RIL AGM 2020: Mukesh Ambani Laid Down The Future Road-map
Newsletter Week 29: ( Jul 12th - Jul 18th)
On 15th July, Mukesh Ambani addressed the RIL’s shareholders at the 43rd annual general meeting with all board members via video conferencing. In the meeting, from discussing the corona virus and how it can lead into generation of more opportunities in future to addressing the future initiatives the RIL chairman laid down the future road-map for the company and stated that “Reliance will work more aggressively in startups to promote “make in India” and “made for India.”
Apart from being the first ever virtual AGM for RIL, there were a number of key announcements made:
- Developing homegrown 5G telecom solution
Announcement of Join 5G- India’s first 5G network has been a key highlight of the meeting. “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 smartphone” Reliance Jio has confirmed that it will enable a push for affordable 5G smartphones in India.
It will be ready for trails as soon as the spectrum is available and can be ready for deployment next year.
- JIO meet- India’s first cloud- based video conferencing app
Mukesh Ambani announced that JIO meet has recorded around 5 million downloads within the days of launch. He further discussed how this platform can be used for expansion of edutech and healthcare technology applications.
Available on android, iOS, Windows, macOS and web, Jio meet has been seen as a rate war on zoom in the market.
- JIO glass- RIL introduces new technology
The company during the meeting launched Jio glass- a mixed reality (MR) based holographic lens system that enables users to perform various tasks such as host conference calls, discussions, and share and view presentations.
It comes with a plastic frame that has a camera between two lenses. With a personalized audio system and offering HD quality video, it supports 25 apps at the moment.
- Google-Jio joint venture
Google has joined Jio as a strategic partner with a plan to invest about Rs 33,373 crore for 7.7% stake in jio platforms. Investing at an equity valuation of around Rs 4.36 lakh crore, Google has become 13th investor roped in by India’s largest company for jio platforms.
- Expansion of JioMart
“We will induct global partners and investors in Reliance Retail in the next few quarters,” stated Ambani. More than two-thirds of reliance retails’ nearly 12000 stores are operated in Tier 2, 3 and 4 cities and sources fruits and vegetables directly from farmers.
Ambani during the meeting stated that they have successfully partnered with small kiryana stores for their JioMart model. The beta version of the platform has almost reached 200 cities and the daily order has almost crossed over 2.5 lakh and the number is growing.
Also read- From Telecom Player to Digital Platform: How Reliance Has Re-positioned Itself With Time?
