Reliance’s 43rd Annual General Meeting to be held virtually today: All you need to know

Reliance Industries Ltd (RIL) is set to hold its 43rd Annual General Meeting (AGM) on Wednesday. Due to the ongoing coronavirus pandemic, the event will be held virtually on a brand new virtual platform that will allow 1 lakh shareholders to log in from 500 locations in India and foreign nations such as UK, US, Canada, UAE and more.

Details about the launch of 5G and plans for Jio Platforms listing and  Jio Fiber trajectory is expected to be announced at the meet. Investors will also look forward to details on Reliance Retail’s  e-commerce venture, JioMart and its integration with local stores and the online payments through WhatsApp. Payment services for JioMart have been already launched in Brazil.

One of the most important announcement is likely to be the details about Reliance becoming a net-debt free company after raising Rs 117,588.45 crore from global investors such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic and others. Chairman Mukesh Ambani announced a roadmap for Reliance to become a net-debt free company before March 31, 2021 in last year’s AGM.

Details on Reliance’s $15-billion deal with Saudi Oil Co. where it plans to sell up to 20% in its refining and chemical business at an enterprise value of $75 billion is also awaited.