Reliance Industries Limited (RIL) is set to host its first ever virtual Annual General Meeting (AGM), in light of the Covid-19 pandemic. At RIL AGM 2020, Mukesh Ambani, chairman and managing director of RIL, is set to make key announcements that highlight the performance of the overall RIL family over the past one year, which has been a topsy-turvy year for all businesses. Despite the circumstances, RIL has showed its commitment to all stakeholders by exceeding its business targets even in a difficult year – the oil-telecom-retail major has met its goal of becoming net debt-free way ahead of schedule, which had set a target of March 31, 2021.
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Jio Platforms has played a pivotal role in achieving this target. The company’s technology and telecom platform is one of the biggest entities in India’s technology sphere, and is leading the nation’s goal of technology adoption and digital transformation. Jio Platforms has attracted an incredible series of investments – with 13 investments in less than three months from companies and investment firms such as Facebook, Silver Lake, Vista Partners, PIF, Intel Capital and more. The company has attracted a total investment of Rs 1,18,318.45 crore by selling 25.24 percent of its stake to these investors, hence showing its versatility and business power.
Reliance Jio began by transforming India’s mobile telephony landscape, bringing incredibly affordable 4G data plans along with complimentary calling, messaging and entertainment content offers. It single-handedly shaped the mobile telecom industry into what it is today, with strong offerings that significantly brought down the amount of money that users paid previously for data. It then expanded its services into a wide range of areas, with JioFiber offering high speed fiber broadband services pan-India at speeds of up to 1Gbps and highly competitive prices. JioFiber also brought DTH TV subscriptions to people’s homes, and its robust partnership content offerings further showed its customer-first commitment.
Going forward, it will be exciting to see the road ahead for Jio Platforms, and its plans to further shake up India’s technology industry.
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