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
News18 » Business
1-min read

Reliance to List Jio and Reliance Retail Within Next Five Years, Says Mukesh Ambani

Reliance Retail, with presence in nearly 7,000 towns and cities, achieved a significant milestone with turnover crossing Rs 1.3 lakh crore in the last year

News18.com

Updated:August 12, 2019, 5:06 PM IST
facebookTwitterskypewhatsapp
Reliance to List Jio and Reliance Retail Within Next Five Years, Says Mukesh Ambani
Reliance Industries Limited chairman Mukesh Ambani.
Loading...

Mumbai: Jio and Reliance Retail businesses will be separated and listed on bourses in next five years, Chairman and Managing Director Mukesh Ambani said at Reliance Industries' 42nd Annual General Meeting on August 12.

He further said Reliance would induct leading global partners in these businesses in the next few quarters.

"We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail," Mukesh Ambani, Chairman and Managing Director said in his speech.

Reliance Retail, with presence in nearly 7,000 towns and cities, achieved a significant milestone with turnover crossing Rs 1.3 lakh crore in the last year. The business also registered a 7-fold increase in revenue and a 14-fold increase in profit in the last six years.

"Today, we are the only Indian retailer to be ranked in the Global 100 top retailers. Over the next five years, our aim is to be amongst the world's top 20 retailers," Ambani said.

Jio, which will turn three-year-old on September 5 this year, has a customer base of more than 340 million and is targeting to hit 500 million customers base soon.

"Jio has become not just the largest operator in India but also the second-largest single country operator in the world," Ambani said.

Company has invested nearly Rs 3.5 lakh crore towards creating a state-of-the-art digital infrastructure across India, with the largest optical fiber footprint.

Ambani said the investment cycle for Jio is now complete and only marginal investments in access are now required to grow capacity to meet growing demand."This gives tremendous operating leverage and superior returns on our investments for years to come," he added.

Last year, Reliance transferred its telecom infrastructure assets to two separate infrastructure trusts for a consideration of Rs 1.25 lakh crore with the intention of raising this money from large global institutional investors.

"We have received strong interest and commitments from reputed global investors and are confident that these transactions will be completed by the end of this financial year," Ambani said.

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

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

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 65.40 -8.15
Maruti Suzuki 6,228.90 0.61
Indiabulls Hsg 483.55 -7.26
Tata Motors 112.40 -9.25
SBI 277.40 -2.22
Company Price Change %Gain
Maruti Suzuki 6,222.95 0.39
Yes Bank 65.40 -8.21
Indiabulls Hsg 482.85 -7.40
Abbott India 8,945.00 -0.59
Tata Motors 112.30 -9.29
Top Gainers
Company Price Change %Gain
Hero Motocorp 2,714.25 1.69
Infosys 799.45 0.85
Bajaj Auto 2,764.80 0.80
Eicher Motors 16,000.50 0.66
Maruti Suzuki 6,228.90 0.61
Company Price Change %Gain
Hero Motocorp 2,716.90 1.78
Infosys 799.55 0.84
Bajaj Auto 2,761.75 0.69
HUL 1,854.00 0.70
Maruti Suzuki 6,222.95 0.39
Top Losers
Company Price Change %Gain
Tata Motors 112.40 -9.25
Yes Bank 65.40 -8.15
Indiabulls Hsg 483.55 -7.26
Tata Steel 343.00 -4.26
BPCL 327.80 -4.22
Company Price Change %Gain
Tata Motors 112.30 -9.29
Yes Bank 65.40 -8.21
Tata Steel 343.05 -4.26
Coal India 188.75 -3.33
ONGC 121.15 -3.12

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results