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Jio GigaFiber, Saudi Armaco deal and J&K: What Mukesh Ambani said at RIL meet

On the big deal with Saudi Aramco, Mukesh Ambani said Armaco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL’s Jamnagar refinery.

business Updated: Aug 12, 2019 14:55 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Chairman of Reliance Industries Limited Mukesh Ambani at 42nd Annual General Meeting (Post-IPO) of Reliance Industries Limited in Mumbai on Monday.
Chairman of Reliance Industries Limited Mukesh Ambani at 42nd Annual General Meeting (Post-IPO) of Reliance Industries Limited in Mumbai on Monday. (AP Photo)
         

At the 42nd Annual General Meeting (AGM) of Reliance Industries on Monday, the company’s chairman and managing director Mukesh Ambani said that “India is getting transformed into New India, Reliance will also transform itself into New Reliance”.

Announcing the biggest foreign investment in the history of Reliance, Ambani said that Saudi Aramco has agreed to acquire 20% stake in RIL’s oil-to-chemical business for an enterprise value of $75 billion. He also said that much awaited wired broadband service Jio GigaFiber will start from September 5 at rates which are one-tenth compared to global rates. Investment cycle of Reliance Jio, the Reliance chairman said, is complete and it has amassed over 340 million subscribers in less than three years, is now ready to fire four new growth engines including Internet of Things (IoT) for the entire country.

The 10 big announcements at Reliance AGM:

1. Speaking at the annual event, held at Birla Matushri Sabhagar in Mumbai, Mukesh Ambani said the slowdown in some sectors is temporary and that the country’s fundamental are very strong. “Future of India and future of Reliance never looked brighter to me than now. Our Prime Minister has set the goal of making India a five trillion dollar economy by 2022. I fully endorse the idea. In fact, I see India becoming a 10 trillion dollar economy by 2030.

Also Watch: Reliance Industries unveils Jio GigaFiber starting at ₹ 700 per month 

2. Mukesh Ambani also said that his company would make several announcements for Jammu & Kashmir and Ladakh region in the near future. “Responding to the Prime Minister’s appeal, we stand committed to support people of Jammu and Kashmir and Ladakh in all their developmental needs. Hence, we will create a special task force and you will see several announcements for Jammu & Kashmir and Ladakh region in our developmental initiatives in the coming months,” he said at the 42nd Annual General Meeting (AGM).

2. On the much-awaited wired broadband service Jio GigaFiber, he said the service will offer internet speeds of 100 mbps, going up to 1,000 mbps; to be priced at Rs 700 to Rs 10,000 a month depending on the usage plans, which will combine wired broadband, television content, landline calling and a host of smart solutions such as multi-player gaming and video conferencing.

3. JioGigaFiber has received over 15 million registrations from 1,600 cities and the company has drawn up a plan to reach 20 million homes and 15 million business enterprises.

4. Voice calls from Jio Fibre fixed line phones to anywhere in the country will be free for life, Mukesh Ambani said. From mid-2020, the premium Jio Giga Fiber customers will also get to watch new movies on the same day of its release, Ambani said.

5. Reliance Jio has entered into a long-term alliance with Microsoft to accelerate digital transformation with the launch of new cloud data centres, RIL Chairman Mukesh Ambani said on Monday.

6. On the big deal with Saudi Aramco, Mukesh Ambani said Armaco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL’s Jamnagar refinery. “This signifies perfect synergy between the world’s largest oil producer and the world’s largest integrated refinery and petrochemicals complex,” he added.

7. In another significant new initiative, BP acquired 49 per cent stake in Reliance’s petro-retail business. Reliance will get Rs 7,000 crore from BP for this transaction.

8. Mukesh Amabni also said that Reliance’s new commerce platform will represent the digital symbiosis of big and small enterprises. “I believe that the small must not only survive, but also thrive in New India,” he said. Our merchant Point of Sale (POS) Solution – Jio Prime Partner POS – is integral to our plan to create an ecosystem around small merchants. This user-friendly digital platform will modernise even the smallest kirana shop to become a digitized store:

10. Reliance to be a zero-debt company within 18 months, said Ambani adding that the company induct partners, list retail and telecom business.

First Published: Aug 12, 2019 14:03 IST

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