The much-awaited Reliance Annual General Meeting was held on Monday. In the meeting, chairman Mukesh Ambani spoke about different ventures of Reliance going forward. Here are some of the highlights of the AGM meeting:
The 5G services will be first launched during Diwali i.e, by October end of this year in four metro cities in India. Further, the company aims to roll out throughout India by December 2023.
In addition to 5G services, Reliance also announced the launch of the Jio 5G Phone which will be done in partnership with Google and Qualcomm. The company aims to keep it affordable and the price will range under Rs 15,000.
Reliance Jio is also working on a wireless broadband service called AirFiber, which provides fibre-like data speeds over the air without wires.
The company is also set to build India’s first and one of the world’s largest Carbon Fibre plants in Gujarat. It also plans to build one of the world’s largest single-train PTA plants of 3 MMTPA capacity at Dahej. It plans to spend Rs 75,000 crore for expanding capacity.
The company has also partnered with messaging platform WhatsApp to launch which will allow the user to “buy groceries from JioMart right in a chat.”
On the succession planning front, Ambani announced that his eldest son Akash will lead the Telecom business while his daughter Isha will head their Retail business. His youngest son Anant gets the new energy unit.
The shares of Reliance Industries inched 1.2 percent higher to Rs 2,628 levels on Tuesday afternoon. In a month, the stock has added 2 percent and so far this year it has gained approximately 9 percent.
Based on this, the Foreign broking house Goldman Sachs has maintained a ‘Buy’ rating on Reliance Industries with a target of Rs 3,225 per share which represents an upside of 23 percent from the current levels.
Reliance Industries Limited is an Indian multinational conglomerate company with diversified business including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles.
Written by – Anoushka Roy
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