Here are big announcements from RIL’s 42nd annual general meeting
At the 42nd Annual General Meeting of RIL, Chairman Mukesh Ambani made a slew of important announcements. Here are highlights
August 12, 2019
At the 42nd Annual General Meeting of Reliance Industries Limited (RIL), Chairman Mukesh Ambani made a slew of important announcements, including Saudi Aramco’s decision to pick a 20 percent stake in RIL’s oil-to-chemical business and the conglomerate’s plan to clean its account books of debt in the next 18 months. The speech was monitored closely by the market.
Here are highlights from Ambani’s speech:
- Saudi Aramco and RIL have struck a deal under which Saudi Aramco will pick up a 20 percent stake in RIL’s oil-to-chemical business for $75 billion or over Rs 5.34 lakh crore. Saudi Aramco will also supply 500,000 barrels of oil to Jamnagar refinery.
- Reliance to get Rs 7,000 crores by selling 49 percent stake in its fuel retail business to BP.
- RIL’s oil-to-chemicals business achieved growth of Rs 5.7 lakh crores in revenues, exports Rs 2.2 lakh crores.
- On September 5, Jio will turn three-year old and will launch its fibre services.
- The base plan will have 100 mbps speed and will go all the way up to 1 GBPS.
- Jio fibre plans will be priced between Rs 700 to Rs 10,000 per month. Voice calls from home to any network will be absolutely free. International pack for calls to US/Canada at Rs 500 per month.
- Jio first day first show will be launched in the middle of 2020.
- Jio fibre customers, who opt for annual lifetime plans will get an LED 4k HD TV and set top box, absolutely free.
- Jio will install a blockchain network across India.
- Jio announces partnership with Microsoft for digital transformation of India.
- Ambani says will start four more engines to generate revenues: Internet of Things all over India, Home Broadband, Enterprise broadband and Broadband for small and medium businesses
- IoT services to be available from January 1, 2020
- Jio fibre roll out within next 12 months
- Jio launches Jio set top box
- Jio’s customer base crossed 340 mn and more than 10 mn new customers every month are being added.
- RIL has a clear road map to become a zero net debt company in the next 18 months.