Reliance Industries Ltd (RIL) president and managing director Mukesh Ambani today announced at its 42nd Annual General Meeting (AGM) that Saudi Aramco will purchase a 20% stake in its oil-to-chemical company. Mukesh Ambani also announced details related to the launch of Jio Fiber service, the triple play of broadband, TV and landline.
— Reliance Jio (@reliancejio) August 12, 2019
That apart, Jio‘s commercial IoT (Internet of Things) services, the firm said, will be accessible from January 1, 2020. It also announced that in 12 months the company will finish rolling out Jio Fiber.
RIL underperformed the market on the stock exchanges in the quarter ended June 30, 2019 by falling 8 percent compared to an increase of around 2 percent in the S&P BSE Sensex benchmark. On the financial front, on the back of a record 22 percent jump in revenue at Rs 1.72 trillion, the company posted a 6.8 percent increase in its net profit at Rs 10,104 crore for the June quarter. Consolidated debt at Rs 2.88 trillion as of June 2019 compared with Rs 2.87 trillion as of March 2019.
The Jio Giga Fiber Announcement:
The pricing of Jio GigaFiber was an important announcement. GigaFiber customers currently available for beta testing only paid up to Rs 4,500 as a security deposit for the router, with broadband internet up to 100 GB free of charge per month. Customers will only be charged, depending on the plan, between Rs 700 and Rs 10,000 per month after the commercial rollout.
-Under a Welcome Offer, Jio Fiber customers opting for the annual plan will get a new Jio Forever plan under which a full HD TV or a Home PC and 4k set-top box will be given for free: Ambani.
-Jio Fiber will launch a premium service where customers can watch movies at home on the same day they are released in theaters. This service will be launched in the middle of 2020: Mukesh Ambani.
-Voice calls from home will be absolutely free forever for Jio Fiber subscribers.
-Jio Fiber’s plans will be priced at ₹700- ₹10,000 per month.
-Jio Fiber’s most basic plans will start at 100 Mbps and go up to 1 Gbps.
Jio GigaFiber rollout to be completed in the next 12 months.
-Jio GigaFiber will reach 20 million residences
Additional Reading: TV, Internet and Landline – all in Jio ₹600 plan!
Reliance has shown a massive growth: Mukesh Ambani
Reliance has invested approximately $5.4 trillion over the past five years to generate EBITDA in excess of $1 billion per year over a decade.
-Jio will provide unlimited ISD calling service from Jio landline at fixed monthly rentals of approximately 500 to the United States and Canada.
-The fresh trade platform of Reliance reflects the digital symbiosis of large and small businesses. I think the little one in New India must not only survive, but also thrive: Mukesh Ambani.
Sales Point (POS) Solution–Jio Prime Partner POS–is an essential part of our strategy to develop a tiny merchant ecosystem. This user-friendly digital platform will upgrade to a digitized store even the smallest kirana shop: Mukesh Ambani
Reliance Retail and the future of E-commerce:
E-commerce is a huge opportunity for business. In the real Reliance ethos, with our end-to-end digital and physical distribution stack, we are working to enrich and empower nearly 30 million merchants and Kirana store owners: Mukesh Ambani -Today, Reliance Retail is the only Indian retailer to be ranked among the top 100 global distributors. Our goal is to be among the top 20 distributors in the world over the next 5 years: Mukesh Ambani.
-Reliance Retail sold TV every 24 seconds last year, telephone every 2 seconds.
Also, Reliance Retail has crossed Rs 130,000 cr revenue mark.
Jio’s latest MR Headsets:
-New Mixed Reality (MR) headsets, built by Jio’s investment in a start-up, will soon be available on the market.
-Jio’s quantity of fiber can surround the earth 11 times.
-Jio set-top box for gaming support.
-It is now history to spend thousands on video conferencing: Akash Ambani.
The deal with Saudi Aramco:
-Reliance will become a new Reliance, says Mukesh Ambani at the company’s 42nd AGM–Mukesh Ambani announced that Saudi Aramco will buy $75 billion in 20 percent stake in the oil-to-chemical division of RIL.
-Saudi Aramco will supply Reliance refineries with 500,000 barrels of crude oil per day after taking over: Ambani.
-Moreover, Reliance will acquire around 7,000 crores by selling to BP 49 percent of its fuel retail share.
Reliance Jio set to install largest blockchain networks:
-Over the next 12 months, Reliance Jio will install one of the largest blockchain networks in the world in India, with tens of thousands of nodes operational on day one: Mukesh Ambani.
-Jio is setting up a pan-India Edge Computing and Content Distribution network starting with tens of thousands of nodes: Ambani.
-Jio enters a long-term alliance with Microsoft. The Jio-Microsoft alliance will accelerate digital transformation with the launch of new cloud data centers. Jio to set up a network of large world-class data centers across India powered by Microsoft’s Azure cloud platform.
Free Internet to Startups:
Mukesh Ambani says Jio will provide connectivity and the Jio-Azure cloud service to Indian technology startups absolutely free.