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Solar surprise in Reliance AGM, apart from Jio-Google fireworks

India will play a leading role in transforming the global energy landscape.

Reliance Industries (RIL), India’s largest company by market capitalization, conducted its 44th annual general meeting (AGM) virtually on Thursday, at 2 pm. Reliance Chairman, Mukesh Ambani, while addressing the shareholders, made a number of announcements across its telecom, retail, and oil-to-chemicals business segments. Ambani said to post a record fundraising round, RIL has a strong balance sheet with high liquidity that will support growth for its businesses. 

He said as one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape. RIL will invest Rs 75,000 crore in its New Energy business over the next three years. Will set up renewable energy complex and four Giga factories. Reliance will provide leadership on the combined strength of our balance sheet, talent, technology, and proven project execution capabilities. Reliance will also make it’s New Energy business a truly global business, he said. 

The RIL announced that it will replace transportation auto fuels with clean electricity and hydrogen as it set a target to become net carbon-zero by 2035. While Reliance will remain a user of crude oil and natural gas, we are committed to embracing new technologies to convert our carbon dioxide into useful products and chemicals, Ambani said.

 Saudi Aramco man joins RIL board and a possible deal with an energy giant could happen this year.

Google CEO Sundar Pichai and Reliance Chairman Mukesh Ambani released their much-awaited smartphone that has been developed for India on June 24 at RIL AGM.

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However, Pichai said after the launch of the JioPhone Next smartphone later this year, Reliance industries and Google will partner for 5G, where the former will move its core retail business to the cloud. Speaking at the event, Pichai said, we are taking our collaboration further with a new 5G partnership between Google Cloud and Jio.

However, Consumer businesses raise RIL’s consolidated revenue to Rs 5.4 lakh crore in the Financial year 2021. Net profit for the year was Rs 53,739 crore, higher by 34.8 percent compared to the previous year. Reliance is among the highest payers of GST and VAT at Rs 85,306 crore. It has paidRs 21,044 crores in customs and excise duty. It is also among the highest payers of income tax in the private sector, paying Rs 3,213 crore.

In other India news, Sonia Gandhi expresses concern over pace of daily vaccination, urges Congress workers to address vaccine hesitancy

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