RIL AGM: Mukesh Ambani announces Jio Fiber launch, Jio-Microsoft Cloud Partnership and $75 billion deal with Saudi Aramco

Mumbai: 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 centres across India and Microsoft will bring the cloud platform.

“Nothing gives me greater happiness than to see that Reliance is now making a bigger and more positive impact, on the lives of more Indians – in multiple ways through business and philanthropy,” says Mukesh Ambani.

“As we achieve our zero net-debt target this financial year, I assure you my dear shareholders that we will reward you abundantly through higher dividends, periodic bonus issues and other means, and at a more accelerated pace than any time in our history,”. he said.

Mukesh Ambani says that the Reliance Industries Limited will induct leading global partners in Jio and Reliance Retail in the next few quarters, and move towards listing of both these companies within the next five years. 

Reliance Industries Limited has a very clear roadmap to becoming a zero net debt company in the next 18 months. “We expect to complete transactions with Saudi Aramco and BP within this financial year. These are expected to generate inflow of Rs 1.15 lakh crore,” he said.

“RIL Investments of nearly Rs. 5.4 Lakh crore over the last five years to generate EBITDA in excess of $ 1 billion annually for over a decade. The RIL has built a unique portfolio of world class and extremely valuable assets in world’s fastest growing economy. Each of our best-in-class businesses is contributing to the transformation of India, and creating enormous societal value,: RIL Chairman said.

Responding to Prime Minister Narendra Modi’s appeal to entrepreneurs regarding investment in the Union Territoy of Jammu and Kashmir, Mukesh Ambani says, “We stand committed with people of Jammu, Kashmir and Ladakh. We’ll create a special task force and you will soon see many announcements in the Valley.”