Mukesh Ambani, Reliance Chairman, made major announcements in the company’s 44th Annual General Meeting. Here are the key takeaways from the AGM:
Saudi Aramco-RIL Partnership
Before the end of 2021, the partnership with Saudi Aramco will be formally announced which may be a USD 15 billion deal. In accordance with the same, Reliance Industries Limited has provided an Independent Director position to Yasir Othman Al-Rumayyan, Saudi Aramco chairman and Head of the Kingdom’s wealth fund PIF, on the board of Reliance Industries.
5G Partnership
In collaboration with Google, RIL is set to deliver better connectivity through affordable and cheaper plans on utilising Google’s cloud services. The company has tested Jio 5G solutions in India and demonstrated the speed of up to 1GBPS. The entire 5G standalone network has been set up in RIL data centres and the trial sites are located in Navi Mumbai, Maharashtra.
JioPhone Next
RIL has also partnered up with Google to offer an Android Smartphone which will be made available from 10th September 2021. “It is built for India and it will open up new possibilities for millions of new users who will experience the internet for the very first time. And we can’t wait to show you the device later this year,” said Google’s CEO, Sundar Pichai who was a part of the RIL AGM for a stipulated time.
Dhirubhai Ambani Green Energy Giga Complex
With an initial investment of Rs 75,000 crore, this new project will play a pivotal role in shaping the sustainable business landscape. The four Giga factories announced include Integrated solar photovoltaic module factory for the production of solar energy, Advanced every storage battery factory for the storage of intermittent energy, Electrolyser factory for the production of green hydrogen and Fuel cell factory for Converting hydrogen into mobile & stationary power.
Covid Measures For Impacted Families
Although the pandemic heavily impacted all businesses, RIL did not cut the salaries of its employees. Considering the pandemic has been harsh on many families, Nita Ambani, Chairman of Reliance Foundation announced measures for the families of any RIL employee who lost their lives to the pandemic. The family will be provided with the employee’s salary for 5 years, lifetime medical cover, free education for their children up to their graduation and Rs 10 lakhs lum sum help to the family of off-roll employees.
Reliance Industries recorded consolidated revenue of Rs 5.4 lakh crores and its profit surged by 34.8%, in FY2021.
