Highlights of Reliance Annual General Meeting

Highlights of Reliance Annual General Meeting
07/05/2018

The 41st Annual General Meeting (AGM) of Reliance Industries Ltd was held today. Here are some key takeaways from the AGM.

Jio

  • Jio phone has 25mn users at present.
  • YouTube, WhatsApp and Facebook services to be available to JioPhone users from August 15
  • RIL is planning to launch the Jio phone 2 priced at Rs2999 on August 15.
  • The company is launching the Monsoon Hungama offer that will enable users to exchange their old feature phone for a new Jio phone for Rs501.
  • RIL aims to eventually have 100mn users on the Jio phone platform.

Jio Fiber

  • Jio Fiber to launched by August 15, to disrupt cable TV service providers.
  • The company is launching JioGigaFiber, a fixed-line broadband service. Jio Fiber will connect homes, merchants, MSMEs, and large enterprises across 1,100 cities. JioGigaFiber is a home internet and connectivity solution which aims to bring digital connectivity to the home.
  • The Giga Router would provide WiFi, while GigaTV would provide Hi-Def 4K TV channels. JioGigaFiber to open registrations on August 15.
  • Jio utilization at ~20%, significant room to grow without capex.

Petrochemicals Business

  • With partner BP, RIL plans to deploy technologies to begin gas production from KG-D6 by 2020. The goal is to achieve 30-35mn cubic meters of per day production by 2022.
  • RIL is the largest recycler of PET bottles in the country.
  • RIL commissioned the largest pet coke gasification project. This will improve the company's profitability.
  • RIL also launched R-Elan last year.
  • They have successfully commissioned the largest paraxylene complex with 4.2 MT capacity. Further, they have also commissioned the largest off gas ethylene cracker.

Retail Segment

  • 4,000 new Reliance Retails stores opened. The total store count reached to 7,500 stores with 350mn footfalls.
  • RIL aims to launch a new offline online e-commerce model through the use of Jio's digital infrastructure and retail network.

Media

  • Reliance Industries has one of India's largest media and entertainment networks in its portfolio.
  • Moreover, 1 in 5 internet users are on Network 18's websites and 1 in 2 people watch its TV channels.