Everything that Ambani announced at Reliance''s Annual General Meeting 2021

(MENAFN - NewsBytes) Today, Mukesh Ambani-led conglomerate Reliance Industries Ltd. (RIL) held its 44th Annual General Meeting (AGM), virtually. The event commenced at 2pm and was streamed live on the JioMeet platform. The meeting was packed with announcements related to its deal with Aramco, launch of a new 4G-enabled smartphone and the company's plans about Gigafactories. Here is everything that was announced at RIL's meeting. In this article Jio Institute's session will commence this year RIL celebrated a 34.8 percent year-on-year increase in profit HE Yasir Al-Rumayyan replaces Retiring board member YP Trivedi ''Most affordable'' 4G smartphone co-developed with Google finally launched Google-Jio brainchild will not skimp on modern smartphone features New green energy business could help decarbonize existing O2C business One in every eight Indians shops with Reliance Retail: Ambani Details Jio Institute's session will commence this year Nita Ambani, founder chairperson of the Reliance Foundation announced the first academic session at Jio Institute will commence at the Navi Mumbai campus this year, with scholarships for undergraduate and post-graduate courses. She also touched upon RIL's five-faceted approach to tackling the pandemic. The missions addressed the oxygen crisis, medical infrastructure, food supply for the underprivileged, employee welfare, and inoculation via the JioHealth platform. Business RIL celebrated a 34.8 percent year-on-year increase in profit Meanwhile, CEO Mukesh Ambani welcomed HE Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of PIF, to join the Board of Reliance Industries as an Independent Director. He also shed light on RIL's efforts to combat the COVID-19 pandemic . On the business front, RIL recorded a consolidated revenue of Rs. 5,40,000 crore with a net profit of Rs. 53,734 crore, a 34.8% year-on-year increase. Aramco investment HE Yasir Al-Rumayyan replaces Retiring board member YP Trivedi His Excellency Yasir Al-Rumayyan His Excellency Yasir Al-Rumayyan is the first foreign national to become an RIL board member since Saudi Aramco announced plans to buy a 20% stake in RIL. The deal is expected to be executed this year. Al-Rumayyan is also the governor of the Kingdom's $430 billion sovereign wealth fund. Further, Ambani announced that nonagenarian YP Trivedi would be stepping down from the board. Jio-Google partnership ''Most affordable'' 4G smartphone co-developed with Google finally launched Notably, the biggest announcement came in the form of JioPhone Next, the "most affordable" phone Jio has developed in association with Google. The JioPhone Next runs an extremely optimized version of the Android operating system that supports all Jio apps, Google apps, including the Google Play Store. It will be available from September 10 (Ganesh Chaturthi), 2021. Information Google-Jio brainchild will not skimp on modern smartphone features JioPhone Next could help India's 300 million 2G users get a taste of 4G connectivity and internet speed. Interestingly, the device will not skimp on essential features including smart cameras, voice assistant support, automatic read-aloud of on-screen text, language translation, and more. Gigafactories New green energy business could help decarbonize existing O2C business Additionally, the conglomerate announced plans to establish the Dhirubhai Ambani Green Energy Giga Complex spread over 5,000 acres in Jamnagar, Gujarat. RIL has invested Rs. 60,000 crore in this foray into the sustainable energy sector. Facilities would include dedicated factories that manufacture solar panels, large-scale intermittent energy storage batteries, electrolyzers for the production of green Hydrogen, and a fuel cell production unit. Retail business One in every eight Indians shops with Reliance Retail: Ambani Finally, Ambani announced that JioMart, in a collaboration with Facebook, is now successfully integrated into WhatsApp. "JioMart's growth is a testament to its already loyal customer base, 80% of whom are repeat shoppers. JioMart New commerce's aim is to transform and grow the small merchant ecosystem, so our merchant partners prosper," he added. MENAFN24062021000165011035ID1102338805