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Fri Aug 14 20:17:38 IST
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News Entry# 414224
Reliance Industries Limited Chairman Mukesh Ambani on Wednesday announced that search engine giant Google will invest Rs 33,737 Crore in Jio Platforms for a 7.7 per cent stake in the telecom and digital arm of the company. The announcement was made at the 43rd annual general meeting (AGM), which is being held virtually. Ambani also announced that Jio has designed and developed a complete 5G solution from scratch, which will be ready to rollout to customers from next year once the spectrum is made available by the government. “Once it is proven in India, Jio Platforms would be well positioned to be an exporter of 5G solutions to other telecom operators globally, as a complete managed service,” he said. On the Google-Jio deal, the RIL chairman said this is not just a financial but a strategic investment by the Internet giant. "Thus, Jio Platforms has now four strategic partners - Facebook,...
Intel, Qualcomm and Google. It has also six most admired technology and financial investors and three sovereign funds, taking the total tally of investors to 14. Total funds raised is Rs 1,52,056 crore," Ambani said.This is the first time in the company's history that the AGM is being held online in view of the novel coronavirus pandemic. RIL's over a lakh shareholders can log in simultaneously from 500 different locations in India and abroad to attend the meeting.RIL chairman Mukesh Ambani is expected to make several big ticket announcements at the AGM, likely providing updates on the company's $15 billion deal with Saudi Aramco, plans of listing Jio Platforms and Reliance Retail, launch of 5G services, and the way forward for JioMart, the retail arm's e-commerce venture. For all the Jio related announcements, follow live updates here."The 43rd annual meet will be held on Wednesday, July 15, 2020 at 2 pm through video conferencing/other audio-visual means," the company said in a regulatory filing. The oil-telecom-to-retail giant is India’s most valued company and it recently crossed Rs 12 lakh crore in market capitalisation, becoming the first listed Indian entity to achieve the feat.The surge in stock prices has largely been on the back of a series of stake sales in its telcom and digital arm, Jio Platforms. The company raised Rs 118,318.45 crore through a 25.24 per cent stake sale of equity of its subsidiary Jio Platforms to a dozen investors, including the likes of Facebook, Intel Capital and Qualcomm. It also raised ₹53,124.20 crore through a rights issue of its shares, which was subscribed 1.59 times.At the last AGM, Ambani had promised shareholders that RIL would be a net debt free before March 2021, which he has fulfilled having raised ₹1.75 trillion against the net debt of ₹1.61 trillion.Experts said that after successfully fulfilling the promise of becoming zero net debt company earlier-than-expected, Reliance Industries may now also shift its focus on growing its Retail business (JioMart) and overseas listing of Jio Platforms.For the first time, Reliance will allow users to enter the webinar through JioMeet video conferencing platform. Shareholders will be able to log into the event half an hour before it starts, listen to the plans and initiatives and comment and participate as well. Reliance will also stream the event live on the company’s official website, as well as on YouTube and Facebook. RIL has this year also launched a Chatbot Assistant on WhatsApp ahead of the annual general meeting. The WhatsApp Chatbot Assistant is designed to help shareholders with the onboarding process and also help with general FAQs, guidance for the Virtual AGM, voting on resolutions, Dividend and Taxation details as well as for sharing important links and documents. Users will also be able to access FAQ videos via the WhatsApp Chatbot Assistant.
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