Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
  • Municipal Corporations 9/10
  • TRS 8
  • INC 0
  • BJP 1
  • AIMIM 0
  • OTH 0
  • MUNICIPALITIES 114/120
  • TRS 96
  • INC 9
  • BJP 3
  • AIMIM 2
  • OTH 4
Refresh Data
Powered by cricketnext logo
News18 » Business
2-min read

Five Announcements by Mukesh Ambani That Can Boost RIL Stock Tomorrow

Mukesh Ambani made some big announcements, including the much-awaited launch of Jio GigaFiber services from September 5.

Trending Desk

Updated:August 12, 2019, 3:09 PM IST
facebookTwitter Pocket whatsapp
Five Announcements by Mukesh Ambani That Can Boost RIL Stock Tomorrow
Reliance Industries Limited chairman Mukesh Ambani.

Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani on August 12 held its 42nd annual general meeting (AGM) in Mumbai. Mukesh Ambani made some big announcements, including the much-awaited launch of Jio GigaFiber services from September 5. Notably, RIL shares have rallied 20% since the company held its previous AGM on August 9 last year.

Here is a list of five key points Ambani made during his speech:

1) Investment by Saudi Aramco: Saudi Aramco will invest 20% in RIL’s oil-to-chemicals division at an enterprise value of $75 billion. The deal would be India’s largest foreign direct investment (FDI), besides being the biggest foreign investment in the history of RIL. The partnership will cover all RIL’s refining and petrochemicals assets, including 51% of the petroleum retail joint venture.

2) Jio GigaFiber launch: The Jio GigaFiber will be available commercially starting September 5, 2019. Mukesh Ambani outlined that service would be broad-ranging including a 1 Gbps network speed, free landline connection, digital set-top box, ultra-high-definition entertainment, virtual content, interactive gaming and more smart home solutions. Customers will have to pay between Rs 700 and Rs 10,000 per month depending on the plan. Users will be charged only for data and voice calls would be completely free from home to any Indian mobile or fixed-line operator.

3) Listing of retail and telecom units: Mukesh Ambani announced that RIL plans to list its telecom and retail ventures in the next five years. Reliance Jio and Reliance Retail, if listed separately, would be among the top 10 companies in the country, said Ambani. Reliance Jio has already crossed 340 million subscribers. Meanwhile, RIL’s retail arm has crossed Rs 130,000 crore in revenue last year.

4) RIL to be a zero-debt company: RIL will be a net zero-debt company within the next 18 months, Ambani announced at the AGM. He said the deal with Aramco, as well as the retail petroleum deal with BP, will be closed within this financial year. That would bring in Rs 1.15 lakh crore into RIL. These, along with other transactions to deleverage the group, would make the company a zero-net debt company in 18 months. As of FY19-end, RIL had a net debt of Rs 1.54 lakh crore.

5) Reliance Jio-Microsoft partnership: Reliance Jio Infocomm has partnered with Microsoft to launch data centres across India. “Jio and Microsoft have entered into a globally unique long-term alliance to accelerate the digital transformation of our country,” said Mukesh Ambani. As part of the partnership, Microsoft will bring its Azure cloud platform into Jio’s data centres across India. The two companies will offer comprehensive technology solutions from computing and storage to connectivity and productivity to small and medium businesses in the country.

Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ahona Sengupta
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 42.75 4.40
AAVAS Financier 1,951.00 -2.43
Infosys 782.95 -0.20
Alembic Pharma 590.20 0.03
Reliance 1,521.70 -0.35
Top Gainers
Company Price Change %Gain
UltraTechCement 4,641.05 2.47
Tech Mahindra 787.50 2.43
Kotak Mahindra 1,643.95 2.35
Larsen 1,359.80 2.03
Axis Bank 737.30 2.01
Top Losers
Company Price Change %Gain
Power Grid Corp 196.95 -2.14
IndusInd Bank 1,316.00 -1.21
Tata Motors 186.45 -1.04
Sun Pharma 447.70 -0.49
TCS 2,184.60 -0.40

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results