Mukesh Ambani Thanks India on Behalf of Jio Family | On behalf of the entire Jio family, Mukesh Ambani thanks India “for placing its trust in the company.” The CMD says, “Because of you, Jio has not only become the largest operator in India but the second largest operator in the world. Your company has invested 3.5 lakh crore in the investment cycle. We can upgrade Jio into 5G with minimum incremental costs. Thanks to Jio’s state of the art technology.”
In a significant new initiative, BP acquired 49% stake in our petro-retail business. Reliance will get Rs 7,000 crore from BP for this transaction. The investment cycle for Jio is now complete: Mukesh Ambani.
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.
Reliance+Saudi Aramco Partnership Biggest FDI | Speaking about the partnership with Saudi Aramco, Mukesh Ambani says, “This is the biggest foreign investment for Reliance and one of the largest for India. The Partnership with Saudi Aramco to cover RIL’s Refining and Petrochemicals assets, including 51% of the Petroleum Retail JV.”
O2C Business Stake to be Sold to Saudi Aramco at $75 Billion | “Dear shareholders, let me focus on oil to chemicals divisions. Reliance has positioned itself far ahead of the curve. Saudi Aramco and Reliance have agreed to form a long-term Partnership in our Oil to Chemicals division. Saudi Aramco will invest for a 20% stake in RIL’s O2C division at an Enterprise Value of 75 billion US dollars,” says Mukesh Ambani.
“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 at the 42nd AGM in Mumbai.
India to Become 10 Trillion Dollar Economy by 2030, Says Mukesh Ambani | “Dear share holder, we mark the beginning the most ambitious value creation strategy. The heart of the strategy is our belief to turn relationships into partnerships. Dear share holders, the future of Reliance has never looked brighter. Our PM has set the goal of making India a 5 trillion dollar economy by 2022. I fully endorse the idea. Infact, I see India becoming 10 trillion dollar economy by 2030. The slowdown in some sectors of the economy are temporary. India’s fundamentals are very strong,” says Mukesh Ambani.
RIL Highest Payer of GST: Mukesh Ambani | Reliance Industries Limited is the highest payer of GST at more than 67 thousand crore in the previous financial year, says Mukesh Ambani.
“The day is not far when Reliance Jio’s share will be more than 50 percent of our overall EBITDA. Reliance has become India’s largest exporter, exporting to 107 countries,” says Mukesh Ambani.
CMD Mukesh Ambani speaks at the 42nd Annual General Meeting:
Jio Crossed 340 Million Subscriber Mark | CMD Mukesh Ambani says, “Skeptics used to say that Reliance cannot service in the consumer business. Relaince has proved them wrong. Jio crossed 340 million subscriber mark to become the world’s fastest growing business. Reliance Jio is larger than all other major retail business put together.”
Addressing the 42nd Annual General Meeting, Mukesh Ambani says, “in the golden year of Reliance, it was another year of robust business,” adding that last year Reliance gained “profits in the retail sector as well”.
CMD Mukesh Ambani Begins Speech | Chairman and Managing Director of Reliance Industries Limited (RIL), Mukesh D Ambani, begins to address shareholders at 42nd Annual General Meeting.
The conglomerate’s stock rallied from Rs 964 recorded on July 5, 2018 when RIL held its 41st AGM, to Rs 1,162 registered on Friday, 9 August, which translates into a rally of over 20 percent.
The pricing for the broadband plans is expected to be in line with peers but RIL will sweeten the deal by making it a triple play — a combination of broadband-landline-TV OTT service. A base price of ranging between Rs 500-600 for GigaFiber is expected, according to CNBC-TV18 report.
Chairman and Managing Director of Reliance Industries Limited, Mukesh Ambani, will deliver a speech shortly:
Coming up #RILAGM speech by CMD Shri Mukesh D Ambani at 11:00AM on Monday, 12 August 2019 pic.twitter.com/wL2lsOJ3fJ
— Flame of Truth (@flameoftruth)August 11, 2019
Jio Phone 3 Likely to be Launched | Jio Phone 2 was launched at the last AGM and carried a price tag of Rs 2,999. Its next iteration, Jio Phone 3, is expected to be priced at Rs 4,500.
Commercial launch of Jio Phone 3 and pricing of Jio’s broadband service GigaFiber, and the triple play plan for GigaFiber that bundles broadband, landline as well as television services, are expected to be announced at the RIL AGM.
Stock market experts will also eye the annual financial figures that are expected to cross the previous fiscal years’ numbers.
RIL Annual Meeting Today | As Reliance Industries Limited (RIL) holds its 42nd annual general meeting (AGM) on Monday in Mumbai, investors and consumers will be awaiting fresh commercial launches from Jio.
Source: News18