In the Reliance 44th Annual General Meeting, company Managing Director Mukesh Ambani announced JioPhone, and other highlights included a claim of Reliance Retail to grow thrice in the next 3-5 years, and the announcement regarding the Dhirubhai Ambani renewable complex.
Reliance 44th AGM: Brief Highlights
Ambani announced that the company has started working on its Dhirubhai Ambani Green Energy Giga Complex. The complex will be spread across 5,000 acres in Jamnagar and will be amongst the biggest renewable energy facilities in the world.
Collaboration with Microsoft & Facebook
Ambani also touched upon the progress the company has made in its collaboration with Facebook and Microsoft. With Facebook, the company has started with integrating the company owned WhatsApp with JioMart. Meanwhile with Microsoft the company has already started the operations of 10MW of Jio-Azure cloud data centers in Jamnagar and Nagpur.
Data-driven insights at the AGM
One of the richest men of the nation, Mukesh Ambani also shared data-driven insights into its company’s subsidiaries’ operations. As per Ambani, Reliance Retail sold over 1 billion units of groceries. Its other subsidiary JioMart saw the registration of over 6.5 lakh peak orders in 1 day. In the last year, the company served 3 lakh shopkeepers and partnered across 150 cities in the country.
Ambani also announced a 5-prong strategy to expand its services and cater to more consumers. The 5-prong strategy is as follows –
1) The company will be further investing in its R&D (research and design) capabilities and will be setting up more R&D centers across the world and India.
2) To strengthen its sourcing pool, the company will be working with more MSMEs, suppliers and international brands.
3) The company will be investing in creating a state-of-the art supply chain infrastructure in India and plans to link all the major sourcing and consuming locations.
4) The company will be further expanding its store footprint multiple times and will create interconnected delivery hubs in the next few years.
5) To enhance its offerings to consumers across the world, the company plans to continue acquiring several businesses. It should be noted that the company recently acquired platforms like online pharmacy Netmeds, consumer catering solution Urban Ladder amongst other.
Reliance Chairman Mukesh Ambani also announced the Google-Jio Smartphone – an affordable 4G smartphone. The chairman of the salt-to-steel conglomerate said that the company’s cellular & internet data provider Jio has radicalized the country’s digital connectivity. Announcing the phone, Ambani said that the while Jio has made 4G affordable in India, there are over 300 million users making use of 2G.
2G Mukt India
As per Ambani’s claim, the new smartphone in association with Google will make India ‘2G-Mukt’. In his announcement, Mukesh Ambani said that the phone will come with the entire suite of apps from Google as well as Jio.
“It is powered by an extremely optimised version of the Android Operating System, that has been jointly developed by JIO and Google, especially for the Indian market. While being ultra-affordable, JioPhone Next is packed with cutting-edge features like the voice assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters and much more,”
Mr. Ambani said in his announcement.
Mr. Ambani further said that the phone will take the Jio-Google association to a new level as Jio will now use Google Cloud. Talking about the company’s efforts in acquiring 4G spectrums, Mr. Ambani said-
“During recent spectrum auctions, we invested Rs. 57,123 crores to acquire significant additional spectrum, making Jio the largest operator of 4G spectrum in India. We have operationalized nearly 100% of this additional spectrum.”
Stocks Plummet after announcements
Meanwhile, the announcements did not go well with the shareholders and shares of the company fell more than 2% on June 24. After the 44th Annual General Meeting, the company’s stock closed at Rs. 2,513 per share.