Reliance Industries AGM 2020 Highlights: Jio Has Developed 5G Solution From Scratch

In a first, billionaire Mukesh Ambani-led Reliance Industries held its annual general meeting (AGM) through a video webcast on Wednesday. This was the 43rd AGM of the oil-to-telecom conglomerate, which is the country's most valuable company. Reliance Industries announced a slew of deals, including an investment of Rs 33,737 crore in its digital serves arm, Jio Platforms, by Alphabet Inc's Google. However, Reliance Industries' deal with Saudi Aramco has not progressed according to the scheduled time due to "unforeseen situation in the energy market and COVID-19 situation", Mr Ambani said in an address to the company's shareholders at the AGM. 

In a first, billionaire Mukesh Ambani-led Reliance Industries held its annual general meeting (AGM) through a video webcast on Wednesday. This was the 43rd AGM of the oil-to-telecom conglomerate, which is the country's most valuable company. Reliance Industries announced a slew of deals, including an investment of Rs 33,737 crore in its digital serves arm, Jio Platforms, by Alphabet Inc's Google. However, Reliance Industries' deal with Saudi Aramco has not progressed according to the scheduled time due to "unforeseen situation in the energy market and COVID-19 situation", Mr Ambani said in an address to the company's shareholders at the AGM. 

Here are the highlights of what Reliance Industries chairman Mukesh Ambani said at his group's 43rd Annual General Meeting (AGM):

• Coronavirus crisis is most disruptive event in modern human history

• With over Rs 200,000 crore Reliance Industries is the biggest exporter in the country

• Consumer business contributed 35% to company's consolidated EBITDA

• Welcome Google as a strategic partner in Jio Platforms

• Google will invest Rs 33,737 crore for 7.7% stake in Jio Platforms

• Jio has designed and developed 5G solution from scratch

• Dedicate 5G solution to Prime Minister Narendra Modi's vision of Atmmanirbhar Bharat

• Reliance Industries has raised Rs 2.12 lakh crore via investments in Jio, partnership with BP and rights issue

• Facebook and Jio share strong vision of digitally empowering consumers, small businesses and entrepreneurs across India

• Google and Jio are partnering to build an android based smartphone operating system

• Well positioned to help Indian startups in number of ways

• Believe we can build an entry-level affordable 4G or even 5G smartphone

• With Facebook and Google, even more confident of achieving our goals

• Due to unforeseen circumstances in energy market and the COVID-19 situation Saudi Aramco deal has not progressed as per original timelines

• We will approach NCLT with a proposal to spin off our O2C business into a separate subsidiary to facilitate multiple partnership opportunities

• Expect to restart KG-D6 basin by end of the year to provide India with natural gas which is cleanest fossil fu