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Reliance AGM 2021: Aramco deal, JioPhone Next and other key announcements


The 44th Annual General Meeting (AGM) of (RIL) was keenly awaited with investors eyeing major announcements regarding a 5G roadmap, updates on the Saudi Aramco deal, plans to become carbon neutral, and the launch of a Google-Jio phone and the JioBook laptop.

Here are the key announcements from RIL’s 44th AGM:
Aramco-RIL partnership

  • Yasir Al-Rumayyan Chairman of Saudi Aramco and Governor PIF joins Reliance board as an independent director, while YP Trivedi retires from Reliance board
  • To achieve accelerated growth, Reliance looks forward to adding Saudi Aramco as strategic partnership in O2C business, said Mukesh Ambani
  • The Aramco-RIL partnership will be formalized this year, with more updates awaited
  • This is the beginning of internationalisation of Reliance, you will hear more about our international plans in the times to come, said Ambani
  • New Energy business
  • RIL launches new energy business and creates Dhirubhai Amban Green Energy Giga Complex
  • Overall initial investment in new energy business will be Rs 75,000 crore
  • Reliance New Energy Council established which is partnering with leading universities and tech companies
  • Four Giga Factories announced: Integrated solar photovoltaic module factory – production of solar energy; Advanced every storage battery factory – Storage of intermittent energy; Electrolyser factory – Production of green hydrogen; Fuel cell factory – Converting hydrogen into mobile & stationary power
  • India will play a leading role in transform the global energy landscape by growing sustainable business and providing leadership
  • Repurposing existing assets to create sustainable economic environment; multi decade growth plan

JioPhone Next

  • Google and Jio announce JioPhone Next; a fully featured android smartphone
  • JioPhone Next will be availabe from 10th September this year
  • JioPhone Next is an ultra affordable smartphone, says Ambani

5G partnership

  • Google Cloud and Jio announce 5G partnership, laying foundation for India’s digitisation
  • Jio will use Google Cloud’s technology to power Jio’s 5G solutions
  • We have tested Jio 5G solutions in India and demonstrated speed of up to 1GBPS
  • Jio is not just working to make India 2G-mukt, but also 5G-yukt, says Mukesh Ambani

Reliance held its 43rd AGM in July last year. Ahead of the pandemic-riddled year, the oil-to-telecom conglomerate announced Google’s Rs 33,737 crore investment for 7.7% stake in Jio Platforms, the delay in the Saudi Aramco deal, and RIL becoming debt-free ahead of target with India’s largest rights issue.

All directors of the company, CFOs, company secretary and representatives were present at the meeting, with several lakh shareholders watching the virtual AGM from home.

Fitch Ratings upgraded Reliance’s long-term foreign-currency issuer default rating (IDR) to BBB from BBB-minus with a negative outlook earlier today, citing benefits from cash flow generation across diversified business segments and continuation of deleveraging.

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