Reliance Industries (RIL) held its 42nd annual general meeting (AGM) today, 12 August 2019.

Reliance Jio Infocomm (Jio), a subsidiary of Reliance Industries (RIL), and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society.This 10-year commitment combines the world-class capabilities of both companies to offer a detailed set of solutions comprising connectivity, computing, storage solutions,and other technology services and applications essential for Indian businesses and will span the broad Reliance Industries ecosystem including its existing and new businesses.

In combining efforts, Jio and Microsoft aim to enhance the adoption of leading technologies like data analytics, AI, cognitive services, blockchain, Internet of Things (IoT), and edge computing among small and medium enterprises to make them ready to compete and grow, while helping accelerate technology-led GDP growth in India and driving adoption of next-gen technology solutions at scale.

As part of this new agreement, Jio will provide its internal workforce with cloud-based productivity and collaboration tools available with Microsoft 365 and will migrate its non-network applications to the Microsoft Azure cloud platform.

Jio's connectivity infrastructure that aims to connect everyone, everything, everywhere will promote the adoption of the Microsoft Azure cloud platform within its growing ecosystem of startups, as part of Jio's cloud-first strategy.

Jio will set up data centers in locations across India, consisting of next-generation compute, storage and networking capabilities,and Microsoft will deploy its Azure platform in these data centersto support Jio's offerings. The initial two data centers, which can house IT equipment consuming upto 7.5 MW of power,are being set up in the states of Gujarat and Maharashtra. These are targeted to be fully operational in calendar year 2020.

Jio will leverage the Microsoft Azure cloud platform to develop innovative cloud solutions focused on the needs of Indian businesses.

Through these Jio-developed solutions Indian startups will have access to efficient and affordable cloud infrastructure and platform services, enabling them to develop innovative products and services faster and more cost-effectively. Small and medium businesses in India will have access to a range of cloud-based productivity, collaboration and business applications including Office 365,enabling them to compete more effectively in the Indian marketplace. Large companies will be able to accelerate their own digital transformations by leveraging new Jio solutions that can work with Microsoft offerings already in use today within many large enterprises. The partner ecosystem in India will have the opportunity to leverage Jio's new offerings to serve the unique needs of their customers and rapidly grow their businesses.

Jio will be executing on its vision of integrated speech and computer vision solutions for Indian customers by working together with Microsoft to develop solutions that support major Indian languages and dialects, which will promote the adoption of technology across all cross-sections of Indian society.

Jio has built a world-class all-IP data strong future proof network with the latest 4G LTE technology.

On consolidated basis, RIL's net profit rose 6.8% to Rs 10104.00 on 21.9% rise in net sales to Rs 1,56,976 crore in Q1 June 2019 over Q1 June 2018.

RIL is engaged in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications.

Shares of RIL rose 0.87% to settle at Rs 1162 on Friday, 9 August 2019. Domestic equity market is shut today on account of Bakri Id.

The stock had underperformed the market over the past one month, falling 9.18% compared with 2.97% fall in the Sensex. The stock underperformed the market in past one quarter, sliding 7.42% as against Sensex's 0.06% fall. The stock had also underperformed the market in past one year, declining 4.59% as against Sensex's 1.16% fall.