The 44th Annual General Meeting of Reliance Industries (RIL), the country’s largest listed company by market capitalization , is scheduled to be held in the week on Midsummer Day , 2021. The key focus within the past several AGMs was largely on telecom and retail businesses which collectively provided revenue of Rs 2.44 lakh crore in FY21; experts believe this point are going to be no different.
In FY21, as per its targets, Reliance had the most important fundraise in Jio Platforms also as Reliance Retail. Reliance Retail raised Rs 47,265 crore for a ten .09 percent stake from marquee global investors, while its telecom and digital services company Jio Platforms garnered Rs 1.52 lakh crore from several global investors including Google, Facebook and Intel.
In the last AGM, before stake sale in Reliance Retail, the corporate had raised a complete of Rs 2,12,809 crore from rights offering , investments in Jio Platforms, and investment by BP, which largely helped the conglomerate become net-debt free, much before its target of March 2021.
The company has been within the process to bear its oil-to-chemical (O2C) business into a separate subsidiary. “The scheme for transfer of O2C undertaking to a wholly-owned subsidiary has been filed with the National Company Law Tribunal and is pending approval. The said scheme has been approved by the creditors and shareholders of the corporate ,” said Reliance Industries in its FY21 earnings handout .
Vinod Nair, Head of Research at Geojit Financial Services said shareholders would be delighted to understand about details of plausible demerger of the most company into three different business of Jio, Retail and Petrochemical.
This is expected to get a high amount useful unlocking for shareholders within the future, he said.
Also, announcements regarding the RIL-Aramco deal, the launch of 5G and new tech products & services are expected within the AGM, Nair said.
RIL, in its recent earnings handout , said Jio was conducting field trials for fine-tuning network performance and configurations for its 5G network, and work was also ongoing on standardising 5G device configurations by collaborating with original equipment manufacturers (OEMs).
Reliance further said it’s scaled up JioMart to become a very horizontal platform with a presence across Grocery, Fashion & Lifestyle, Digital and Pharma. additionally , JioMart has all the technological functionalities that ought to enable it to become a various third-party platform, it added.
Reliance Industries shares gained 22.2 percent since its last AGM persisted July 15, 2020. Yea-to-date, the stock is 13.6 percent.