Here's a summary of major things discussed at Reliance AGM 🔥

Most of Dalal Street was busy yesterday with the Reliance annual general meeting — a ritual that India’s traditional investors wouldn’t dare miss.

Ambani laid out a comprehensive agenda in addition to giving color on the state of the empire’s transformation into a digital-first entity. Here’s the major things:

• Reliance’s Google-powered low cost smartphone, JioPhone Next, is coming in Sep
• Saudi’s state oil company Aramco will invest in Reliance’s Oil and Chemicals business, with the Chairman joining Reliance’s board
• MASSIVE investment into green energy — spending ₹75,000 crores over 3 years to build giga factories to make fuel cells, solar photovoltaic modules, energy storage systems, etc. attacking clean power to EV infra
• 5G trials are going well, will shift focus on deployments this year
• In commerce and digital, RIL guided for 3x growth in volumes of Reliance HyperMart, will scale rapidly to 1 crore kiranas — startups sweatin much?

Oh and BTW — in 2019, Aramco had shown interest in buying 20% of Reliance’s Oil-to-Chems business for about $15 billion, but talks dragged out because of COVID and Aramco’s IPO in between. RIL now says some deal should be worked out in the next 1-2 years.

Bottomline — at this point, it's simple AF. If you’re comfortable buying overpriced tech IPOs and loss-making growth tech names, you’ve gotta be silly to not be long on a cash-machine with equally promising prospects in equally exciting verticals.