RIL AGM 2019 highlights: Mukesh Ambani’s Jio disrupts again; free calls, new movies, cable TV on GigaFiber

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Updated:Aug 12, 2019 4:31:30 pm

Reliance Annual General Meeting 2019 highlights: Mukesh Ambani announced the launch date of Jio Giga Fiber, Jio set top box, and First Day First show in a major digital push to make Reliance Jio India's largest network.

RIL AGM Live, Reliance Industries AGM 2019Mukesh Ambani also announced a major deal with oil giant Saudi Aramco, in what would be one of the largest foreign investments in the country.

Reliance Industries AGM highlights: At RIL’s 42nd annual general meeting (AGM) on Monday Mukesh Ambani made a series of announcements which is set to disrupt the industry. As widely expected, Mukesh Ambani announced the launch date of Jio Giga Fiber, Jio set top box, and First Day First show in a major digital push to make Reliance Jio the largest used in the country. Notably, Mukesh Ambani also announced a major deal with oil giant Saudi Aramco, in what would be one of the largest foreign investments in the country.  The AGM began with Mukesh Ambani saying that RIL becomes the most profitable firm in India in 2018, and also the highest income tax payer. We bring to you LIVE updates.

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Highlights

    16:31 (IST)12 Aug 2019
    Mukesh Ambani's says OIls to Chemical Biz has the highest complexity index in the world

    "Reliance has the most complex and integrated Oils to Chemicals business globally.  As the world moves towards renewable energy sources and electric vehicles, Reliance has positioned itself far ahead of the curve to create new value.  At Jamnagar, we now operate with a Complexity Index of over 21.1, which is the highest globally for a refinery.  Higher complexity signifies a high degree of integration of units, feed flexibility, product manufacturing capability and, consequently, the ability to maximize margins. Our Oils to Chemicals business achieved revenue of  Rs 5.7 lakh crore, exports of Rs 2.2 lakh crore and EBITDA of Rs 52,041 crore," Mukesh Ambani said.

    16:01 (IST)12 Aug 2019
    Jio Fiber broadband services out on September 5: Five key takeaways from Mukesh Ambani’s AGM speech

    Jio Fiber services will be launched on the commercial basis on September 5, bundled with a host of new services, Reliance Industries Chairman and Managing Director Mukesh Ambaniannounced in his Annual General Meeting speech on Monday. Reliance’s decision to scale up Jio Fiber services at the commercial level has been considered to be yet another disruptive move by the Mukesh Ambani-led conglomerate. In 2016, RIL disrupted the telecom sector in the country with the launch of Reliance Jio that offered cheap tariffs and unlimited access to select online content among other benefits.

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    15:07 (IST)12 Aug 2019
    Mukesh Ambani’s Jio punch for startups: Free cloud infra, investment; calls Jio a startup

    Reliance chief Mukesh Ambani, who has developed a strong penchant for startups in India through multiple acquisitions and tie-ups, has once again reiterated his commitment to the growing Indian startup ecosystem. Speaking at the group’s 42nd annual general meeting (AGM), Asia’s richest man Mukesh Ambani announced bringing down the cost burden for young startups with respect to cloud and connectivity infrastructure. “You may know that 80 per cent of the cost of running a startup goes towards cloud and connectivity infrastructure. I want to announce today that Jio is ready to take away this cost by making the connectivity and cloud infrastructure absolutely free for budding startups,” he said urging them to register for the custom-designed package on Jio.com from January 1, 2020, onwards.

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    15:01 (IST)12 Aug 2019
    Mukesh Ambani’s Reliance Jio India’s 2nd most influential brand; this US company is no 1

    Mukesh Ambani’s telecom company Reliance Jio is the second most influential brand in India but is beaten by the globally used search engine Google, a recent survey says. In the previous year’s survey, Mukesh Ambani’s Reliance Jio stood at 3rd position and was left behind by both Larry Page and Sergey Brin founded Google and Jeff Bezos’ Amazon. Also, Bharti Airtel, one of the chief competitors of Reliance Jio in India, stood at eighth position. All of the top ten spot grabbers on the list belong to technology category, with the likes of Paytm, Samsung, and Amazon included, 2019 survey by Ipsos said.

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    14:51 (IST)12 Aug 2019
    BP to pay Rs 7,000 crore for 49 per cent stake in Reliance’s fuel retail network

    British energy major BP will pay about Rs 7,000 crore for acquiring a 49% in Mukesh Ambani's Reliance Industries’ fuel retailing network. Last week, the two firms had announced a new joint venture to set up petrol pumps and retail aviation turbine fuel to airlines in India. Reliance’s existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years, the two firms had said.

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    14:37 (IST)12 Aug 2019
    Mukesh Ambani’s new e-commerce plan involves 3 crore small traders in $700 billion opportunity

    Mukesh Ambani’s new commerce plan is a $700 billion opportunity for the company as the Reliance Industries’ retail arm plans to “empower” 3 crore small traders and merchants, RIL Chairman Mukesh Ambani said at the 42nd Annual General Meeting on Monday. “New Commerce is a massive new business opportunity of $700 billion… the main purpose of New Commerce is to completely transform the unorganized retail market,” Mukesh Ambani said. The unorganised retail industry accounts for over 80% of total Indian retail. Reliance Retail, one of the biggest retail chains in India along with Kishore Biyani’s Future Group, is deploying new-age technologies such as blockchain, Internet Of Things, AI on a pan-India basis to link producers, traders, small merchants, consumer brands and consumers.

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    14:12 (IST)12 Aug 2019
    Mind-boggling figures from RIL AGM

    Reliance Industries has risen to beome the largest exporter  at Rs 2,24,391 crore exports to 107 countries accounting for 9.8% of India's total merchandise exports. The Mukesh Ambani-led firm is the highest payer of customs and excise duty in the private sector totalling to Rs 26,379 crore.  The firm is also the highest payer of GST amongst all public and private sector companies  Rs 67,320 crore.  RIL is the highest payer of Income tax in the private sector  at Rs 12,191 crore. 

    14:02 (IST)12 Aug 2019
    Mukesh Ambani says Jio is set to become the digital gateway of India

    "If these two consumer businesses had been separately listed companies, each would be ranked among the top 10 in India today, in terms of value.  Jio crossed the 340 million subscriber mark to remain the world's fastest growing digital services company.  Today, Jio is India's largest telecom enterprise in terms of subscribers, revenues and profits. Jio has truly become the DIGITAL GATEWAY OF INDIA," Mukesh Ambani said.  

    13:57 (IST)12 Aug 2019
    Reliance Jio Fiber to empower 2.4 million SMEs, says Mukesh Ambani; partners with Microsoft to digitize them

    Indian small and medium enterprises (SMEs) are among the four new growth engines for Reliance Industries Limited (RIL) along with internet of things (IoT), home broadband service and enterprise broadband service, according to RIL’s Chairman and Managing Director Mukesh Ambani, even as the “revenue from each of these engines will kick in this financial year itself,” Mukesh Ambani said in his speech at the group’s 42nd annual general meeting on Monday.

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    13:54 (IST)12 Aug 2019
    Mukesh Ambani on slowdown: Weak growth temporary, fundamentals strong; India to be $10 tn economy by 2030

    Even as the economy remains sluggish, Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Monday said the slowdown is temporary and India would soon bounce back since its fundamentals are robust. “The slowdown in some sectors of the economy is temporary. The fundamentals of the Indian economy are very strong. The opportunities will grow further with structural reforms. India has political stability. The government is laying the foundation of new institutions for business promotion and regulation,” billionaire businessman Mukesh Ambani said at the 42nd AGM of the RIL being held in Mumbai today.

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    13:45 (IST)12 Aug 2019
    Reliance invested nearly Rs 5.4 lakh crore in last five years

    Reliance has invested nearly Rs 5.4 lakh crore over the last five years to generate EBITDA in excess of USD 1 billion annually for over a decade.

    13:42 (IST)12 Aug 2019
    RIL in Q1 of fiscal year 2020

    Mukesh Ambani-led firm reported 6.8 per cent year-on-year (YoY) growth in consolidated net profit at Rs 10,104 crore for the first quarter ended June 30, 2019. The consolidated net revenue grew by 22.1 per cent to Rs 172,956 crore in April-June quarter of FY20, as against Rs 141,699 crore in the last quarter.

    13:39 (IST)12 Aug 2019
    Voice calls free for life

    Voice calls from Jio Fibre fixed line phones to anywhere in the country will be free for life, says Mukesh Ambani.

    13:36 (IST)12 Aug 2019
    Reliance Jio, Microsoft team up for digital transformation alliance

    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.

    13:31 (IST)12 Aug 2019
    Mukesh Ambani on zero net debt company

    "We expect to complete transactions with Saudi Aramco and BP within this financial year. These are expected to generate inflow of Rs 1.15 lakh crore," Mukesh Amabani said at Reliance Industries' 42nd annual general meeting.

    13:26 (IST)12 Aug 2019
    RIL to be zero-debt company soon

    Mukesh Ambani on Monday announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP.

    13:23 (IST)12 Aug 2019
    New growth engines

    We are incubating new growth engines in the company, says Mukesh Ambani at RIL's 42nd AGM.

    13:18 (IST)12 Aug 2019
    India's fundamentals are strong, says Mukesh Ambani

    “The slowdown in some sectors of the economy is temporary. The fundamentals of the Indian economy are very strong. The opportunities will grow further with structural reforms. India has political stability. The government is laying the foundation of new institutions for business promotion and regulation,” billionaire businessman Mukesh Ambani said.

    13:12 (IST)12 Aug 2019
    India to be $10 bn economy by 2030, says Mukesh Ambani

    Supporting Prime Minister Narendra Modi’s ambitious dream of making India a $5 billion economy by 2024, Mukesh Ambani said that it’s achievable. India is all set to become $10 billion economy by 2030, he added.

    13:05 (IST)12 Aug 2019
    Mukesh Ambani on economic slowdown

    Even as the economy remains sluggish, Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Monday said the slowdown is temporary and India would soon bounce back since its fundamentals are robust.

    13:01 (IST)12 Aug 2019
    Reliance Retail larger than next 4 largest put together

    "Reliance Retail is four times larger than the 2nd largest retail player. It is larger than all the other major retailers put together. Our two consumer businesses now collectively contribute nearly 32% to the consolidated EBITDA, up from 2% five years ago. The day is not far when their share would be 50%. The third growth engine is our Oils to Chemicals business. Let me now highlight Reliance's record contribution to the Indian economy: Largest exporter -- ` 2,24,391 crore exports to 107 countries accounting for 9.8% of India's total merchandise exports. Highest payer of customs and excise duty in the private sector -- ` 26,379 crore," Mukesh Ambani said.

    12:59 (IST)12 Aug 2019
    Expert take: Nitin Soni of Fitch says RIL announcements are disruptive, will be difficult for Bharti Airtel

    After Reliance Industries announced mega deal for Jio Giga Fiber and set-top box, Nitin Soni of Fitch said that the announcements will be disruptive on the industry. "With these announcements, the telecom market is just going to explode," Nitin Soni, director of Fitch said in an interview to CNBC Tv18. Mukesh Ambani on Monday announced the roll out of Jio Giga Fiber from September 5, that will offer free voice calls for life from landline phones, high speed broadband of minimum speed of 100 mbps, free high definition TV and dish with minimum subscription of Rs 700 per month.RIL Chairman and Managing Director Mukesh Ambani speaking at the 42nd AGM of the company also announced unlimited ISD calling service from Jio landline at fixed monthly rental of Rs 500 to US and Canada.

    12:55 (IST)12 Aug 2019
    Expert take: RIL-Saudi Aramco deal to be welcomed by stock markets

    "Market is going to heartily welcome the seminal announcement by India's largest & most respected company RIL of 20% stake sale in its oil-to-chemical (OTC) business to the world's largest oil company Saudi Aramco. It reinforces Mr. Mukesh Ambani's reputation as India's top business leader whose global vision has transformed the country's economic milieu. This is inarguably India's largest-ever FDI inflow and would help dissipate the gloomy sentiment currently pervading in the economy & stock markets. This program to aggressively pursue deleveraging in businesses such as OTC, fiber & tower and emerge as a zero debt company in the next 18 months will strengthen the consolidated balance-sheet leading to strong valuation re-rating of the stock. RIL continues to remain as the pre-eminent play on the Indian economic jaggurnaut that is likely to touch USD 10 trillion by 2030," Ajay Bodke (CEO PMS Prabhudas Lilladher) said.

    12:49 (IST)12 Aug 2019
    Jio pan-India broadband service launch from Sept 5 with unlimited free call

    Mukesh Ambani on Monday announced the roll out of Jio Giga Fiber from September 5, that will offer free voice calls for life from landline phones, high speed broadband of minimum speed of 100 mbps, free high definition TV and dish with minimum subscription of Rs 700 per month. RIL Chairman and Managing Director Mukesh Ambani speaking at the 42nd AGM of the company also announced unlimited ISD calling service from Jio landline at fixed monthly rental of Rs 500 to US and Canada. "In India even the most basic Jio Giga Fiber will start at 100 mbps at the lowest end. We have plans to go all the way to 1 gbps. We are pricing our plan at one-tenth of global rate to make it accessible for every home," Ambani said. (PTI reported)

    12:40 (IST)12 Aug 2019
    India's Reliance to sell 20% stake in oil-to-chemicals business to Saudi Aramco

    India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the  country, Reliance Chairman Mukesh Ambani said on Monday. "(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai. "It is also amongst the largest foreign investments ever in India." The deal valued the business at $75 billion including debt, he said. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude. Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said. (Reuters reported)

    12:35 (IST)12 Aug 2019
    Mukesh Ambani announces RIL's new deal with Microsoft

    "Jio enters into a long-term alliance with Microsoft to accelerate digital transformation of India, launch new cloud data centres," Mukesh Ambani said. RIL is expected to complete the deal with Saudi Aramco within the current fiscal year.

    12:32 (IST)12 Aug 2019
    Mukesh Ambani announces disruptive speeds of Reliance Jio Giga Fiber

    "In India even the most basic Jio Giga Fiber will start at 100 mbps at the lowest end. We have plans to go all the way to 1 gbps. We are pricing our plan at one-tenth of global rate to make it accessible for every home.  Premium Jio Giga Fiber customers can watch movies at home… the same day they are released in theatres! This service will be launched in the middle of 2020," Mukesh Ambani added. 

    12:29 (IST)12 Aug 2019
    Mukesh Ambani says RIL foundation has assumed full responsibility for Pulwama martyrs children education

    Paying his repects to the army men martyred in the Pulwama attack, Mukesh Ambani said that Reliance has assumed full responsibility for Pulwama martyrs children education. Further, Mukesh Ambani also announced full support in developmental needs for Jammu and kashmir and Laddakh. He also said that the foundation aspires to make a greater impact on the nation. 

    12:26 (IST)12 Aug 2019
    Mukesh Ambani launches Jio GigaFiber 1Gbps broadband service, starts at Rs 700 per month

    Jio GigaFiber has been commercially launched by Reliance Industries chairman Mukesh Ambani at the company’s 42nd AGM held on Monday. Starting September 5, Jio GigaFiber will be available for anyone to purchase in India, eliminating the need for registrations. At a complimentary offering, Jio will offer a free 4K/HD TV and a 4K set-top box with ‘Jio Forever Annual Plans’.

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    12:24 (IST)12 Aug 2019
    Mukesh Ambani announces 4 engines of growth for Reliance Jio

     "We are ready to kick start four engines of connectivity revenue for Jio...Internet of Things for entire country, home and enterprise broadband, broadband for small and medium enterprises (SME). Jio has made India data-shining bright. Today Jio customer base stands at over 340 million... The potential for growth is immense and half a billion customers, is now I believe well within our reach," Mukesh Ambani noted.

    12:22 (IST)12 Aug 2019
    Reliance Retail only Indian firm in world's top 100 retailers

    Mukesh Ambani noted that Reliance Retail is the only Indian firm in the top 100 retailers in the world. The firm aims to be among the top 20 retailers in the world in the next 5 years. Reliance Retail had achieved a revenue of Rs 1,30,000 crore in the previous fiscal year.

    12:19 (IST)12 Aug 2019
    Mukesh Ambani’s new record: Reliance Jio now world’s 2nd biggest telecom firm

    Just under three years of its operations, Reliance Jio has become the second-largest telecom company in the world, Chairman and Managing Director Mukesh Ambani said at RIL’s 42nd Annual General Meeting on Monday. Almost one-third the size of China Mobile Communications Corporation, Reliance Jio has also pipped Vodafone-Idea and Bharti Airtel to become the biggest telecom company in the country by revenue and subscriber base. Reliance Jio had over 340 million subscribers at the end of June 2019. RIL’s telecom arm is signing up 10 million users every month, Mukesh Ambani said. China Mobile Communications Corporation has over 900 million subscribers.

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    12:18 (IST)12 Aug 2019
    Jio Fiber to be priced at Rs 700- 1000 per month

    Jio Fibre 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. Jio-First Day First show to be lauched in mid-2020, where customers can watch the movie on the same day in launches in theatres. We are prcicing Jio Fiber at one-tenth of the globasl prices ot make it affordable to every Indian household. Customers will have to pay for only one service-- either voice or data.

    12:13 (IST)12 Aug 2019
    RIL deal: Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum

    The Saudi Arabian company had confirmed in February earlier this year that it was in active talks with Reliance Industries to invest in petrochemicals and refinery projects in the country. It came after Saudi Crown Prince Mohammed bin Salman visited India in February and then said that he expected investment opportunities worth more than $100 billion over the next two years. Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance’s twin refineries at Jamnagar in Gujarat.

    12:00 (IST)12 Aug 2019
    Premium Jio Fiber cusomters can watch movies same day it releases in theatres from next year

    Jio-First Day First show to be lauched in mid-2020, where customers can watch the movie on the same day in launches in theatres, Mukesh Ambani said. 

    11:57 (IST)12 Aug 2019
    India will have quality broadband no less than United States

    We are prcicing Jio Fiber at one-tenth of the globasl prices ot make it affordable to every Indian household. Customers will have to pay for only one service-- either voice or data.

    11:55 (IST)12 Aug 2019
    Products launched by Jio showcase whaat young India is capable of

    "All of this is done by new Indian startups, reflecting the power of young India. Jio fiber will be avaiable from September 5, on the third anniversary of Ji9o, we will be laucnching Jio Fiber in India," Mukesh Ambani said.

    11:53 (IST)12 Aug 2019
    Jio announces lauch of new set-top box

    Reliance Jio launches India's first multiplayer online network through the Jio set-top box. This has been done keeping the consumer at the heart of the strategy. 

    11:51 (IST)12 Aug 2019
    Amount of fibre laid by Reliance can circle the earth 11 times

    Amount of fibre laid by Reliance can circle the earth 11 times, said Akash Ambani. The Ambani scion also demonstarted the distance covered by Chandrayaan so far.

    11:49 (IST)12 Aug 2019
    Mukesh Ambani announces massive Rs 20,000 crore opportunity for Reliance Jio

    "Revenues from each of its new growth engines to kick-in within FY 2019-20. NBIoT - a Rs 20,000 crore per year revenue opportunity for Jio. Jio’s IoT platform will be commercially available starting 1st January, 2020," Mukesh Ambani said.