Reliance AGM 2020 Highlights: India will be 2G Free

Mukesh Ambani will create an operating system for Android based smartphones, 2G will be free from India, Know the details
Image Credit: The Indian Express
Image Credit: The Indian Express

In his address, Mukesh Ambani gave his views on the two biggest challenges facing the energy sector. He said that climate change, clean and affordable energy are two things that cannot be denied. The energy industry has to understand that fossil fuels (crude oil, coal, natural gas, or heavy oils) and renewable energy are not mutually exclusive. The first three industrial revolutions are based on fossil fuels, which have caused considerable damage to this nature. The carbon cycle has completely deteriorated. In the Fourth Industrial Revolution, the world should try to get the carbon bicycle back on track.

Emphasis on CO2 Recycling

He said that nature is the greatest teacher. We have to understand that nature does not waste anything, but re-cycles all kinds of things. He emphasized the re-cycling of CO2 and said that it should not be seen as a waste. Although Reliance Industries will continue to use crude oil and natural gas in the coming times, our effort will be to adopt technology that can lead to the recycling of CO2. With the help of CO2 recycling, the company wants to create a new product.

What are the Future Plans for the O2C Business?

Mukesh Ambani, head of Reliance's oil and chemical business, said at the AGM that the world's biggest companies want a strategic partnership in petrochemical businesses with Reliance. With the help of this partnership, we will reduce India's chemical imports. India still imports chemicals from other countries on a large scale. He said that Reliance's Oil to Chemical business is going to grow a lot in the coming days. India itself is a very big market for both of them.

Committed to Long-Term Partnership with Saudi Aramco

Image Credit: The Economic Times
Image Credit: The Economic Times

Regarding Energy Business, it has been widely affected due to the Corona epidemic. So the target we have set for the energy business is currently lagging behind that timeline. The company is committed to a long-term partnership with Saudi Aramco. Reliance's long-term vision is to explore new possibilities in the entire energy business, apart from the oil and chemical business.

What About the Oil-to-Chemicals (O2C) Business?

Business and consumer activity was severely affected by the lockdown. Due to this, there was a very dangerous effect on demand. Despite the decline in demand, all the manufacturing units of Reliance continued to operate with 90% capacity. We tried to understand the situation and when the lockdown was in force in our country, the company increased petrochemicals and fuel exports. In two weeks it has increased to 2.5 times. In April 2020, Reliance's O2C business accounted for about 50 per cent of India's total exports.

What did you say About the Facebook Deal?

In an agreement with Facebook, Mukesh Ambani said the friendship between Reliance Industries and Facebook will help make India a Digital India. Our aim is to digitally empower the country. We want to strengthen entrepreneurs and different businesses. In the coming days, this partnership will create possibilities for the retail sector. There are more than 60 million (6 crores) small traders in the country. They will benefit from this partnership. Facebook recently bought a 9.99 per cent stake in Jio Platforms for 43574 crores.

Preparation to Feed Flipkart / Amazon with the Help of Jio Mart

Image Credit: India TV News
Image Credit: India TV News

Mukesh Ambani is preparing to feed e-commerce giants Flipkart and Amazon with the help of Geomart. He will use WhatsApp to compete with these companies. Their objective is to connect grocery shopkeepers and small traders with e-commerce with the help of WhatsApp.

Reliance Retail India's Largest and Most Profitable Retail Business

Mukesh Ambani said Reliance Retail is India's largest and most profitable retail business. It is the fastest-growing retail business in the world and the only Indian retailer which is among the top-100 retailer companies in the world

What will Google and Jio do Together?

In partnering with Google, Mukesh Ambani said that together we will create an operating system for Android-based smartphones. India 2G will be free from this partnership. Ambani said: 'Our aim is to put smartphones in the hands of all Indians. There are around 35 crore 2G feature phone users in India. Google and Jio together will make cheaper smartphones for these people. Jio aims to upgrade 300 million people from 2G to 4G. He said that JioPHONE is still the most affordable 4G smartphone in the world.

The World will also get Freedom from Corona

Ambani described Corona as the biggest crisis in history and hoped that India and the world would soon be able to overcome it. He said that 50 lakh users have downloaded Jiomart. It has recently been developed by the youth team of Jio. He said that Jio has developed a 5G solution using domestic technology and will be exported to other countries. Ambani dedicated it to Prime Minister Narendra Modi's vision of a self-reliant India. He said that more than 10 lakh houses have been connected to Jio Fiber. The capital raising target for the company has been reached. The company earned Rs 212809 crore from Jio, Rights Issue and BP.

Imbibe will Compete with Byju's

Image Credit: The Economic Times
Image Credit: The Economic Times

On this occasion, the company announced the launch of the learning app iMbibe, which will give a tough fight to Byjus. Jiomart was launched in more than 200 cities during Corona. The company said that Jiomart has emerged as a reliable grocery solution. The company announced the launch of Jioglass for audio-video. Jiomart and WhatsApp will team up to help small shopkeepers.

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