Business News›Reliance AGM Live: Jio Fiber rollout from Sept 5@ Rs 700 a month
LIVE BLOG
Reliance AGM Live: Jio Fiber rollout from Sept 5@ Rs 700 a month
13 Aug, 2019 | 08:39:47 AM IST
Watch this space as we bring you LIVE updates of Chairman Mukesh Ambani’s speech at RIL AGM.
1 New Update
Today’s announcement that Reliance would turn into a debt-free company by March 31, 2018 makes it a de-risked company. Reliance will be the largest market cap company this week again and is going to give at least 100% return in the next 24 months, with Saudi Amaco partnership, all the rollout of Jio and Microsoft partnership.
- Sushil Choksey
In the next 5 years, our aim is to be among world's top 20 retailers: Ambani
Small businesses must not only survive but also thrive in this new India: Ambani
Saudi Aramco, BP deals to be completed within this financial year
Ambani expects the transactions with Saudi Aramco and BP to be completed within the ongoing financial year. The deals are expected to bring Rs 1.15 lakh crore inflows to the company, he said.
RIL aims to become net debt-free by March 31, 2021: Mukesh Ambani
Reliance Industries is targeting to become a zero net-debt company by March 31, 2021, the company Chairman Mukesh Ambani said on Monday. Ambani said his company will reward shareholders abundantly with bonus issues and higher dividends, once the company is debt-free.
Last five years' investments to generate $1 bn in Ebitda annually over next decade: Ambani
Reliance Industries's Rs Rs. 5.4 Lakh crore investments over the last five years will generate Ebitda in excess of $ 1 billion annually for over a decade, Ambani said at the company's 42 AGM.
Jio Prime Partner POS solution to modernise even the smallest kirana shop: Ambani
Ambani said the Reliance Jio's merchant point of sale (POS) solution- -- Jio Prime Partner POS solution-- is integral to Reliance's plans to create an ecosystem around small merchants. The solution will be user-friendly digital platform, which could modernise even the smallest kirana shop, he said.
Working towards empowering 30 million merchants and Kirana shop owners: Ambani on New Commerce platform
Ambani said his company is working towards empowering 30 million merchants and Kirana shop owners with our end-to-end digital and physical distribution stack 'New Commerce.'
Jio-Azure cloud service to be free for IT startups: Ambani
Ambani said his company will provide connectivity and Jio-Azure cloud services to domestic technology startups for free.
Jio to provide automation tools to small business at 1/10 cost: Ambani
Ambani said his company will provide a bundle of connectivity and essential business productivity and automation tools to small domestic businesses for one-tenth the cost at Rs 1,500 per month.
Retail business profit jumps 14-fold in six years
The retail business has grown phenomenally, registering a seven-fold increase in revenue and a 14-fold increase in profit in the last 6 years, Ambani said. The relentless focus on operating discipline has resulted in a three-fold rise in per-store productivity in the last 5 years.
Investing in scaling-up advanced technologies in India: Mukesh Ambani
Ambani said his company was focused on investing in scaling-up advanced technologies in India, ahead of the rest of the world.
Jio, Microsoft join hands to launch cloud datacenters
Jio and Microsoft have entered into a long-term alliance to accelerate India's digital transformation to launch cloud datacenters. It will help organisations build digital capabilities with tools and platforms, Ambani said.
Jio will install one of world's largest blockchain network: Ambani
Ambani said Reliance Jio would launch one of the largest blockchain networks in the world over the next 12 months. The network will have tens of thousands of nodes operational on day one, Ambani said.
Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco
Ambany says Jio Fiber customers could to watch movies on the day of release
Jio Fiber users to get set-top box, HD, 4K TV free: Ambani
Jio Fiber plans to range from Rs 700 to Rs 10,000 per month: Ambani
Jio Fiber to be bundled with most premium OTT applications: Ambani
15 million registrations done for Jio Fiber: RIL
Internet service to provide connection speed of 1 GBPS, the company said.
Mukesh Ambani addressing shareholders at 42nd AGM of RIL
RIL unveils set-top box for cable TV
The designed Jio set-top box will accept broadcast signals from LCOs, the company said.
Ready to kick start four more verticals: Mukesh Ambani
IoT, home broadband, enterprise broadband and MSME broadband are four engines that are set to kick start the growth for Jio, RIL said.
Upgraded MSO infrastcuture to world-class standards: Ambani
Amnbani said that the company has upgraded MSO’s infrastructure to world-class standards over the past months. LCO partners can now offer a bouquet of High-Definition channels to customers with better features than DTH.
Even with one engine, Jio has been profitable from its first quarter of commercial operations: Ambani
Reliance Industries AGM: Jio subscriber base touches 340 million
Saudi Aramco to supply oil on long term basis to RIL, says Mukesh Ambani at RIL's 42nd AGM
Jio Fiber commercial launch on September 5
On its third anniversary, JIo will launch Fiber Services on September 5 for commercial purpose. With this, Jio expects to reach 20 million residences and 15 million business establishments in 1,600 town.
IoT platform to be commercially available from January 1, 2020: Ambani
IoT platform is a Rs 20,000 cr per year revenue opportunity for Jio, Ambani said. The CMD at Reliance Industries said that the IoT platform will be commercially available from January 1, 2020.
Saudi Aramco partnership to cover refining and assets
The Partnership with Saudi Aramco to cover RIL's Refining and Petrochemicals assets, including 51 per cent of the petroleum retail JV, Ambani said.
The investment cycle for Jio is now complete: Mukesh Ambani
Positioned well ahead of the curve: Ambani
Ambani said that his company has positioned itself far ahead of the curve to create new value.
RIL to Rs 7,000 crore from BP transaction
Ambani said that BP transaction will fetch Rs 7,000 crore to the company. BP has acquired 49% stake in the company's Petro-Retail business.
Signing more than 10 million new customers each month: Ambani on RJio
Ambani said that the Jio customer base has crossed 340 million users. The telecom operator is signing up more than 10 million new customers each month, he said. The potential for growth is immense, and half a billion customers are well within our reach, the RIL CMD said.
Reliance Retail cements position as largest retailer with Rs 1.3 lakh crore turnnover
Reliance Retail has crossed Rs 130,000 crore turnover mar to cement its position as India’s largest retailer, Ambani said. Reliance Retail is larger than all the other major retailers put together, Ambani noted.
Ambani says Reliance will be transformed into New Reliance
"The future of India – and also the future of Reliance -- has never looked brighter to me than now," Ambani said. As India is getting transformed into New India, Reliance will also transform itself into New Reliance, he said.
India can become $10 trillion economy by 2030: Ambani
RIL announces biggest investment, says Saudi Aramco to buy 20% stake in O2C biz
Mukesh Ambani said that India will have its biggest ever investment as Saudi Aramco has decided to buy 20 per cent stake in O2C business of Reliance Industries at an enterprise value of $75 billion.
Slowdown in the economy temporary: Ambani
Slowdown in the Indian economy temporary, Ambani said, adding that the fundamentals of the economy are quite strong.
Reliance became India’s largest and most profitable company in FY19
Ambani said 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 , he said.
RIL only diversified Indian enterprise with 3 major growth engines in a single corporate entity: Mukesh Ambani
Mukesh Ambani said his company is the only diversified Indian enterprise with three major growth engines in one single corporate entity – oil-to-chemicals division, Jio and Retail. All three have done exceedingly well in the past year, he said.
Consumer business will contribute 50% to Reliance’s consolidated Ebitda: Ambani
At Rs 12,191 crore, RIL biggest tax payer in private sector, says RIL CMD
Reliance Retail crossed turnover Rs 1.3 lakh crore to be largest retail company: Ambani
It was yet another year of robust and record performance Mukesh Ambani
Jio and Retail verticals bring in 34% consolidated Ebitda: Mukesh Amabni
Jio subscriber base at 340 million
Jio cross 340 million subscriber mark to remain the world's fastest-growing digital player.
RIL FY19 annual report takeaways
- Crude payable days are high at 121 days, 2-4 times of peers
- Customer advances now at $5.9 bn (FY17: 10% of sales Retail shows lease rental of $300 mn on Jio devices
- Retail rent declined by 15% YoY to Rs39 per sqft
- Jio app capex now captured at Corporate IT Park instead of standalone
- Refining asset useful life increased from 15-25 years to 25-40 years and will lower depreciation
- Mix of foreign currency debt now lower at 45% (FY17: 60%). (Source Credit Suisse)
Q1 numbers meet market expectations
Last month, the company reported 6.8 per cent YoY rise in its consolidated net profit for the quarter ended June 30. RIL’s consolidated net profit (attributed to the owners of the company) during the first quarter of FY 2019-20 rose to Rs 10,104 crore, against Rs 9,459 crore reported during the corresponding period of the previous fiscal. It reported consolidated revenue of Rs 1,72,956 crore in Q1FY20, up 22.1 per cent from Rs 1,41,699 crore on a YoY basis.
RIL stock up 20% since last AGM
Shares of Reliance Industries have rallied 20 per cent since its last AGM on July 5, 2018. This is against a 5.64 per cent rise in the BSE Sensex during the same period.
Mukesh Ambani reaches for 42nd AGM
RIL stock up 21% since last AGM
