44TH ANNUAL GENERAL MEETING OF RELIANCE INDUSTRIES

Reliance Industries had conducted its 44th Annual General Meeting (AGM) on Thursday, 24 June. The annual event attracts thousands of investors and shareholders. The event was conducted virtually like the previous year due to the COVID-19 pandemic. The company announced its various ongoing and major upcoming projects in the meeting.

Saudi Aramco Deal

SRIL to formalize its deal with Saudi Aramco by the end of 2021. Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world’s top oil-exporting firm, but the deal couldn’t be finalized then. Reliance looks forward to adding Saudi Aramco as a strategic partner in the O2C business.

Over 3.24 lakh capital raised

Reliance raised USD 44.4 billion capital through equity sale in the Jio Platform and retail rights issue, asset monetization which is the largest-ever capital raised by any company in a year globally. This capital raise is truly a strong vote of confidence by global investors in India’s growth potential.

New Director on Board

 Chairman of Saudi Aramco, Yasir Othman Al-Rumayyan will join the board of Reliance Industries as an independent director in a precursor to a USD 15 billion deal.

Integration of WhatsApp & JioMart

Reliance has collaborated with Facebook and is doing a trial run to integrate WhatsApp and JioMart the response is encouraging, they are creating and developing a new e-commerce solution to connect the merchants, Kirana stores, and users. Enabling smooth transactions between stores and consumers.

Jio Institute

Nita Ambani cleared all doubts, Jio Institute is finally going to start its first academic session this year. There was an expectation that it may not start this year amid the pandemic, but now Jio will commence its teaching-learning process in 2021.

Fight against COVID-19 by RIL

Reliance Foundation has achieved remarkable results due to its active participation in the ongoing pandemic. Now, five major missions have been announced to tackle COVID-19 in India. Those missions are Mission Oxygen, Mission COVID-19 Infra, Mission Anna Seva, Mission Employee Care, and Mission Vaccine Suraksha. Currently, Reliance has helped India in balancing the demand and supply of oxygen by producing 11% of India’s medical-grade oxygen.

Three affirmations: 

Ambani made three affirmations to investors. First, as one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape. Second, Reliance will provide leadership on the combined strength of their balance sheet, talent, technology, and proven project execution capabilities. Third, Reliance will make it’s New Energy business a truly global business.

The major 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.” This announcement is not only great news for the shareholders but to a large extent for the planet as a whole. The declaration of JioPhone Next and the 5G ecosystem will truly bring a digital revolution. These plans having the sustainable development perspective of becoming net-zero carbon by 2035 will surely contribute a lot not only for Reliance Industries but also for the country.

Written by – 

Shreya Batra

( Member of Thurst : E-cell )