Reliance Industries LTD. Conducted their 44th Annual General Meeting on 24th June on a virtual platform..
Reliance Industries has been one of the most successful industries growing through market capitalisation. It was conducted through a webcast where Mukesh Ambani; the Director announced the plans of the company, the steps that they are planning to take for the company’s growth. Mukesh Ambani put forth the plans for strategic and market growth of the company.
Start of the meeting, all the family members took to stage one by one and got introduced to the board members and company officials. Post them, Ambani puts forward his due respect to all the front-line workers and his wife, Nita, spoke about the initiatives being taken by the company/reliance foundation. Post them, Mr. Mukesh Ambani takes to the stage and then starts dictating his plans for the company and its future investments. There were a series of key highlights of the meeting.
Mukesh Ambani announced that there will be a person joining the RIL board as an independence director. He is Yasir Al-Rumayyan, who is the chairperson of Saudi Aramco who is also the governor of the Public Investment Fund.
He also announced that his partnership with Saudi Aramco, world’s largest energy chemicals company will grow soon this year.
There’s a lot of talk about climate change and how it is needed. In the report, Ambani mentioned that a global action on climate change is needed regarding which it is time for their vision and it’s the best opportunity to speed up their plan of New Energy and New Materials business to the vision of clean and green development.
An investment of 60,000 crore is to be made for the next three years where they will move into sustainable business and zero carbon Materials will be emitted, transportation of auto fuels with clean electricity may be the target till 2035.
Another major announcement was the partnership of Jio and Google wherein they will develop a new phone ‘JioPhoneNext’ which will be available to us by September 10, 2021. The phone will have all the features and suite applications of Jio and Google and will be most affordable globally too..
Jio will also launch a 5G tower soon, the dates of which haven’t been disclosed yet. The company is still on with trial methods regarding the 5G connection and making sure that it works with full connectivity with no glitches.
Jio Mart will become big, it will add one crore more to its existing kirana store’s owner so that more and more people can be benefitted. This will help the company expand its ecosystem, sourcing, acquiring business over the next three years.
Apart from this, a lot of other announcements were made. Reliance has a strong balance sheet to support growth and how the company is working for the cheaper Covid drug and testing kit. Ambani’s three major goals also came in which is going green i.e. clean energy, digitising India and the education sector being inclusive.
All the announcements made one thing very clear that India is in for a lot of development and there is no doubt there are many opportunities.