Reliance Industries Limited held its 43rd annual general meeting (AGM) and announced the vision of the company for the next 15 years. Mukesh Ambani, Chairman and Managing Director of Reliance Industries announced that Google will invest Rs 33,737 crore for 7.7% stake in Jio Platforms. Apart from this, he also revealed that the company is working on Jio TV Plus, Glass and many more. One of the major announcements which were made by Mukesh Ambani was the merger of Den Networks and Hathway with Network 18 Group. The merger will simplify the corporate structure of the company by reducing the number of listed entities.
Network18 Group will Become Largest Listed Media and Distribution Company
Reliance Jio will merge the Den Networks and Hathway with Network18 Group to simplify the corporate structure of the entities. Also, the merger will be subjected to regulatory approvals. If the merger is approved, Network 18 Group will become the largest listed media and distribution company across sectors. Reliance Jio platforms own 78.62 of Den Networks and 71.95% in Hathway. Both Den Networks and Hathway has around 13 million and 11 million subscribers, respectively. Network 18 Group, which is owned by Reliance Industries, is reaching out to 800 million users. Also, the digital properties of the company are being used by nearly 200 million users in India every month.
Google Will Invest Rs 33,737 crore in Jio Platforms
One of the major announcements which were made by Mukesh Ambani was the partnership of Google and Reliance Jio platforms. Google will invest Rs 33,737 crore into Jio platforms for a 7.7 % stake. The partnership between Google and Reliance Jio will focus on developing a new Android smartphone which will cost less than an average 4G smartphone. The partnership between Google and Reliance Jio will also be subjected to regulatory approvals.
Reliance JioMart and WhatsApp will Create Growth Opportunities for Small Merchants
Mukesh Ambani also shared the future prospects of JioMart. Since the Jio-Facebook deal has been approved by CCI, JioMart and Facebook-owned WhatsApp will work closely to create growth opportunities for millions of Indians small merchants and enable customers to seamlessly transact with Kirana shops.