Published 17:50 IST, July 14th 2020
Reliance’s 43rd AGM on July 15; here are likely topics that Mukesh Ambani may discuss
Mukesh Ambani’s Reliance Industries Ltd (RIL) will hold its 43rd Annual General Meeting (AGM) on Wednesday in a virtual mode amid the ongoing coronavirus crisis
- Republic Business
- 2 min read
Mukesh Ambani’s Reliance Industries Ltd (RIL) will hold its 43rd Annual General Meeting (AGM) on Wednesday in a virtual mode amid the ongoing coronavirus crisis. Thousands of shareholders from at least scores of locations in India and abroad are expected to tune in to the meeting.
The AGM is being also held after Reliance’s record-breaking deal spree for Jio Platforms, the company’s digital arm, in which global investors have already poured in a combined $15.64 billion (roughly Rs 1.17 lakh crores) for just over 25% of the company.
Reports say investors are waiting for announcements about the details of JioMeet, the company’s recently-launched video conferencing app, as well as RIL’s plans for Jio Platforms listing, Jio Fiber trajectory and the launch of 5G. Further plans for JioMart, the e-commerce venture of RIL’s subsidiary Reliance Retail, according to reports, is on the watchlist of investors and industry watchers.
Net debt-free before target
One of the key talking points for Mukesh Ambani during his address will be his successful pledge to make RIL a net debt-free company before a March 2021 target; after raking in Rs 1,17,588.45 crore from global investors, including Facebook, KKR, Qualcomm and General Atlantic. India's richest man will also shed light on the $15-billion deal of Reliance's oil and gas unit with Saudi Aramco.
The oil-to-telecom conglomerate achieved net-debt free status in June on the back of a record fundraising from stake sales and rights issue. RIL said in June that taken together with last year’s sale of 49% stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, it has raised more than Rs 1.75 lakh crore.
“With these investments, RIL has become net-debt free,” it had said. Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020.
Last year’s AGM
Mukesh Ambani had last year announced investments of about Rs 3.5 lakh crore to create a digital infrastructure across India, with the largest optical fibre footprint in the country. Other announcements included divestments of about Rs 1.25 lakh crore of infrastructure into investment trusts and commercial launch of JioFiber.
The company had promised free voice calls for life from landlines, 100 mbps minimum broadband speed at subscription starting from Rs 700 a month, and free HD TV set on a commitment to an annual plan.
(With inputs from agencies) (AP Photo)
Updated 17:50 IST, July 14th 2020