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  1. Reliance Industries AGM: Mukesh Ambani launches Reliance Jio phone, says India has beaten China, US in data consumption

Reliance Industries AGM: Mukesh Ambani launches Reliance Jio phone, says India has beaten China, US in data consumption

Reliance Industries AGM: Reliance Industries Chairman Mukesh Ambani today addressed a gathering at the Birla Matushri Sabhagar in Mumbai on the occasion of RIL's 40th Annual General Meeting.

By: | New Delhi | Updated: July 21, 2017 11:55 AM
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Reliance Industries AGM: Reliance Industries Chairman Mukesh Ambani today addressed a gathering at the Birla Matushri Sabhagar in Mumbai on the occasion of RIL’s 40th Annual General Meeting (AGM) and as expected, Reliance Jio was on top of the agenda. And Ambani did not disappoint, he announced the launch of Reliance Jio phone today. A festival type atmosphere was seen and every point Ambani made was greeted by the crowd with thunderous applause, shouts and whistles, reminding of the rallies held by PM Narendra Modi. Mukesh Ambani while talking about the development of the Reliance Industries said, “This is the 40th year of our IPO. From a textile company, we have grown to many other verticals.” Ambani further said that RIL has grown from a small startup to one of the largest most admired companies in the world. He added, “In 40 years, our market capitalization has multiplied by an astounding 50,000 times.” He further discussed the massive increase that has taken place in the assets, profits and revenue of RIL over the past 40 years. He said, “Rs 1,000 was invested in Reliance Industries in 1977 which has turned into Rs 16.5 lakh now….RIL’s market capitalization has grown from Rs 10 crore in 1977 to over Rs 5 lakh crore now. Which is equal to a compound growth rate of over 32%.”

While talking numbers, he said, “All our business employ over 2,50,000 people worldwide.” Mukesh Ambani further taled about the RIL’s turnover and said, “Our turnover has grown from Rs 70 crore in 1997 to Rs 30,000 crore. Which shows an increase of 4700 times.” He dedicated the success of his company to his father and said, “Want to dedicate these 40 years of achievements and records to our founder Chairman Shri Dhirubhai Ambani.”

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While talking about Reliance Jio, Mukesh Ambani said, “Jio has broken one world record after another…. In less than 170 days, more than 100 mn customers signed up for Jio service. 7 per second every day.” He added, “Team Jio stunned the world, they have over-delivered on the 100 million target I had set for them.” Mukesh Ambani further said, “India has overtaken the US and China in mobile data usage.” He added, “In just 6 months of Jio’s launch, data consumption in India went from 20 crore GB to 120 crore GB per month.”

While talking about Reliance Jio’s success, Ambani went on to thank PM Modi and said, “We are grateful to Prime Minister Narendra Modi for Digital India mission.”

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Mukesh Ambani then went on to talk about Reliance Jio Prime and said, “members will continue to get tariff benefits with Jio Dhan Dhana Dhan and additional surprises.” Talking about the current market scenario on mobile usage in the country, Mukesh Ambani said, “There are 80 crore mobiles in India. Out of this, over 50 crore mobile sets cannot avail of smartphone services.” He added, “TRAI speed test portal has consistently ranked Jio as clear 4G network leader in coverage, usage and data speeds….In next 12 months, Jio will cover 99% of the population. India’s 4G coverage will be more than India’s 2G coverage.”

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Mukesh Ambani then went on to introduce “India ka intelligent smartphone” – The Jio Phone. He said, “Today Jio is going to reinvent the conventional feature phone.” He added, “Reliance Jio is expanding physical distribution network and will have 10,000 Jio offices by September.” He then said, “Entry-level smartphones cost between ₹3,000-4,500. Had challenged engineers at Jio to find solution to this cost.” The Jio Phone is company’s foray into feature phone segment with 4G support.

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