Reliance Industries’ Annual General Meeting (AGM) of the shareholders has always carried huge hope. As Chairman Mukesh Ambani walks inside the Birla Matushri Sabhagar at Mumbai’s Sir Vithaldas Thackersey Marg, the atmosphere will be expectedly heavy at the compnay's 40th AGM. The 2.5 million-plus shareholders of the company have been used to lapping up Ambani’s grand announcements for long, knowing that at RIL, the grand invariably materialises.
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India’s largest private sector company straddles oil and gas exploration, refining and marketing, petrochemicals, telecom, retail, textiles, sports and media and entertainment. But it is its telecom play that has grabbed all the attention in the last one year.
Last year’s AGM was all about the announcements related to launch of telecom services by RIL subsidiary Reliance Jio Infocomm. With the services launched on September 5 last year, this time’s AGM could all be about the extension of those services — from mobile to connecting life inside homes.
Every detail, every number on Jio would be lapped up. Be it the number of Prime subscribers, the announcement on launch of Fiber-to-the-home super fast broadband services, details on affordable 4G feature phones and new tariff plans.
Notwithstanding the still very small share of telecom in the group’s revenues, investors are now keen to know every step RIL will take in the sector – the massive disruption its over 10-month-old services have already caused being a good fodder for the heightened excitement.
As Indians chew data as they chewed voice, Jio could strut around with pride for being behind the biggest upheaval in a decade in the telecom sector. Never before has a challenger given sleepless nights to incumbents. Any announcement that makes their life more difficult must be the last thing they may want to hear ahead of the weekend.
Disclaimer: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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