RIL’ 42nd AGM: Saudi Aramco’s Investment; Zero-Net-Debt Roadmap; Jio Fiber Launch Date; IPO Plans For Subsidiaries And More
Catch all the live updates from RIL’s 42nd annual general meeting here.
KEY HIGHLIGHTS
Watch Mukesh Ambani's Address To Shareholders
Key highlights from the AGM speech:
- Saudi Aramco to buy 20 percent in Reliance’s oil, chemicals business at $75 billion enterprise value.
- Reliance plans to be a zero-net-debt company in 18 months.
- Reliance Industries to commercially launch Jio Fiber broadband services pan-India from Sept. 5.
- RIL plans to list Jio, Reliance Retail over the next five years
- BP Plc, to pay Rs 7,000 crore for stake in RIL’s fuel retail network.
- RIL and Microsoft tie up for cloud centres using Azure.
Read the full text of Mukesh Ambani’s speech at Reliance Industries 42nd AGM here.
RIL Plans To List Jio, Reliance Retail Over Next Five Years
Reliance Industries plans to list its telecom unit—Jio and Reliance Retail within the next five years, Mukesh Ambani said.
“We have received strong interests from strategic and financial investors in our consumer businesses—Jio and Reliance Retail. We will induct leading global partners in these businesses in the next few quarters and move towards listing of both these companies within the next five years,” he said.
“We will also evaluate value unlocking opportunities for our real estate and financial investments,” he added.
Reliance Has Clear Roadmap To Be Zero Net Debt Company In 18 Months, Says Mukesh Ambani
Reliance Industries has a clear roadmap to become a zero-net-debt company in the next 18 months, Mukesh Ambani said.
“We are confident that the consolidated operating income will grow 15 percent annually for the next five years. We have clear roadmap to be zero net debt company in 18 months,” he said.
Besides, he assured rewarding investors of higher dividend and periodic bonus issue once the company hits zero net debt.
Watch the conversation here:
Mukesh Ambani Outlines Reliance's 'New Commerce' Strategy
RIL, Microsoft Tie Up For Cloud Centres Using Azure
Reliance Industries’ Jio entered into an agreement with Microsoft.
Jio will set up large data centres across the country powered by Microsoft Azure's cloud infrastructure services, Mukesh Ambani said.
Key highlights from the speech:
- Jio offers incentives to startups to take away the cost-connectivity and cloud services for startup and small and medium businesses.
- Jio to invest in startups in the field of agriculture, education, healthcare
- Connectivity to all startups with automation at Rs 1,500 per month - to have access to voice, data, marketing and sales solutions and security solutions.
Mukesh Ambani Announces Jio Fiber Plans
The Jio Fiber, Jio’s fibre internet service will be prices between Rs 700-10,000 per month, Mukesh Ambani said.
“Jio Fiber will be available starting Sept. 5. The plans will start at 100 Megabits per second and will go up to can go up to 1000 Gbps,” he said.
Key highlights from the speech:
- Jio Fiber will come bundled with subscription to most OTT platforms
- Will start offering premium movies on first-day, first-show basis, starting middle of next year.
- Jio Fiber customers with annual subscriptions will get a HD/4K LED TV and set top box absolutely free.
Watch the conversation here:
