Richest Indian Mukesh Ambani on Wednesday announced his group's digital arm Jio developing a homegrown 5G telecom solution. "Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting. Jio Platforms, with over 20 startup partners, has built world-class capabilities in technologies such as 4G, 5G, Cloud computing, Devices and OS, Big Data, AI, AR/VR, Blockchain, Natural Language Understanding and Computer Vision, he said.
He also announced that Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore.
Check out all the latest updates on RIL AGM on BusinessToday.In liveblog
3.30 PM: Reliance is now ranked among the World's 60 largest companies by market capitalization. And when Reliance scales still higher summits of success, our employees and shareholders will surely reap its rewards: Mukesh Ambani
3.26 PM: I assure you, as soon as the corona vaccine becomes available, we will volunteer by using the same digital distribution and supply chain, to ensure that the vaccine reaches every nook and corner of our country: Nita Ambani
3.25 PM: We are grateful to our two lakh employees of Reliance who have gone beyond their call of duty to serve our fellow citizens: Nita Ambani
3.24 PM: When the pandemic broke out, one of the earliest challenges was the shortage of PPEs. In record time, we turned around our manufacturing facility to produce over 1 lakh PPEs and N95 masks every day: Nita Ambani
3.23 PM: Reliance Retail is working overtime to provide essential supplies daily to millions of Indian families across 200 cities: Nita Ambani
3.22 PM: Jio is providing digital connectivity to over 40 crore people, empowering over 30,000 organisations to work from home, and lakhs of students to learn from home: Nita Ambani
3.21PM: Reliance has also been providing free fuel to Emergency Service vehicles across the country. This is not just business for us. It is our duty, our dharma, our seva to the nation: Nita Ambani
3.15 PM: Deal with Saudi Aramco hasn't progressed per original timeline due to unforeseen situation in energy market and COVID-19 situation. We value our two-decade relationship with Aramco and are committed to longterm partnership: Mukesh Ambani
3.13 PM: Reliance is approached by global companies for strategic partnerships in its petchem business. The potential partnerships will help Reliance build competitive manufacturing capacity to serve India's demand for chemicals: Mukesh Ambani
3.12 PM: During lockdown, RIL leveraged its deep understanding of global markets and enhanced petrochemical and fuel exports over 2.5 times in just two weeks. In April 20, the O2C business accounted for nearly 50% of India's exports: Mukesh Ambani.
3.11 PM: We have received strong interest from strategic and financial investors in Reliance Retail. We will induct global partners and investors in Reliance Retail in the next few quarters: Mukesh Ambani
3.08 PM: We have received strong interest from strategic and financial investors in Reliance Retail. We will induct global partners and investors in Reliance Retail in the next few quarters: Mukesh Ambani.
3.06 PM: We have successfully piloted JioMart grocery model with kirana partners. The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day: Mukesh Ambani
3.05 PM: Connecting farmers and delivering their fresh produce directly to homes is a key part of our grocery strategy. This will significantly improve farmer income and incentivise higher productivity: Mukesh Ambani
3.03 PM: More than two-thirds of Reliance Retails' nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Its sources over 80% of fruits and vegetable directly from farmers: Mukesh Ambani
3.02 PM: Reliance Retail is India's largest and most profitable retail business, with revenues of Rs 1,62,936 cr and EBITDA of Rs 9,654 cr. It is the fastest growing retailer in the world, and only Indian co in the Top 100 global retailers: Mukesh Ambani
3.00 PM: Google CEO Sundar Pichai: Everyone should have access to the internet. Proud to partner with @reliancejio to increase access for the hundreds of millions in India who don't own a smartphone with our 1st investment of $4.5B from the Google For India Digitisation Fund.
2.53 PM: Google and Jio are partnering to build an Operating System that could power a value engineered, entry-level 4G/5G smartphone. The Jio-Google partnership is determined to make India 2G-mukt: Mukesh Ambani
2.53 PM: As India is standing at the doorsteps of the 5G era, we should accelerate the migration of 350 million Indians, who currently use a 2G feature phone, to an affordable smart phone: Mukesh Ambani
2.49 PM: Facebook and Jio share a strong vision for digitally empowering consumers as well as SMEs and entrepreneurs across India: Mukesh Ambani
2.48 PM: Last year, we announced our partnership with Microsoft. We are making rapid progress in our Azure cloud partnership: Mukesh Ambani
2.47 PM: A unique solution that JioMart offers is to convert the kirana's existing stores in less than 48 hours into refreshed self-service stores, thereby transforming their customer experience completely: Isha Ambani
2.51 PM: JioMart is built upon two fundamental pillars: 1. A powerful omni-channel tech-platform to unite customers, kiranas and producers. 2. A widespread physical network of Reliance Retail that takes benefits of new commerce to every corner: Isha Ambani
2.41 PM: With Jio Health Platform we are integrating the overall healthcare ecosystem to enable people to book online consultations, securely store and share health records, book lab tests and avail various other healthcare services: Isha Ambani.
2.38 PM: Jio's education platform, Embibe, will address the shortage of quality teachers in India. It is built on three foundational blocks: Unprecedented Personalisation, Incredible Content and Teacher Empowerment: Isha Ambani at RIL AGM.
2.37 PM: JioMeet is India's most-secure and cost-effective video conferencing platform. It is designed to address real life scenarios and solve some of the key challenges of our time: Isha Ambani.
2.36 PM: Through Jio Developers program, any app developer can develop, launch and monetize their apps. Developers who wish to partner with Jio can visit http://developer.jio.com for details: Akash Ambani
2.35 PM: Through the Jio App Store on the Set Top Box, one can access internet applications across multiple genres such as entertainment, education, health, cooking, yoga, gaming, religion, and many more: Akash Ambani.
2.32 PM: JioTV+ would feature aggregated content from over 12 leading global OTT players such as Netflix, Amazon Prime, Disney+ Hotstar, Voot, SonyLiv, Zee5, JioCinema, JioSaavn, YouTube and many others: Akash Ambani.
2.31 PM: Jio Platforms, with over 20 start-up partners, has built world-class capabilities in technologies such as 4G, 5G, Cloud computing, Devices and OS, Big Data, AI, AR/VR, Blockchain, Natural Language Understanding & Computer Vision: Mukesh Ambani
2.30 PM: Jio Platforms is conceived with vision of developing original, captive intellectual property, using which we can demonstrate transformative power of technology across multiple ecosystems - first in India, and then rest of world: Mukesh Ambani
2.24 PM: Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year: Mukesh Ambani
2.23 PM: Cumulatively, RIL has raised Rs 2,12,809 crore through Rights Issue, combined investments in Jio Platforms, and investment by BP. It is in excess of our Net Debt of Rs 1,61,035 crore at the end of FY19-20: Mukesh Ambani
2.22 PM: Cumulatively, RIL has raised Rs 2,12,809 crore through Rights Issue, combined investments in Jio Platforms, and investment by BP. It is in excess of our Net Debt of Rs 1,61,035 crore at the end of FY19-20: Mukesh Ambani
2.18 PM: RIL has concluded its JV with BP in the existing fuel retailing business. BP has invested Rs7,629 crore for their 49% stake in the JV: Mukesh Ambani
2.17 PM: We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest INR 33,737 crores for a 7.7% stake in Jio Platforms: Mukesh Ambani
2.18 PM: I welcome Facebook, a global tech powerhouse and a leading social media & internet company as our premier strategic partner: Mukesh Ambani
2.15 PM: We have investments from most admired tech and financial investors - Silver Lake, Vista Equity Partners, General Atlantic, KKR, and TPG. They have a long history of successfully investing in the best tech and growth enterprises: Mukesh Ambani
2.11 PM: Since its release a few days ago, JioMeet has already been downloaded by more than 5 million users. Built by a young Jio Platforms team in just two months, it is India's first and only cloud-based video-conferencing app: Mukesh Ambani
2.09 PM: Reliance became the first Indian company to exceed market capitalisation of $150 billion. It is also the first Indian company to cross ? 1,00,000 crore in consolidated EBITDA: Mukesh Ambani
2.02 PM: Mukesh Ambani, RIL Chairman and Managing Director, welcomes all the shareholders to the company's 43rd Annual General Meeting
2.02 PM: RIL AGM has started
#RIL is holding its 43rd Annual General Meeting (Post-IPO) on Wednesday, 15th July 2020 through Video Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”) from 2:00 p.m. onwards.— Flame of Truth (@flameoftruth) July 10, 2020
You are requested to save the date and stay tuned for more updates.#RILAGM#NayeIndiaKaNayaJoshpic.twitter.com/3Z9TqIyl9j
1.57 PM: Links to watch RIL's 43rd AGM
- The Flame Of Truth YouTube channel(https://www.youtube.com/user/flameoftruth2014)
- Jio Channel: https://www.youtube.com/jio
- RIL Facebook page: https://www.facebook.com/RelianceIndustriesLimited
- @FlameOfTruth Twitter handle: https://twitter.com/flameoftruth or @RelianceJio (https://twitter.com/reliancejio)
1.50 PM: Where to watch RIL's AGM live?
The oil-to-telecom major's 43rd AGM will be streamed live on its official website as well as YouTube. RIL, for the first time, will let users enter the webinar through JioMeet video conferencing platform. Those interested can also get all the updates in real-time on the company's official Twitter handle (Flame of Truth), and its official Facebook channel. RIL will follow the lead of Tata Consultancy Services (TCS), which held its AGM online on June 11.
1.45 PM: RIL has also launched an educative Chatbot called Jio Haptik
To enable easy onboarding of its shareholders, RIL has also launched an educative Chatbot called Jio Haptik via Whatsapp number +91 79771 11111. The chatbot will help them as well as prospective investors, media and the general public get the latest updates of the meeting. It will act as a help desk to answer all queries regarding the RIL's AGM.