Reliance has kicked off its first virtual 43rd Annual General Meeting (AGM) 2020 in India. It’s being live-streamed via the company’s JioMeet video conferencing service. The Mukesh Ambani-led company is hosting Reliance Jio AGM 2020 on the back of a flurry of investments, which help it raise more than Rs 1,18,318.45 crores since April for Jio Platforms. Reliance Industries is expected to make a number of announcements at the AGM 2020, including an update on Jio Fiber, a roadmap for expanding its online-to-offline platform JioMart across India, Jio Platforms’ IPO, and other apps and services. Last year, the company announced the pan-India launch of Jio Fiber in the country.
Jio’s broadband arm, Jio Fiber, will get some spotlight at the company’s annual general meeting 2020. The company may provide an update regarding its trajectory over the year and its plan to invest more than a billion dollars from Saudi Arabia’s sovereign fund. The new funding, as reported by Business Insider, will be used for Jio’s Fiber InvIT.
We may also see Reliance giving Jio Fiber another push to reach a wider audience. Despite offering high-speed internet at low cost, the JioFiber is yet to leave its mark on the broadband market. Its subscriber base at 0.87 million, as per TRAI, is significantly lower than BSNL’s 8.08 million and Airtel 2.47 million users. Reliance may give it another push.
The footprint of JioMart may expand countrywide to take on the likes of Amazon and Flipkart in the online retail market. It was launched in Mumbai back in December to deliver groceries and other daily essentials from nearby kirana stores. As per a report by ET, JioMart service will be expanded to fashion, consumer electronics, and smartphones soon.
Jio Platforms IPO
Another highlight of RIL AGM 2020 is going to be Jio’s IPO. The company is reportedly planning to explore an initial public offering (IPO) for Jio Platforms, which include Jio, MyJio, JioTV, JioCinema, JioNews, and JioSaavn.
Apps and services
Additionally, Jio is expected to make announcements regarding its new apps and services. The telco recently launched its video conferencing app, JioMeet, in India. The app can connect thousands simultaneously in a video call and supports one-on-one voice calling as well. There will be an update regarding the app. This may be accompanied by launch announcements of other apps the company may have in the pipeline.