The 44th AGM of Reliance Industries was conducted on 24 June 2021. The company had mentioned certain key points that they undertook during the Coronavirus pandemic such as contributing to oxygen by producing 11 % of the country’s liquid oxygen that is highest by any other company, gave around 7.5 crore free meals, set up 116 vaccination centers in 109 cities in the country and also conducted the largest corporate vaccination drive for its employees.
Other than these the Chairman of the company, Mukesh Ambani had discussed various projects that the company will undertake in the coming future. Let’s look at the projects and the details about them.
Reliance AGM – Latest News
Mukesh Ambani on Green Energy Project at Reliance AGM
JioPhone Next Announcement at Reliance AGM
Jio 5G plans announced at Reliance AGM
Google Cloud and Jio partnership announcement at Reliance AGM
Jio and Microsoft partnership announcement at Reliance AGM
FAQ
Reliance AGM – Latest News
One of the major key takeaways from the Annual General Meeting of Reliance is its clean energy business. The company has stated that it would invest around INR 75,000 crore in a new clean and green energy business over the phase of next 3 years.
Another takeaway is about the partnerships of Jio and the introduction of a new phone under the brand Jio with the collaboration with Google. The company also announced the launch of Jiomart collaborating with Facebook.
Mukesh Ambani on Green Energy Project at Reliance AGM
On the 44th Annual General Meeting of Reliance the chairman of Reliance Industries, Mukesh Ambani has announced to begin the work on developing a clean energy project which is the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar which will be a 5,000 acres project.
The company had announced that it has a target to reach a net-zero carbon company by 2035 and 60% of the revenue that is earned by the company is through hydrocarbon-fueled energy operations. While compared to other players in the industry 2035 is a shorter time frame while the major players such as BPCL, Royal Dutch shell, and many others commit to reaching the target by 2050.
He said that the company has started working on the Giga Complex which is expected to be one of the largest renewable energy integrated manufacturing facilities in the entire world. The Giga complex will contain a solar manufacturing unit, battery factory for energy storage, fuel cell making factory, and an electrolyzer unit which will be used to manufacture green hydrogen.
The company also has plans to build for other Giga factories in order to integrate and manufacture all the components that are required by the new energy system which include solar photovoltaic module factory, energy storage battery factory, fuel cell factory, and electrolyzer factory.
The company is expecting to create an end-to-end renewables energy ecosystem and announced that it would invest around INR 60,000 crores in these 3 initiatives and the rest INR 15,000 crores will be invested into partnerships, future technologies, and value chain, and also upstream and downstream businesses.
Ambani had also conveyed that the company will invest in building two additional divisions to strengthen this ecosystem. There will be a dedicated renewable energy project management and construction division and a dedicated renewable energy project finance division.
Reliance also aims to set up a 100 GW solar energy by the end of the year 2030.
Alan Joseph
JioPhone Next Announcement at Reliance AGM
JioPhone Next will be developed through a partnership with Jio and Google and will be released as a Made in India phone. The smartphone will be powered through an optimized version of the Android platform which is specially developed for the JioPhone Next.
The smartphone will be a 4G enabled smartphone and will enable the users to use the phone in their preferred language. The phone is expected to deliver a great camera quality and even the latest updates on the Android features and the security updates.
JioPhone Next will contain all the major features such as Google Assistant, language translation, automatic read-aloud of screen text, smart camera with augmented reality, and much more. The smartphone is expected to be released in the market during the time of the Ganesh Chaturthi festival.
The JioPhone Next is considered to be the most affordable 4G phone in the country and the entire world.
Alan Joseph
Jio 5G plans announced at Reliance AGM
The company has plans to make India a 5G must nation by the introduction of 5G into the country. The company has a 100 % homegrown 5G solution where the company can roll out a 5G network in the country through a standalone position.
The Jio 5G solutions have successfully provided over 1GB per second during the trials that were conducted using the 5G network. Ambani has conveyed that the company has received 5G approval from the regulators and also trial spectrum for 5G field trials.
Ambani also stated that the company is confident to be the first one to launch full-fledged 5G services in the country. The company has also partnered with leading global partners in order to develop a full range of 5G capable devices.
Google Cloud and Jio partnership announcement at Reliance AGM
Mukesh Ambani had announced the partnership of the company with the Google Cloud services in order to power the 5G services and network of Jio. Google will provide an end-to-end cloud offering that will power the automated lifecycle management of Jio's 5G network and services.
In addition to this to address the business challenged faced by the industries both the companies will collaborate to bring a 5G edge computing solution.
The services of Jio's 5G network, software, and Google cloud’s innovation in AI and ML will be explored in the new sectors such as gaming, healthcare, video entertainment sectors, and education. Jio and Facebook
The company has united the initial stage of JioMart with Facebooks’ WhatsApp and has provided encouraging results and valuable feedback by the company. Currently, the company is working on developing a full new commerce solution that will link the consumers and merchants. All these plans are expected to be implemented and launch over the next few quarters.
Jio and Microsoft partnership announcement at Reliance AGM
The company has also partnered with Microsoft in order to launch a 100 MW capacity of Jio-Azure cloud data centers in two cities of the country – Nagpur, and Jamnagar. The company is currently onboarding a group of customers for testing the product and service.
Over the coming quarters, the company has plans to expand the data center capacity and offering the services to a growing number of SMEs and various other startups.
Conclusion
The main focus of the AGM was on the Green energy Giga factory that will be set up by the Reliance Industries. In the year 2016 the company had launched Jio in order to bridge the gap in the country in relation to the Digital divide and in the year 2021 the company is launching its clean energy business in order to bridge the gap in the green energy division.
FAQ
What is Reliance AGM ?
Reliance AGM is annual general meeting held by Reliance industries where the chairman of Reliance Industries, Mukesh Ambani announces future projects and partnerships of Reliance.
What is the Revenue of Reliance Industries?
The Revenue of Reliance Industries is ₹540,000 crore (US$76 billion) in 2021.
What is net worth of Mukesh Ambani?
The net worth of Mukesh Ambani is 8,490 crores USD as of 2021.
Author: Alan Joseph
Source : https://startuptalky.com/reliance-agm-2021-highlights/
Date : 2021-06-25T09:54:30.000Z