Billionaire Mukesh Ambani’s Reliance Industries Limited (RIL) will be holding its 43rd Annual General Meeting today at 2 pm. This will be the first time in the company’s history that the AGM will be conducted virtually due to the coronavirus pandemic.
Mukesh Ambani is likely to announce plans of leveraging recent partnerships with global technology giants like Facebook as well as a vision to maximise oil to chemical conversion at his flagship Reliance Industries’ annual shareholder meeting. Over a lakh shareholders of RIL will be able to log in simultaneously from 500 different locations in India and abroad to attend the meeting.
It is also expected that Mukesh Ambani will also give a sneak preview of his vision for decarbonization of energy molecules to create value-added products with almost no carbon emissions. Strategic direction post-COVID-19 and further details on asset monetisation are key expectations from the 43rd AGM of RIL.
Here are the LIVE Updates from Reliance 43rd virtual AGM:
2:00 pm: Mukesh Ambani’s begins address of 43rd annual general meeting of Reliance Industries Limited, India’s largest conglomerate.
1:40 pm: Last year, RIL announced plans to reach 20 million homes and 15 million businesses for its Jio?ber product (timeline were unspecified). As per TRAI data, Jio had less than a million subscribers for this product as of February 2020.
1:30 pm: BofA Securities said of the five key initiatives announced in last AGM, RIL completed the strategic stake sale of Jio, petro-retail, and moved to zero net debt. “We might get an update on the remaining two – stake sale to Aramco and of Reliance Retail.”
1:20 pm: Goldman Sachs said it expects management to provide greater insights into the strategic partnership with Saudi Aramco and how that could ?t into their ambition of an industry-leading oil to the chemical platform with over 70 per cent conversion of oil into petrochemicals.
1:10 pm: Goldman Sachs said the focus of the AGM is expected to be largely on product launches around RIL’s partnership with Facebook potentially ranging from integration of JioMart with WhatsApp, additional colour on payments business and launch of a large product ecosystem (Super App) where Jio could integrate its services with WhatsApp.
1:00 pm: The AGM is “expected to report on progress on asset monetisation (INViTs and stake sale in O2C business), more details on strategic partnerships in digital business, growth plans on financial vertical, oil to chemical integration progress and new technologies,” Morgan Stanley said