Reliance Industries' AGM is going to start shortly from now. This will be the second time that the virtual AGM will take place. Last time more than 3 lakh people participated from 461 cities in 41 countries. The same is expected this time as well.
Reliance shares are down 1.5% today ahead of AGM. It is trading at Rs 2180. Last year in 2020 too, the company's stock traded with a decline of 3.8%. In 2019, the shares were up 9.7% on the day of AGM, while in 2018 it was down by 2.6% on the day of AGM. If you look at the AGM from 2016 till now, there has been an increase in the shares in one year and a fall in the second year.
At the AGM last year, Mukesh Ambani had said that Reliance Retail Ventures has received a strong response from strategic and financial investors. We will be adding global partners and investors to Reliance Retail over the next few quarters. Reliance Retail has already started a pilot project of an e-commerce venture. We have a Jio Mart grocery model with grocery store partners.
At last year's AGM, Ambani announced an investment of Rs 33,737 crore for Google. Google had invested in Jio for a 7.77% stake. Ambani had informed about launching 5G service in India as Made in India. This plan has not yet been completed. Although it has been tested.
Ambani had said that the plan to make India 2G free, Google will help Jio in making Android-based smart devices. In India, 350 million people are still using 2G. He had said that Saudi Aramco's deal could not be done in due time due to the energy market and Covid. We anticipate that it will be completed by early 2021. However, the deal is still stuck.
For the first time last year, Reliance Foundation chairperson Nita Ambani gave a speech at the AGM. Talking about the financial year 2020-21, 1 lakh people get service every hour from Reliance's retail business. Its Jio Telecom has 426 million subscribers. Jio Fiber has 2.5 million subscribers. It has 1,419 outlets in the oil segment which it plans to increase to 5,500. The chairman of Reliance Industries did not take a single rupee in the last financial year.
Like and Follow us on :
