RIL AGM Highlights: Mukesh Ambani Announces Google-Jio Deal, 5G Plans And JioGlass
Catch all updates on RIL’s work so far and Mukesh Ambani’s plan for the future at RIL’s 43rd AGM, here.
Watch RIL AGM Live
Mukesh Ambani is addressing RIL’s shareholders at the 43rd AGM with all board members present via video conferencing.
Reliance will work more aggressively with startups to promote ‘Made in India’ and ‘Made for India’.Mukesh Ambani, Chairman & MD, Reliance Industries
Ambani Addresses Aramco Deal Failure
Due to unforeseen circumstances in energy market, Aramco deal has not progressed as planned, Ambani said. The company remains committed to our long standing relationship with Aramco, he said.
- Approaching NCLT to spin off our O2C business in a separate subsidiary
- All manufacturing facilities in O2C business continue to operate with over 90% capacity utilisation
- Global companies have approached Reliance for investing in its O2C business
Ambani On Reliance Retail
"We will induct global partners and investors in Reliance Retail in the next few quarters," Ambani said at Reliance Industries annual general meeting. Reliance Retail has already started pilots of its ecommerce venture.
"We have 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, and the number is growing each day," Ambani said.
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 per cent of fruits and vegetable directly from farmers," he said.
- Reliance Retail fastest growing retailer in the world
- Last 5 years growth in retail business positions RIL retail well for future growth
- Will be the first Farm-To-Home at scale globally
- Accelerating the rollout of JioMart
- Have received strong interest from strategic and financial investors for investing in Reliance Retail
- Will induct investors in Reliance retail over the next few quarters
Sundar Pichai On Partnership With Jio Platforms
- Google's investment in Jio is the first and biggest of the Google for India Digitisation Fund.
- Never been more hopeful for India's future.
This a key chapter of the $10 billion Google for India Digitisation Fund announced earlier this week, he said.
Jio Developing Homegrown 5G Telecom Solution: Ambani
Richest Indian Mukesh Ambani on Wednesday announced his group's digital arm Jio developing a homegrown 5G telecom solution.
"Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting.
Jio's global-scale 4G and fibre network is powered by several core software technologies and components. "It is this capability and know-how that positions Jio on the cutting edge of another exciting frontier 5G," he said.
Jio Platforms, with over 20 startup partners, has built world-class capabilities in technologies such as 4G, 5G, Cloud computing, Devices and OS, Big Data, AI, AR/VR, Blockchain, Natural Language Understanding and Computer Vision, he said.
"Using these technologies, we can create compelling solutions across multiple industry verticals like media, financial services, new commerce, education, healthcare, agriculture, smart cities, smart manufacturing & smart mobility," he said, adding Jio Platforms is conceived with vision of developing original, captive intellectual property, using which we can demonstrate transformative power of technology across multiple ecosystems first in India, and then rest of world.