Reliance AGM 2020: Jio-Google partnership, Jio TV+, Jio Glass and Jio 5G announced; Get full details here

Reliance AGM 2020: Reliance Industries conducted its 43rd Annual General Meeting on July 15, 2020. In one of the most awaited announcements, RIL Chairman and Managing Director Mukesh Ambani confirmed that Google will be RIL's new strategic partner. 

The RIL Chairman made the announcement after introducing all the entities that recently invested in Jio Platforms. Ambani announced that Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms.

Reliance Jio-Google Partnership: Key Highlights

• Reliance Jio in partnership with Google will develop an android-based smartphone operating system to increase access to smartphones. The main objective is to accelerate India's digital economy.

• Mukesh Ambani announced that while Jio has sold around 100 million Jio phones till date, there are many people who are still waiting to upgrade their phones to conventional smartphones. Ambani stated that they can design an entry-level 4G-5G smartphone at a fraction of the current cost. However, to engineer the same, they require an equally value-engineered smartphone operating system. 

• The RIL Chairman said that such an operating system will have to be designed right from scratch. Hence, Jio will be partnering with Google to build such a smartphone operating system to provide more people with access to smartphones.  

• Ambani announced that the JIO-Google partnership is determined to make India 2G-mukt and enable the migration of 350 million Indians, who are currently using 2G feature phones to affordable 4G-5G smartphones. 

Reliance will ensure COVID Vaccine reaches every corner of India: Nita Ambani

The Chairperson and Founder of Reliance Foundation, Nita Ambani assured that as soon the COVID vaccine is available, Reliance Industries will use its digital infrastructure and supply chain to ensure that it reaches every corner of the country. 

Jio 5G announced

Akash Ambani unveiled Jio 5G, which aims to connect everyone everywhere. He announced that Jio employees have developed the complete 5G solution from scratch and it will enable them to launch a world-class 5G service in India. The trials for the same are expected to begin soon and will be ready for deployment once the spectrum is allocated.

Jio TV Plus, Jio Glass unveiled

 Isha Ambani unveiled JioTV+ at the RIL AGM 2020.  The Jio TV plus will be a content aggregator that will curate OTT platforms such as Netflix, Amazon Prime Video and Hotstar into one app. Jio TV+ will have voice-enabled search.

What is Jio Glass?

Reliance Jio has launched a new and innovative technology- Jio Glass, a new mixed reality headset, which will enable holographic video calling. Jio Glass will provide best-in-class mixed reality services to the users. It will bring teachers and students together in virtual 3D classrooms and conduct holographic classes through the Jio Mixed Reality cloud in real-time. Jio Glass aims to help students experience a new style of online learning amid the COVID pandemic.  Isha Ambani stated that with Jio Glass, "traditional way of learning geography will be history."

JioMart

Speaking on JioMart,  Isha Ambani said that JioMart is built upon two fundamental pillars:

1. A strong omni-channel tech-platform to unite customers, kiranas and producers.

2. A widespread physical network of Reliance Retail that takes benefits of new commerce to every corner

JioMart was launched a few months ago in beta in around 200 cities. The platform is built for both Kirana stores as well as customers. Jio is now working with WhatsApp to offer its customer with seamless service. The platform is now offering a COVID-19 kit with the first order for new customers. 

Reliance Retail

RIL Chairman, MD Mukesh Ambani stated that Reliance Retail is India's largest and most profitable retail business. He Ambani shared that almost two-thirds of their nearly 12000 stores are operational in Tier II, Tier III and Tier IV towns and it is expected to cover many more cities and expand to many more categories in the coming years.

He further announced that Reliance Retail shares a deep bond with our farmers, which has helped them source over 80 percent of their vegetables and fruits straight from the farmers. Reliance Retail also provides large employment opportunities for many people across India.

Reliance Petrochemicals Business

Mukesh Ambani shared that all of Reliance's manufacturing facilities are operating with 90 percent capacity despite all challenges posed amid COVID lockdown. He also announced that several global companies have approached them for strategic partnerships. Ambani said that the partnerships will be announced as and when they are finalised. He said that it will help build competitive manufacturing capabilities in India thus, strengthening India's manufacturing capability. 

Further, speaking about Reliance's deal with Saudi Aramco, Ambani shared that it has not progressed according to the set timeline but Reliance is committed to long-term partnership with the country. 

Background

The RIL AGM 2020 was held through video conferencing. The RIL shareholders from across the world participated in the annual meeting by logging into the live event. Reliance Industries Limited recently became the first listed Indian company to cross Rs 12 lakh crore in market capitalisation. The Reliance Industries share price touched a record high today ahead of its 43rd AGM. The RIL share price currently stands at Rs 1,948.75.

Besides this, RIL Chairman Mukesh Ambani became the sixth richest person in the world on July 14, 2020 after he overtook Larry Page, as per the Bloomberg Billionaires Index. According to the index, Mukesh Ambani's net worth was USD 72.4 billion around 4 pm on July 14.