At the 42nd Annual General Meeting in Mumbai, Mukesh Ambani, the chairman of Reliance, made several landmark announcements regarding the plans of the company. The Jio Fibre service was in talks for quite sometime after its announcement in August last year, the service is already being previewed in selected cities. The Jio Fibre service is finally going to be launched on the 5 September this year.
The Jo Fibre tariff will start from Rs 700 and will cost up to Rs10,000 per month depending upon the plans. The Jio Fibre service will reportedly give 100 Mbps speed and can go up to 1 Gbps, which is much higher than the average broadband speed of US. Jio wireless service is already using 4G+ and plans to work with 5G in the future. This service will also provide free STD and Local calls while unlimited internet calling to US and Canada will cost 500 rupees per month.
Jio Fibre service comes bundled with the Jio HomeTV service for a better mode of entertainment. Mukesh Ambani has unveiled the upcoming plans for Jio Fibre. He announced free HD 4K LED TV and 4K set-top box as a welcome gift for those who will subscribe to the Jio Forever Plans as a welcome gift.
The Reliance Chairman also announced the plans of the company that can make huge changes in the Indian economic growth. He informed that Saudi Aramco, the largest oil-producing company in the world, will acquire a 20% stack in the OTC division of Reliance Industries at the price of $75 billion. Aramco has signed a long-term agreement with Reliance by which it would supply 5,00,000 barrels of crude oil to Reliance Jamnagar refinery every day. This is the biggest foreign investment in the history of reliance and as well as India.
The biggest foreign investment in the history of Reliance… This signifies the perfect synergy between the world’s largest oil producer and the world’s largest integrated refinery and petrochemicals complex. – Mukesh Ambani at the RIL AGM regarding its partnership with Aramco
Reliance also announced its partnership with Microsoft as Jio and Microsoft will create new cloud data centers in India and will jointly offer Microsoft’s flagship Office 365 service for the users. Microsoft will combine the Azure Cloud platform with Jio Network.
Together, we will offer a comprehensive technology from compute to storage to connectivity and productivity to small and medium size businesses everywhere in the country. – Microsoft CEO Satya Nadella at Reliance AGM
Mukesh Ambani also said that most of the investments by the startups go into cloud solutions, which is quite high for the newcomers. He claimed to offer the new companies cloud technology and connectivity for free. Besides, Jio will also give connectivity plus application services to small and medium businesses at 1,500 rupees per month. To avail the service, the companies must sign up on the Reliance Jio website.
Reliance retail businesses will now include New Commerce and retail partnership platform as announced by the chairperson of RIL. From now on, New Commerce will transform unorganized retail into organized retail and will likely revolutionize three crore kirana stores in India. Mukesh Ambani pointed out that the percentage point of sale solution is integral to business strategy of Reliance Retail giving almost a $700 billion business opportunity. This will have a huge impact on the Indian business and economic field.
Mukesh Ambani is confident of the company’s growth rate at 15% per annum over the next five years. According to him, Reliance has also set a target to be a zero debt company within the next 18 months, and Jio and Retail will be listed in the market within the next five years.
He also announced the company’s plans for the entertainment industry as the company aims to launch Jio First Day First Show. New movies will be launched on the same day on Jio TV and the theaters.
Mukesh Ambani also supported PM Modi’s recent call regarding the development of Jammu & Kashmir and Ladakh. He said that the company is ready to help people in these regions and will fulfill all the developmental needs.