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 ongoing coronavirus crisis. Thousands of shareholders from at least scores of locations in India and abro are expected to tune in to meeting.

AGM is being also held after Reliance’s record-breaking deal spree for Jio Platforms, company’s digital arm, in which global investors have alrey poured in a combined $15.64 billion (roughly Rs 1.17 lakh crores) for just over 25% of company.

Reports say investors are waiting for anuncements about details of JioMeet, company’s recently-launched video conferencing app, as well as RIL’s plans for Jio Platforms listing, Jio Fiber trajectory and launch of 5G. Furr plans for JioMart, e-commerce venture of RIL’s subsidiary Reliance Retail, according to reports, is on watchlist of investors and industry watchers.

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Net debt-free before target

One of key talking points for Mukesh Ambani during his dress 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  $15-billion deal of Reliance's oil and gas unit with Saudi Aramco. 

 oil-to-telecom conglomerate achieved net-debt free status in June on back of a record fundraising from stake sales and rights issue. RIL said in June that taken toger 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 se investments, RIL has become net-debt free,” it h said. Reliance h a net debt of Rs 1,61,035 crore as on March 31, 2020.

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Last year’s AGM

Mukesh Ambani h last year anunced investments of about Rs 3.5 lakh crore to create a digital infrastructure across India, with largest optical fibre footprint in country. Or anuncements included divestments of about Rs 1.25 lakh crore of infrastructure into investment trusts and commercial launch of JioFiber.

company h promised free voice calls for life from landlines, 100 mbps minimum broband speed at subscription starting from Rs 700 a month, and free HD TV set on a commitment to an annual plan.

(With inputs from ncies) (AP Photo)

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