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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 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:
Reliance Industries’ Chairman and Managing Director Mukesh Ambani outlined four key opportunities for Reliance Jio.
“Most of our investments are complete. Only mobile broadband has been fired up. Now we ready with–Internet of things, home broadband, enterprise broadband and broadband for SMEs,” he said.
Reliance Industries’ telecom unit—Reliance Jio Infocomm is expected to complete the rollout of fibre-to the-home network within the next 12 months, Mukesh Ambani said.
Here’s what the Chairman and Managing Director said:
Mukesh Ambani said:
Reliance Industries expects its consumer business’ to contribute 50 percent of the overall company’s operating income, Mukesh Ambani said.
“The consumer business contributes 32 percent to RIL's consolidated Ebitda. We expect the contribution to reach 50 percent very soon, Ambani said.
According to the Chairman and Managing Director of RIL:
Reliance Industries is incubating new growth engines within the company, its Chariman and Managing Director Mukesh Ambani said.
“Reliance Industries became the most profitable company in both public and private sector last year. We are the are the only diversified multi-sector Indian enterprise with three major growth engines with one single corporate entity,” Ambani told shareholders at the 42nd annual general meeting.
Key highlights from the AGM speech:
Read the full text of Mukesh Ambani’s speech at Reliance Industries 42nd AGM here.
Chairman and Managing Director Mukesh Ambani has arrived at the venue of the 42nd RIL AGM with his wife, Neeta Ambani.
Reliance Industries announced the launch of broadband service JioGigaFiber on a trial basis by its telecom arm Reliance Jio Infocomm Ltd.
JPMorgan expects the company to also give details on its retail arm’s ‘New Commerce’ plans and on the next leg of growth in sectors like real estate, petrochemicals and refining. It, however, doesn’t expect any immediate steps towards the same.
Click here to know the list of announcements that RIL made in the previous AGMs and what Bank of America Merrill Lynch expects the company to announce today
Reliance Industries Ltd. will hold its 42nd annual general meeting from 11 a.m. onwards.
Over 22 lakh shareholders will watch out for what Chairman and Managing Director Mukesh Ambani and board members have to say about the company’s performance in the year gone by and the big bets for the future.
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