Nagpur: In massive foreign investment, 20% of stake in Reliance’s oil to chemical business will be sold to Saudi Aramco at $75 billion, Reliance Industries Limited chairman Mukesh Ambani has announced at the 42nd annual general meeting (AGM) in Mumbai. Ambani has also announced the commercial launch of Jio Fiber on September 5. The base plan starts at speed of 100 MBPS and goes up to 1GBPS, with prices ranging from Rs 700 to Rs 10,000 per month. The RIL chairman also announced ‘Jio First Day First Show’ plan under which Premium JioFibre customers will be able to watch movies in their living rooms on the day of the release. This will be rolled out in 2020. Another big announcement is the partnership with Microsoft under which Jio will set up data centers across India and Microsoft will bring the cloud platform.
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. 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.
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. As of last RIL AGM, Jio had 250 million users whose per month data usage totaled 240 crore GB while voice usage on the network stood at 530 crore minutes per day. The Jio users’ video consumption amounted to 340 crore hours per month.
Reliance Industries, the country’s largest company by market capitalization, reported a consolidated profit after tax of Rs 10,104 crore for the June quarter, up 6.8 percent from a year ago. The net profit also beat a poll of analysts which had pegged the profits at Rs 9,852 crore.