Ambani Promises to Put ‘India’ on World Solar Map; to Invest Rs 75,000 Cr

Reliance Industries, India’s most valuable company has made several announcements across its telecom, retail and oil-to-chemicals business during RIL AGM.  “As one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape,” said Mukesh Ambani. Reliance Foundation launched five missions to fight Covid-19 – Mission Oxygen, Mission COVID Infra, Mission Anna Seva, Mission Employee Care, and Mission Vaccine Suraksha, said Nita Ambani.  

“India faced an acute shortage of oxygen as soon as COVID cases began to surge earlier this year. Traditionally, we have never produced medical grade liquid oxygen. Yet when the need arose, we repurposed our Jamnagar refinery within days, to produce high-purity medical grade liquid oxygen and, within two weeks, we ramped up production to a massive 1100 Metric Tonnes per day,” said Nita Ambani. The oil-to-chemical conglomerate has been conducting its annual shareholding meeting virtually since last year due to corona virus pandemic. All eyes are on the new 5G smartphone that is expected to be launched on June 24, according to reports.”

Some talk on progress of 5G launch and launch of handset in collaboration with Google may be made,” said Deepak Jasani, head of retail research at HDFC Securities.  The company may also unveil a new affordable laptop — Jio Book laptop during the 44th AGM. The company has earlier fixed June 14 as record date for dividend for FY2021. The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM, the company said. To fight against COVID-19 pandemic which has severely affected the country in last one year, Reliance Industries has taken several initiatives — from setting up a hospital to ramping up the oxygen supply. Its latest venture is the authorization of a tapeworm drug that has potential to treat novel coronavirus infection, mentioned the annual report. While investors are eagerly awaiting major announcements from the oil to chemicals business, shareholders will keenly observe the event for more clarity on the progress and timing of inducting of new strategic investors.

 

(Agencies)