ardorcomm

News on MEA 29th Aug 2022 ardorcomm Reliance AGM 2022: 5G rollout plans, Succession, Jio IPOs expected at key meet

Reliance AGM 2022: 5G rollout plans, Succession, Jio IPOs expected at key meet

Today at 2 p.m., the highly anticipated Reliance annual general meeting 2022 will take place. Mukesh Ambani, the CEO of Reliance Industries, is likely to make a number of significant announcements during his important speech.

Several significant announcements have been made during Ambani’s annual speech at the AGM over the years, including the debut of the revolutionary Jio telecom service in 2016 and the Saudi Arabian Oil Co.’s proposed investment in the Reliance energy sector in 2019.

The major announcements predicted at the Reliance AGM in 2022 are listed below:

Ambani’s succession plan

Mukesh Ambani signalled last year that Reliance would speed up and restate its succession planning in December. His three children, daughter Isha and sons Akash and Anant, already hold director positions in the group’s unlisted businesses.

Mukesh Ambani gave up his position as chairman of Reliance Infocomm Ltd. in June to make room for his older son Akash. According to Bloomberg, the investors want to see some real action on the leadership transition, with Isha, Anant, and perhaps Nita Ambani taking on greater responsibility.

Rollout of 5G

Recently, Union Minister Ashwini Vaishnaw stated that the government hoped to roll out 5G services by October 12. During the 5G auctions, Reliance Jio placed as the highest bidder, purchasing airwaves worth more than $11 billion.

As they have done in the past when introducing new telecommunications products, the Ambani children may give a presentation at the conference on some of the major aspects of 5G services.

IPO for Reliance Jio

The IPOs of Reliance Jio and Reliance Retail Ltd. have been the subject of increased interest from market experts.

Both businesses enjoy a sizable advantage over competitors and are market leaders in their respective industries. Their public offerings or even spinoffs may increase Ambani’s fortunes.  In comparison to the top performers on India’s S&P BSE Sensex, Reliance has increased by around 11% this year.

Energy

The announcements made last year to construct four giga-factories to produce solar modules, hydrogen electrolysers, fuel cells, and storage batteries have piqued the interest of Reliance investors. Ambani has also been acquiring small green energy companies globally for their technology and expertise. There are also aspirations to rank among the top producers of blue hydrogen globally.

Source: Bloomberg

Leave a Comment

Your email address will not be published.