Reliance, India’s most valuable company apprised its investors about their developments included its 5G plan, cheaper smartphone being developed with Google, and few other initiatives.
During the 44th Annual General Meeting Ambani said that Jio is working not only on making India 2G-Mukt but also for 5G-Yukt.
Major takeaways
- Saudi Aramco deal to formalise this year.
Reliance 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.
- Saudi Aramco chairman to join RIL board
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 as an independent director in a precursor to a USD 15 billion deal.
- No salary cut for employees.
- Partnership with Google for 5G in India
- JioPhone Next: World’s most affordable smartphone
Google is forming a large cloud partnership with India’s Reliance Jio Infocomm Ltd, and helping them with JioPhones
RIL plans to build four giga factories to manufacture and integrate all critical components of a new energy ecosystem, Mukesh Ambani said. “Reliance will thus create and offer a fully integrated, end-to-end renewables energy ecosystem,” said Ambani. “Over the next three years, we will invest over ₹60,000 crore in these initiatives.”
“We will invest an additional ₹15,000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in the new energy business will be ₹75,000 crore in 3 years,” he said.
