The highly anticipated annual general meeting of shareholders for Reliance Industries is scheduled for August 28. At the company’s 46th Annual General Meeting (AGM) next week, the chairman Mukesh Ambani-led oil-to-telecom conglomerate is anticipated to make a number of announcements, including updates on deadlines for telco and retail business IPOs, 5G rollout, and investments in renewable energy.
Reliance Industries’ shares were trading about 0.5 percent higher on August 24 at Rs 2,512 on BSE in the run-up to the AGM.
RIL stated during its 2019 AGM that it plans to IPO its telco and retail businesses within the next five years. Most investors expect an update on the timeframe of potential IPOs after four years. BOFA Securities, on the other hand, says it does not anticipate any IPO timeframes at the AGM. Reliance may provide updates on the 5G rollout and the JioAir Fibre roadmap.
Updates on the freshly released Jio Bharat phones are also expected. Reliance Jio announced the Jio Bharat handset in July for Rs 999. This low-cost feature phone seeks to enable clients still using 2G technology with affordable access to the best-in-class Jio 4G network. It is also possible that the company would provide information about its prepaid bundled pack relationships with Netflix.
Reliance Retail Ventures Ltd. (RRVL) has announced that Qatar Investment Authority will invest Rs 8,278 crore for a 0.99 percent ownership in the company. More information regarding the investment is likely to be released by the firm. Reliance New Energy may provide an update on its sustainable energy investment. The company is also trying to establish gigafactories in the solar and battery industries.
Brookfield Asset Management and Reliance Industries signed a memorandum of understanding (MoU) earlier this month to explore prospects to manufacture renewable energy and decarbonisation equipment in Australia, according to a joint statement from both firms.
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