Mukesh Ambani-led Reliance Industries Ltd (RIL) will hold its 43rd annual general meeting (AGM) online on Wednesday. The oil-to-telecom major will organise the meet through its newly-launched video conferencing platform, JioMeet which will host over 1 lakh shareholders of the company from 500 different locations simultaneously. This will be RIL's first virtual AGM in the wake of COVID-19 pandemic. The event is scheduled to start at 2 pm.
In terms of expectations from the conglomerate's Chairman and Managing Director, Mukesh Ambani, the shareholders have huge expectations from him as he has fulfilled most of the promises he made a year ago at RIL's 42nd AGM. Ambani has achieved the main task of making RIL debt-free by March 31, 2021, which he accomplished eight months before the deadline.
What to expect from Mukesh Ambani at Reliance's 43rd AGM:-
1. Jio Platforms
RIL has raised over Rs 1.7 lakh crore in the last three months by selling its stake in Jio Platforms and rights issues. The country's most valued firm has raised Rs 53,124.20 crore through mega rights issues and over Rs 1.18 lakh crore from global tech investors by selling its stake in Jio Platforms. The investors are now focusing on the company's plan to scale up its revenues from all the 10 affiliates of Jio platforms. As Mukesh Ambani has committed to listing Jio in the next five years, RIL will now concentrate on shoring up its revenues from its digital assets. Shareholders and investors alike expect him to steer the company towards a comprehensive revenue growth for Jio platforms.
2. Petrochemicals business
Mukesh Ambani at the last RIL AGM had made the announcement that the company had inked a deal with the Saudi Arabian Oil Co. to sell up to 20% in its refining and chemical business at an enterprise value of $75 billion. RIL has since begun the process of demerging its oil and petrochemical business into Reliance O2C (oil-to-chemicals). Investors are awaiting updates in this context.
3. Retail businesses, Facebook tie-up
Shareholders will be keen to understand how Mukesh Ambani will devise strategies to scale-up RIL's retail business, specifically its partnership with WhatsApp. The conglomerate wants to leverage Facebook's messenger service for its e-commerce foray. Investors are keen to know how JioMart will unify with local stores across the country and WhatsApp's platform.
4. Asset monetisation
RIL is presently holding talks with prospective investors to sell its stake in its Jio Optic Fibre investment trust. The company has already divested its stake in its tower business and sold it to Canada's Brookfield Infrastructure Partners LP, GIC Investors, and British Columbia Investment Management. Stakeholders will be keen to get more information on this front.
5. Jio Fibre
Commercially launched in September last year, Jio Fibre Reliance, the fibre-to-home service of Jio secured over a million subscribers as of February 2020 against its plan to reach 20 million homes and 15 million businesses, as per data from the telecom regulator. Mukesh Ambani is expected to announce the action plan for the rollout of this service, as he had said earlier that the home broadband service's rollout will be concluded within 12 months. Shareholders will expect updates on Jio Fibre's subscriber addition from February this year, revenue target, and the company's outline to make it available for mass adoption.