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Reliance Industries AGM today: From 5G smartphone to Aramco deal, here's what to expect

India Today logo India Today 24-06-2021 India Today Web Desk
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The 44th Annual General Meeting of Reliance Industries Limited (RIL) will be held today from 2 pm. The company's event will be held through video conferencing this year due to Covid-19.

It is one of the most anticipated annual events of the year as Asia's richest man Mukesh Ambani is expected to make some key announcements about his company's upcoming ventures. Ahead of the event, shares of RIL were trading marginally lower on the stock market, down 0.66 per cent.

Read | Reliance AGM 2021: How to watch live stream and all that Jio may announce today

In his address, RIL chairman Ambani is expected to make some major announcements including the country's first 5G phone, JioMart's grocery venture with WhatsApp, low-cost affordable laptop JioBook, and its $15 billion deal with Saudi Aramco.

5G ROLLOUT, AFFORDABLE SMARTPHONE, JIOBOOK

One of the most anticipated announcements of the RIL AGM will be about the affordable 5G phone. In the 43rd AGM, Mukesh Ambani said that Reliance was working to create India's first 5G network.

Ambani is likely to make an announcement regarding Reliance Jio's 5G rollout in India at this year's annual general meeting. This is an announcement that will be closely watched during the event.

According to information, the low-cost 5G Android smartphone will be affordable enough to bring millions of 2G feature phone users to upgrade their devices. It is worth mentioning that the company had joined hands with Google to develop the software for the 5G phone.

Also Read | Jio 5G rollout announcement likely today: What we know so far

Google had earlier brought a 7.7 per cent stake in Reliance Jio for an amount of Rs 33,737 crore last year and the deal was focused on creating an affordable 5G smartphone for the masses.

While some reports suggest that the production of the phone has been impacted by supply constraints, watch out for an announcement on the affordable 5G device during the AGM.

Another announcement that will be closely watched is Reliance Jio's foray into the laptop segment.

Reliance Jio is reportedly planning to enter the laptop segment with a product called JioBook, a device that is expected to be powered by Qualcomm's 11-nm Snapdragon 665 chipset with 4G connectivity. There is a possibility that the product will be announced during today's event.

RELIANCE RETAIL, SAUDI ARAMCO DEAL

On the business front, Mukesh Ambani is also expected to inform shareholders about the company's future growth plans. The event will be crucial as it will give shareholders and investors an idea about the company's future goals.

Mukesh Ambani has recently said that the company wishes to further reduce its carbon footprint and focus on green energy. He may elaborate on the point further during his address to shareholders today.

The Reliance boss is also expected to speak on Reliance Retail, which has emerged as one of the conglomerate's most essential entities after the Covid-19 pandemic. He is expected to speak in detail about the company's future plan for the retail segment.

Last but not the least, Mukesh Ambani is expected to speak on the Saudi Aramco deal. The Saudi Aramco Chairman and Governor of the Kingdom's wealth fund Public Investment Fund Yasir Al-Rumayyan may be inducted on the board of Reliance Industries in the run-up to the $15 billion oil-to-chemicals deal.

While the deal was set to conclude by March 2020, it has been delayed for reasons that are not known. Talks, however, have started again this year. It is likely to be one of the most followed developments during this year's RIL AGM.

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