Reliance Industries (RIL) Chairman and Managing Director Mukesh Ambani said the company has completed its capital raising target, and is now looking to add only a strategic partner.
Google will invest $4.5 billion (Rs 33,737 crore) for a 7.7 percent stake in Jio Platforms, Ambani said at RIL's 43rd Annual General Meeting (AGM).
Track all the updates on RIL AGM by following our LIVE blog here
"Google and Jio are partnering to build an android based smartphone operating system" Ambani said.
13 other global investors have already invested in Jio Platforms, including Facebook, KKR, Intel and Qualcomm.
The company has raised a total of Rs 2.12 lakh crore through the Rights Issue, British Petroleum deal and stake sales in Jio Platforms, the RIL Chairman said on July 15. Also read: Why are sworn rivals Facebook and Google coming together in India’s Jio?
On June 19, RIL said it had become net-debt free before its target date of March 31, 2021.
At the AGM, Ambani also said Jio is working on a 5G product, will be available for trials as soon as spectrum is available.
"Jio Platforms will be positioned for 5G solution to other telecom operators," he said.
The company's newly launched video-conferencing app JioMeet been downloaded by over 500 million users. Isha Ambani said education is one of the biggest use cases for the newly launched video conferencing platform JioMeet.
RIL also rolled out JioTV+, which will curate OTT platforms, and JioGlass, a mixed reality headset, will enable holographic video calling.
Speaking about Reliance Retail, Mukesh Ambani said the company will induct global partners, investors into the retail business in the next few quarters.
"Reliance Retail is India's largest and most profitable retail business," Ambani said. RIL has previously said it is looking at an initial public offering of Reliance Retail.
At the AGM, he said over 2.50 lakh orders per day have been recorded on the company's grocery app JioMart.
Apart from groceries, JioMart will expand to provide electronics, fashion, pharmaceutical and healthcare.
The RIL Chairman also provided an update on the company's oil business, adding that deal with Saudi Aramco has not progressed according to initial timelines.
"Due to unforeseen circumstances in the energy market and the COVID-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met. Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership," Ambani said.
He also said the company has been approached by global companies for strategic partnerships with the petrochemicals business.
Follow all of our coverage on RIL's 43rd annual general meeting here.
Also read
- RIL 43rd AGM: Reliance Jio and Google partner to build an affordable Android-based 5G smartphone for India
- RIL 43rd AGM: Google will invest Rs 33,737 crore for 7.7% in Jio Platforms
- RIL AGM: Nearly half of Google's India Digitisation Fund to go into Jio
- RIL 43rd AGM: Jio develops made-In-India 5G solution
- RIL AGM key highlights: Mukesh Ambani announces Google deal; Jio readies 5G solution
- RIL AGM: Capital raise complete, now only look to add strategic partners, says Chairman Mukesh Ambani
- RIL AGM 2020: In its latest offerings, Reliance announces JioTV+ and Jio Glass
- RIL AGM: Reliance launches Jio Glass for best-in-class mixed reality experience
- RIL 43rd AGM: Saudi Aramco deal has not progressed as per earlier timeline: Mukesh Ambani
- RIL AGM: JioMart successfully piloted, will expand beyond groceries
- RIL AGM: Will induct global partners into Reliance Retail, says Mukesh Ambani
- RIL AGM: Reliance Retail only Indian company in Top 100 global retailers, says Mukesh Ambani
- RIL AGM: No better partner for Indian startups than Jio, says Chairman Mukesh Ambani
- RIL AGM: Isha Ambani says JioMeet, Embibe helping students get access to quality education online
- RIL AGM: Isha Ambani says JioMeet, JioHealthHub to provide end-to-end digital health services
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
