The Annual General Meeting (AGM) of Reliance Industries Limited (RIL) was held recently, and it was marked by several significant announcements. The most anticipated updates were regarding the Jio IPO and the launch of a new phone.
Jio IPO Announcement
The Chairman and Managing Director of RIL, Mukesh Ambani, addressed the shareholders and provided updates on the company’s performance and future plans.
- One of the key highlights of the meeting was the announcement regarding the Jio IPO.
- Ambani stated that the company is making steady progress towards launching the IPO of Jio Platforms Limited.
- However, he did not specify a timeline for the IPO, which has left the market speculating about the possible date.
New Phone Launch
Another significant announcement made during the AGM was the launch of a new phone.
- Ambani revealed that the company is working on launching an affordable smartphone in collaboration with Google.
- This smartphone is expected to be a game-changer in the Indian market, providing access to digital services for millions of Indians who are currently using feature phones.
Company Performance
Ambani also provided an update on the company’s performance during the past year.
- He highlighted the strong growth in the digital services business, which has been a key driver of the company’s revenue.
- The retail business also saw robust growth despite the challenges posed by the pandemic.
Future Plans
Ambani outlined the future plans of the company, which include expanding the retail business, strengthening the digital services portfolio, and investing in new growth areas such as renewable energy and green hydrogen.
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