The 44th Annual General Meeting (AGM) 2021 of Reliance Industries Ltd (RIL), India’s largest company by market capitalization was conducted virtually.
i.During the event, RIL made several key announcements they are:
- RIL to invest INR 75,000 in Clean Energy Business
- Reliance Jio to partner with Google Cloud to launch 5G services in India
- Chairman of Saudi Aramco Yasir Al-Rumayyan to join RIL Board as Independent Director
- RIL is also set to invest in setting up India’s 1st Carbon Fibre manufacturing unit
RIL to Invest INR 75,000 Clean Energy Business
RIL is set to enter the Clean Energy Business under its ‘New Energy and New Materials’ division. It is set to make an investment of INR 75, 000 crore in the sector over the next three years.
- Under the plan, RIL will set up Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat at a cost of INR 60,000 crore.This complex will include 4 giga factories for integrated solar Photovoltaic (PV) modules, advanced energy storage, an electrolyser factory for green hydrogen, and a fuel cell factory for converting hydrogen into motive and stationary power.
- The remaining INR 15,000 crore will be invested in value chains, partnerships, and future technologies, including upstream and downstream industries.
- It is part of RIL’s plan to achieve its net-zero carbon status target by 2035.
i.RIL will also set up a platform for renewable energy project finance to source long-term global capital for investment in these sectors.
ii.It is also set to establish and enable at least 100 GigaWatts (GW) of solar energy by 2030. At present, India’s total installed capacity of solar power stands at 40 GW (including ground mounted and rooftop).
RIL to invest in setting up of India’s 1st Carbon Fibre unit
RIL is also set to invest in setting up India’s 1st Carbon Fibre manufacturing unit. It will cater to aerospace and defence needs of India.
India’s Solar Energy sector
India imports close to 90% of its solar cells and module requirements, in which 80% of them are from China.
- In order to boost the local manufacturing industry, the Central Government announced an INR 4, 500 crore Production-Linked Incentive (PLI) scheme for solar photovoltaic panels manufacturing in India. It aims to create an additional 10 GW capacity of integrated Solar PV manufacturing plants in India.
Reliance Jio to Partner with Google Cloud for 5G in India
Reliance Jio Infocomm Ltd is set to partner with Google Cloud to launch 5G services in India. Google Cloud will provide tech solutions for its enterprise and consumer offerings for Reliance Jio under the partnership.
- Reliance is also developing a smartphone called ‘JioPhone Next’ in partnership with Google. It is set to be launched in September, 2021.
Chairman of Saudi Aramco to join RIL Board as Independent Director
Yasir Al-Rumayyan, Chairman of Saudi Aramco (officially the Saudi Arabian Oil Company) and Governor of PIF (Public Investment Fund) of Saudi Arabia is set to join RIL Board as Independent Director.
Highlights of the 44th AGM
i.The consolidated revenue of RIL during FY 2020-21 was INR 5,40,000 crore.
ii.Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at INR 90,000 crore.
iii.Reliance Foundation launched 5 missions to help India fight the COVID-19 crisis.
They are Mission Oxygen, Mission COVID Infra, Mission Anna Seva, Mission Employee Care and Mission Vaccine Suraksha.
Recent Related News
i.On December 2, 2020 Fortune India announced the 2020 Fortune 500 Ranking List of Indian companies . It was topped by Reliance Industries Ltd (RIL) with revenue of Rs 615,854.00 crore.
ii.January 31, 2021, As per the Global 500 2021, an annual report on the most valuable and strongest global brands of Brand Finance, Reliance Jio has been ranked in 5th position as world’s strongest brand with a Brand Strength Index (BSI) It entered the ranking for the 1st time.
About Reliance Industries Ltd (RIL)
CMD – Mukesh D. Ambani
Founder – Dhirubhai Ambani
Headquarters – Mumbai, Maharashtra