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5 interesting takeaways from Reliance AGM
Publish date: 6th July, 2018
The chairman of Reliance Industries, Mukesh Ambani, addressed the company’s 41st Annual General Meeting (AGM) in Mumbai on 5 July. Ever since the introduction of the Jio network in 2016, the company has made major announcements during its AGMs. And this year too, there were a few major announcements. Here are some interesting takeaways:
- Fibre-based broadband services
One of the biggest announcements of the meeting was the plan to roll out JioGigaFiber: a fibre-based broadband service that is to be launched across 1,100 cities in the country. The goal of this service is to provide high speed internet services (around 1 Gbps) to 5 crore homes. - Integration of retail and digital platforms
The company plans to integrate its digital and retail platforms in order to make deeper inroads in the e-commerce industry. The company also plans to create a hybrid online-to-offline commerce platform by integrating the telecom unit Jio Infocomm with the company’s physical market place, Reliance Retail. - Launch of Jio phone 2
During the AGM, the Jio Phone 2 4G was launched. The new phone is claimed to be the high-end variety of the Jio Phone and comes with a full QWERTY keypad and supports popular apps like Facebook, Whatsapp and YouTube. The phone is priced at Rs 2,999 but users can exchange their existing JioPhone for the latest version for Rs 500 as part of the Monsoon Hungama offer. Read more about how the Jio 4G launch affected customers here. - Diversification of hydrocarbon business
With renewable energy gaining more ground both in India and abroad, RIL seeks to consolidate its hydrocarbon portfolio by adding new chemical chains to produce newer materials and composites of higher value. This move is expected to minimize the impact of renewable energy on transportation fuels according to the chairman. - Golden decade
Mukesh Ambani announced that RIL had reached an inflection point. According to him the company now enters its ‘Golden Decade’ during which consumer-centric businesses would be the focus of RIL. And in over a decade’s time, consumer business is expected to contribute as much as the petrochemical business.
The bottom line
The AGM showed a glimpse of Reliance Industries’ future. For a long time, the petrochemical business was the backbone of the company but that seems to be slowly changing as the consumer business grows stronger. Overall, the company expects to double its revenues by 2025.
Also Read:
- Fibre-based broadband services
