RIL 42nd AGM – Reliance Industries Limited, one of the biggest conglomerates in India, holds its 42nd annual general meeting (AGM) on Monday in Mumbai.
Starting at 11 am, the chairman Mukesh Ambani addresses the shareholders of Reliance Industries Limited. Talking about the Oil, Chemical and Gas sector business first.
As announced during RIL AGM 2019, Saudi Arabia will be investing in RIL for a 20% stake. Also, there are announcements made by Mukesh Ambani.
The company also announced the launch of Jio Fibre-net, a commercial broadband service from Jio to be launched in September. The monthly rent will vary between the price range of Rs. 700 to Rs. 10,000. The speed for the Jio Fibre starts at 100 MBPS and goes up-to 1 GBPS.
The conglomerate’s stock rallied from Rs 964 recorded on July 5, 2018 when RIL held its 41st AGM, to Rs 1,162 registered on Friday, 9 August, which translates into a rally of over 20 percent.
As of last RIL AGM, Jio had 250 million users. As announced during 2019 AGM, Jio currently has 350 million users, and gaining 10 million users per month. Jio mobile is aiming to gain 500 million users soon.
Reliance Retail is also growing at the fastest pace in the world. The department of RIL sells a TV every twenty-four minutes and a mobile phone in every twenty seconds. The company is also selling twenty percent of the entire grocery market, last year. Reliance Retail ranks in the top retailers in the world.
Reliance Industries Limited, is the largest conglomerate with a market valuation of more than rupees eight lakh crores. It is having a tough competition from Tata Consultation Services and competing for the first position for the biggest company by valuation in India.