Reliance Industries’ Contribution to Indian Economy Remains Unmatched, says Mukesh Ambani on 44th RIL AGM

Story Highlights
  • Mukesh Ambani welcomes new allies on board
  • Saudi Aramco to invest $15 purchasing 20% stakes of the firm
  • Google to power Jio’s 5G solutions

Mumbai: Reliance Industries Limited chairman Mukesh Ambani while addressing the 44th AGM of the company on Thursday said that even in a challenging environment, the company’s performance continued to be outstanding. 

 India’s most valuable company may also apprise investors of developments including its 5G rollout plan, possible listing of its digital unit and a cheaper smartphone being developed with Google.

Shedding light into the treaty, Sundar Pichai  announced a 5G partnership between Google Cloud and Jio, that seeks to aid more than a billion Indians connect to a faster internet, support businesses in digital transformation and lay the foundation for the next phase of India’s digitisation. 

 Mukesh Ambani said that Jio will use Google Cloud’s next generation technologies to power Jio’s 5G solutions.

Mukesh Ambani also welcomed  H.E. Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as Independent Director. RIL in 2019 shareholder meeting had announced its partnership with Aramco where the latter would procure 20% stakes of Ambani’s firm for about $15 million. 

Speaking about RIL’s other collaborations, Ambani illustrated RILs new venture oil to chemicals that flagged off earlier this year. 

Speaking about their telecom venture Reliance Jio InfoCOMM Ltd., Ambani stated that RIL has conducted tests and convened with investors to lay the plans on ground. 

Ambani has made bold bets on India’s e-commerce sector. He wants to enlist the support of local mom-and-pop stores and leverage Reliance’s retail and telecom networks — a vision that has lured in more than $26 billion investment from global giants.

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