Reliance Industries will hold its 44th Annual General Meeting (AGM) at 2 pm on June 24. Reliance Industries is likely to make announcements across its telecom, retail and O2C businesses, as has been the norm in the past. AGMs have also been an occasion for new investors to join the digital and retail businesses of Reliance Industries.
Saudi Aramco chairman and Governor of the Kingdom’s wealth fund Public Investment Fund (PIF) Yasir Al-Rumayyan is likely to be inducted on the board of Reliance Industries, paving the way for a deal between the two petrochemical giants. Mr Al-Rumayyan may either be inducted on the board of Reliance Industries or that of the newly carved oil-to-chemical (O2C) subsidiary at the upcoming annual shareholders (AGM) meeting scheduled on June 24, sources have told NDTV.
Reliance Industries may also provide updates about the proposed stake sale in its oil-to-chemical (O2C) business to Saudi Aramco, according to analysts. Reliance Industries had recently announced carving out the O2C business as a separate subsidiary, on the lines of Jio Platforms and Reliance Retail, to support strategic partnerships and new investors. Moreover, investors are looking forward to an announcement on pricing and launch of the Jio-Google phone. Last year, the chairman and managing director Mukesh Ambani had said that Google would partner with Jio to design an operating system to introduce an affordable entry-level smartphone.