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Reliance AGM 2020: At the 43rd Annual General Meeting, Mukesh Ambani said that Google will invest Rs 33737 crore for a 7.7% stake in Jio Platforms. Ambani said that together we will create an operating system for Android-based smartphones. India 2G will be free from this partnership.

Highlights

• Google to take a 7.7% stake in Jio platforms
• Google will invest Rs 33737 crore
• 5G solution dedicated to Modi’s vision
• More than 1 million homes connected to live fiber

Reliance AGM 2020: 43rd meeting of Reliance ATM continues. Mukesh Ambani said in this meeting that Google will invest Rs 33737 crore for a 7.7 percent stake in Jio Platforms. With Google’s investment, the figure for investment in Reliance now reached 1.52 lakh crore. Thus far 14 companies have invested in Jio. Jio and Google together will form the operating system for Android-based smartphones. Mukesh Ambani said that we will make India 2G free and make 4G smartphones available to all people.

What is the future planning for O2C business?

On the future of Reliance’s oil to chemical business, Mukesh Ambani said at the AGM that the world’s big companies want to have a strategic partnership in petrochemical businesses with Reliance. With the help of this partnership, we will reduce India’s chemical imports. India still imports chemicals from other countries on a large scale. He said that Reliance’s Oil to Chemical business is going to grow a lot in the coming days. India itself is a very big market for both of them.

Committed to long term partnership with Saudi Aramco

Regarding Energy Business, it has been widely affected due to the Corona epidemic. Therefore, the target we had set for energy business is currently lagging behind that timeline. The company is committed to a long-term partnership with Saudi Aramco. Reliance’s long-term vision is to explore new possibilities in the entire energy business, apart from oil to chemical business.

What about the oil to chemical (O2C) business?

Business and consumer activity were severely affected by the lockdown. Due to this, there was a very dangerous effect on demand. Despite the decline in demand, all the manufacturing units of Reliance continued to operate with 90% capacity. We tried to understand the situation and when the lockdown was in force in our country, the company increased petrochemicals and fuel exports. In two weeks it has increased to 2.5 times.

What did you say about the Facebook deal?

On the agreement with Facebook, Mukesh Ambani said that the friendship of Reliance Industries and Facebook will help make India a Digital India. Our aim is to digitally empower the country. We want to strengthen entrepreneurs and different businesses. In the coming days, this partnership will create possibilities for the retail sector. There are more than 60 million (6 crores) small traders in the country. They will benefit from this partnership. Recently, Facebook bought a 9.99 percent stake in Jio Platforms for 43574 crores.