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Reliance AGM: RIL aims to become zero net debt company in next 18 months, says Mukesh Ambani

Jio Giga Fiber launch: Mukesh Ambani says Jio Fiber Services to be launched on September 5, 2019; the company plans to reach 20 million residences and 15 million business establishments in 1,600 towns

twitter-logo BusinessToday.In   New Delhi     Last Updated: August 12, 2019  | 15:08 IST
Reliance AGM: RIL aims to become zero net debt company in next 18 months, says Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani addressing the shareholders at 42nd Annual General Meeting of RIL.

RIl Annual General Meeting: Mukesh Ambani, during Reliance Industries Ltd's (RIL) Annual General Meeting on Monday, made several big announcements. Prominent among those include 20% of stake sale in Reliance's oil to chemical business to Saudi giant Aramco for $75 billion; much-awaited Reliance Jio Fiber launch on September; and partnership with Microsoft to create data centres. On this occasion, Mukesh Ambani said: "The future of India - and also the future of Reliance -- had never looked brighter to me than now. "As India is getting transformed into New India, Reliance will also transform itself into New Reliance."

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12.44 PM: "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 Ambani.

12.43 PM: "As we achieve our zero net-debt target this financial year, I assure you my dear shareholders that we will reward you abundantly through higher dividends, periodic bonus issues and other means, and at a more accelerated pace than any time in our history," says Mukesh Ambani.

12.42 PM: Several announcements on J&K in coming days

"RIL Chairman and Managing Director, Mukesh Ambani: Responding to the call of PM Narendra Modi Ji, we stand committed to the needs of the people of Jammu and Kashmir and Ladakh. You will see several announcements for the Jammu and Kashmir and Ladakh in the coming days," says Mukesh Ambani.

12.38 PM: "We will induct leading global partners in Jio and Reliance Retail in the next few quarters, and move towards listing of both these companies within the next five years," says the RIL Chairman.

12.38 PM: "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," says Mukesh Ambani.

12.37 PM: "We have a very clear roadmap to becoming a zero net debt company in next 18 months," says Mukesh Ambani. 

12.36 PM: RIL has built a unique portfolio of world class and extremely valuable assets in world's fastest growing economy, says Ambani. "Each of our best-in-class businesses is contributing to the transformation of India, and creating enormous societal value," he adds.

12.33 PM: RIL Investments of nearly Rs 5.4 Lakh crore over the last five years to generate EBITDA in excess of US$ 1 billion annually for over a decade, says Mukesh Ambani. 

12.32 PM: "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," says Mukesh Ambani.

12.31 PM: Reliance's New Commerce platform represents the Digital Symbiosis of Big and Small Enterprises. I believe that the Small must not only survive, but also thrive in New India: Mukesh Ambani.

12.30 PM: "We stand committed to support the people of Jammu & Kashmir and Ladakh in all their development needs. RIL will create special task force for developmental activities in J&K and Ladakh," says Mukesh Ambani.

12.29 PM:RIL only diversified Indian enterprise with three major growth engines

"Only diversified Indian enterprise with three major growth engines in one single corporate entity - oils to chemicals division, Jio and retail. All three have done exceedingly well in the past year. We are also incubating newer growth engines," says Mukesh Ambani.

12.26 PM: Jio Fiber launch date

Jio Fiber Services will be launched on commercial basis on September 5 2019, which is the third anniversary of JIO's launch. "(We) plan to reach 20 million residences and 15 million business establishments in 1,600 towns," says Mukesh Ambani. 

12.24 PM: "Reliance Jio will provide a bundle of connectivity and essential business productivity and automation tools to Indian small businesses for 1/10th the cost at 1,500 per month," says Mukesh Ambani.

12.23 PM: Jio Fiber Tariffs

Voice calls across India from JIO landline will be absolutely free forever. "The most basic Jio Fiber plan startst with 100 mbps speed and we have plans all the way up to 1 Gbps, says Mukesh Ambani.

12.22 PM: Mukesh Ambani on Reliance Retail

"Today, Reliance Retail is the only Indian retailer to be ranked in the Global 100 top retailers. Over the next 5 years, our aim is to be amongst the world's top 20 retailers."

12.21 PM: What is Jio First Day First Show

As per the company, premium Jio Fiber customers can watch movies at home the same day they are released in theaters. "This service will be launched in the middle of 2020," says Mukesh Ambani.

12.12 PM: Jio-Microsoft Alliance-Jio to set up a network of large world-class datacenters across India powered by Microsoft's Azure cloud platform, says Mukesh Ambani.

12.09 PM: "Reliance Jio and Microsoft have entered into a long-term alliance to accelerate the digital transformation of India to launch new cloud datacenters, ensuring more organisations can access the tools and platforms they need to build their own digital capability," says Mukesh Ambani.

12.08 PM: "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," says Mukesh Ambani.

12.05 PM: "Jio Fiber customers opting for annual plan - Jio-Forever plan - to get a full HD TV or a Home PC and a 4K SET-TOP-BOX absolutely free," says Mukesh Ambani.

12.01 AM: Jio Fiber customers will need to pay between Rs 700 to Rs 10,000 for Jio Fiber plans as per their requirement, says Mukesh Ambani.

12.00 PM: Jio Fiber Tariffs: "Customers pay only for data. Voice calls across India from JIO landline will be absolutely free forever. The most basic JIO Fiber plan starts with 100 mbps speed and we have plans all the way up to 1 Gbps," says Mukesh Ambani.

11.55 AM: Jio Fiber Tarifs

US average speed: 90 mbps

India (Basic Jio Fiber plan): 100 mbps 

11.54 AM: "Over the past months we have upgraded our MSO's infrastructure to world-class standards. Now LCO partners can offer the largest bouquet of High-Definition channels to customers with better features, reliability and customer experience than even DTH," says Mukesh Ambani.

11.53 AM: With every Jio Fiber home, all our LCO partners will continue to have a steady stream of revenue for their broadcast TV business, says Mukesh Ambani.

11.49 AM: "We are signing up more than 10 million new customers (in Reliance Jio) each month. "The potential for growth is immense, and half a billion customers is now well within our reach," says Mukesh Ambani.

11.42 AM: "In a significant new initiative, BP acquired 49 per cent stake in our petro-retail business," says Mukesh Ambani. Reliance will get Rs 7,000 crore from BP for this transaction, he adds.

11.41 AM: "Revenues from each of its new growth engines to kick-in within FY 2019-20," says Mukesh Ambani.

11.40 AM: NBIoT  is a Rs 20,000 crore per year revenue opportunity for Reliance Jio. "Jio's IoT platform will be commercially available starting 1st January, 2020, says," Mukesh Ambani.

11.34 AM: Mukesh Ambani says Jio Fiber Services to be launched on commercial basis on 5th September 2019 - on the third anniversary of JIO's launch. "Plan to reach 20 million residences and 15 million business establishments in 1,600 towns," said the RIL Chairman.

11.34 AM: The future of India - and also the future of Reliance -- has never looked brighter to me than now. As India is getting transformed into New India, Reliance will also transform itself into New Reliance, says Mukesh Ambani.

11.30 AM: "As the world moves towards renewable energy sources and electric vehicles, Reliance has positioned itself far ahead of the curve to create new value," says Mukesh Ambani.

11.24 AM: "The company is working on digital connectivity where Jio would connect everyone, every time, everywhere," says Mukesh Ambani.

11.23 AM: The RIL Chairman says Reliance jio's customer base has crossed 340 million users. "We are signing up more than 10 million new customers each month. The potential for growth is immense, and half a billion customers is now well within our reach," Mukesh Ambani.

11.21 AM: "If the two consumer businesses had been separately listed, each would be ranked among the top 10 in India today, in terms of value, says Mukesh Ambani," says Mukesh Ambani.

11.20 AM: Mukesh Ambani says "sceptics used to say Reliance cann't succeed in consumer businesses. Jio and Reliance Retail have proved them wrong."

11.18 AM: "Only diversified Indian enterprise with three major growth engines in one single corporate entity - Oils to Chemicals division, Jio and Retail. All three have done exceedingly well in the past year. We are also incubating newer growth engines," says  Mukesh Ambani.

11.15 AM:  "In the Golden Decade of Reliance, 2018-19 was yet another year of robust and record performance. Reliance became India's largest and most profitable company - both in public and private sectors," says Mukesh Ambani.

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