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RIL AGM 2020: Made in India Jio 5G can rollout next year

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Reliance Industries (RIL) held its 43rd annual general meeting (AGM) virtually. The company's chairman and managing director Mukesh Ambani hosted the meeting.

India's top telecom operator Reliance Jio on Wednesday announced that the company has made a complete 5G solution from "scratch which would enable the company to launch world-class 5G services in India. Ambani announced that the "Made in India" tech can be deployed and launched within a year's time once the 5G spectrum is available.

"Due to unforeseen circumstances and COVID-19, the deal with Saudi Aramco has not progressed as per the earlier timeline. We are committed to a long-term partnership with Saudi Aramco," Ambani said.

"Our O2C business has competitive feedstock streams that are the building blocks for specialty and new value chains of Acetyls, Acrylates, Phenols and Polyurethanes. Reliance has been approached by global companies for strategic partnerships in its petrochemical business, including in utilizing these feedstocks. These potential partnerships will help us build competitive manufacturing capacity at our existing sites to serve the deficit Indian market that still depends on large-scale imports of chemicals," stated Ambani.

For Reliance Retail, Ambani said: "Four things that give me huge satisfaction are: First, more than two-thirds of our nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns. Second, the deep-rooted bond with tens of thousands of farmers that has helped us source over 80% of our fresh fruits and vegetable directly from farmers. We sell more fruits and vegetables than any other organised retailer in the country. Third, we continue to provide large employment and development opportunities for lakhs of people across India. Fourth, our growth model is based on partnership with small merchants and shopkeepers."

"We have successfully piloted JioMart grocery model with kirana partners. The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day," Ambani said.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, July 15 2020. 15:16 IST