Reliance Creates History: Mukesh Ambani

Reliance Industries (RIL) Chairman Mukesh Ambani has made a crucial announcement at the 43rd Annual General Meeting. He announced that Google Inc has come on board as another strategic investor in Jio Platforms. He made this announcement at Reliance’s first-ever virtual annual general meeting (AGM). Stating that the company is a household name in India and the world and it needs no introduction, Mukesh Ambani hailed Google Inc as a company that has pioneered the search engine and the operating systems that are used across the world.

“We are delighted to welcome Google as a strategic investor in Jio Platforms. Today we have signed a binding partnership and investment agreement with Google under which Google will invest Rs 33,737 crores for a 7.7% stake in Jio Platforms. This transaction is subject to regulatory and other customary approvals,” said Mukesh Ambani at RIL AGM.

With Google, the total investments into Jio Platforms touched 1,52,056 Crore i.e in the last few months. Mukesh Ambani further added about the Joint Venture with BP. “We have also concluded a Joint Venture with BP in our existing fuel retailer business. BP has invested 7629 crore for their 49 percent stake in the JV,” added Mukesh Ambani.

He said thus the cumulative capital raised by the group amounts for 2,12,809 crores through rights, investments in Jio platforms and through investment by BP. Mukesh termed this as unprecedented in the history of capital markets in India and indeed there would be very few parallels globally. “This capital raise is significantly in excess of our net debt of 1,61,035 crores at the end of FY 19-20. Reliance is now truly a zero debt company, well ahead of my goal of March 2021.” He added that the group now has an extremely strong balance sheet that would support all its hyper-growth plans for its three businesses – Jio, Retail and Oils-to-Chemicals.

Earlier, Nita Ambani, Chairperson of Reliance Foundation, said the company aims to make affordable healthcare and quality education accessible to every Indian. She said at the 43rd AGM, “I assure you, as soon as the Corona vaccine becomes available, we will volunteer by using the same digital distribution and supply chain, to ensure that the vaccine reaches every nook and corner of our country.”