Ground Report | New Delhi: Reliance JioPhone Next; On Thursday, Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said that he expects his company’s deal with the world’s largest oil company Saudi Aramco to be completed by the end of this year. This was announced by Mukesh Ambani at the annual meeting of shareholders of Reliance Industries. He also said that he is going to bring a cheap smartphone to the market soon in collaboration with Google.
Ahead of the completion of the $15 billion deal, Yasser Ottman Al-Rumayan, chairman of Saudi Aramco and governor of Saudi Arabia’s Public Investment Fund, has joined the board of Reliance Industries as an independent director. He said that “his joining the board can be interpreted as the internationalization of Reliance Industries”.
Two years ago, he said he was in talks to sell a 20 percent stake in the company’s oil-to-chemical unit to Saudi Aramco. At the shareholders’ meeting, Mukesh Ambani said that 51-year-old Al-Rumayan will replace Yogendra P Yadav, who has turned 92. Recently he had expressed his intention to retire.
On selling a stake in the oil-to-chemical unit, he said he expects the deal to be completed this year. He said, “Last year there were many interruptions due to COVID-19 but we have made good progress in negotiations in this direction. We welcome Saudi Aramco as a strategic partner in the oil-to-chemical business.”
In FY20, Reliance Industries carved out its oil-to-chemical business as a separate entity and intensified efforts to induct key foreign partners. This business includes crude oil refining, retail business, aviation fuel, and wholesale marketing.
Reliance JioPhone Next will hit the market on September 10
Apart from the deal with Saudi Aramco, Mukesh Ambani has made many other important announcements in the meeting. He said that the company had launched Jio to bridge the gap between the rich and the poor in technology. Now Jio is going to bring a cheap smartphone phone in collaboration with Google, which will be named JioPhone Next. This phone will have all the applications from Google and Jio.
Although this phone will use the Android operating system, its OS will be optimized, which is being made jointly by Jio and Google. The company has said that this will be a very cheap phone and will be launched in the market on Ganesh Chaturthi on September 10 this year. While Google’s executive director Sundar Pichai said in a blog It is written that this phone will have the option of many languages, as well as the feature of translation from one language to another and a good camera.