,000 crore in these initiatives, says Mukesh Ambani

Jamnagar was the cradle of our old energy business. Jamnagar will also be the cradle of our new energy business. We plan to build four Giga Factories to manufacture and integrate all critical components of New Energy ecosystem – solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory, says Mukesh Ambani