You can almost say that the digital story began with Facebook and at the AGM it reached Google. You are right, the company gave enough signals that it was making a decisive shift to becoming a digital company. When Google announced its $10 billion India Digitization Fund earlier in the week, few expected nearly half of the allocation to go to Jio Platforms.

Google invested $4.5 billion to pick up a 7.37% stake in Jio Platforms. It signals that RIL was really looking to capture a big chunk of the digital ecosystem in India. One can envisage the impact on the Indian market when Facebook, Google and Qualcomm put their resources in along with RIL. This is a clear signal that RIL is reinventing itself as a real digital player.

Even the future plans of RIL appear to be digitally driven. The future plans were largely about the launch of Jio Glasses, Jio TV, the agnostic OTT super platform that would support Netflix, Amazon Prime & Hotstar. Reliance also spoke about its plan to launch 5G product solutions that will be developed indigenously.

It is expected that RIL would give a boost to “Make in India” through the 5G route and compete with the likes of Huawei, Nokia, Ericsson and ZTE. The moral of the AGM appears to be that Reliance has made a decisive shift to the new economy. The future of RIL may still be funded by refining business but the thrust of future strategy will be digital.