Reliance Industries Chairman and MD, Mukesh Ambani on Monday announced that Saudi Aramco will invest for a 20 per cent stake in RIL's O2C division. Mukesh Ambani also launched Jio Fiber services and made a slew of announcements regarding RIL's vision and expansion plans.
Mukesh Ambani made the announcements during the 42nd Annual General Meeting of RIL on Monday. Ambani also announced that the RIL would make a special task force on the developmental initiatives it plans to take in the newly-created Union Territories of Jammu & Kashmir, Ladakh.
"We stand committed to support the people of Jammu and Kashmir and Ladakh in all their developmental needs. Reliance will create a special task force and you will see a lot of announcements on Jammu and Kashmir and Ladakh and our developmental initiatives in the coming months," Ambani said.
At the RIL AGM today, Ambani also announced that Reliance was entering in a JV with BP. Ambani also made the much-awaited announcement regarding the launch of Jio Fiber and how he intends to make a zero net debt company in the next 18 months. "It is my passion and conviction that New India will lead and not follow the advanced nations of the world in adopting, even creating disruptive technologies that will decide the winners and losers of the Fourth Industrial Revolution," Mukesh Ambani said during the 42nd AGM of Reliance Industries.
IndiaTVNews.com is bringing you the key takeaways from Mukesh Ambani's announcements at the RIL AGM.
Key takeaways from Mukesh Ambani's address at Reliance AGM
- Responding to PM Narendra Modi's appeal, Reliance stands committed to support the people of Jammu & Kashmir and Ladakh in all their development needs. RIL will create a special task force for developmental activities in J&K and Ladakh, Mukesh Ambani said at the RIL AGM.
- We have a very clear roadmap to becoming a zero net debt company in the next 18 months: Mukesh Ambani at #RILAGM
- Reliance Industries Limited (RIL) has built a unique portfolio of world-class and extremely valuable assets in the world's fastest-growing economy. Each of our best-in-class businesses is contributing to the transformation of #India, and creating enormous societal value: Mukesh Ambani said at #RILAGM.
- RIL Investments of nearly Rs. 5.4 Lakh crore over the last five years to generate EBITDA in excess of US$ 1 billion annually for over a decade: Mukesh Ambani at #RILAGM
- As the Reliance Foundation (@ril_foundation) enters its 10th year, I am humbled that we have touched the lives of more than 29 million people across the country: Mukesh Ambani said at #RILAGM.
- Reliance’s New Commerce platform represents the Digital Symbiosis of Big and Small Enterprises. I believe that the Small must not only survive but also thrive in New India: Mukesh Ambani said at RIL AGM.
- Our merchant Point of Sale (POS) Solution – Jio Prime Partner POS – is integral to our plan to create an ecosystem around small merchants. This user-friendly digital platform will modernise even the smallest Kirana shop to become a digitized store: Mukesh Ambani announced at the RIL AGM.
- New Commerce - In the true Reliance ethos, we are working towards enriching and empowering nearly 30million merchants and Kirana shop owners with our end-to-end digital and physical distribution stack: Mukesh Ambani said #RILAGM.
- Today, Reliance Retail is the only Indian retailer to be ranked in the Global 100 top retailers. Over the next 5 years, our aim is to be amongst the world’s top 20 retailers: Mukesh Ambani at RIL AGM.
- The Retail business has grown phenomenally, registering a 7-fold increase in revenue and a 14-fold increase in profit in the last 6 years. Relentless focus on operating discipline has resulted in a 3-fold rise in per-store productivity in last 5 years: Mukesh Ambani at RIL AGM.
- Reliance Jio to provide a bundle of connectivity and essential business productivity and automation tools to Indian small businesses for 1/10th the cost at 1,500 per month: Mukesh Ambani announced during RIL AGM.
- Reliance Jio to provide connectivity and the Jio-Azure cloud service to Indian technology startups absolutely free: Mukesh Ambani at #RILAGM
- Jio-Microsoft Alliance - Jio to set up a network of large world-class datacenters across India powered by Microsoft’s Azure cloud platform: Mukesh Ambani at #RILAGM
- Reliance Jio and Microsoft have entered into a long-term alliance to accelerate the digital transformation of #India to launch new cloud data centers, ensuring more organizations can access the tools and platforms they need to build their own digital capability: Mukesh Ambani at RIL AGM.
- Jio Fiber Welcome Offer - Jio Fiber customers opting for the annual plan - JIO-FOREVER plan - to get a FULL HD TELEVISION or a Home PC and a 4K SET-TOP-BOX absolutely free, Mukesh Ambani announced.
- We are now investing in scaling-up advanced technologies in our country, even ahead of the rest of the world: Mukesh Ambani
- Over the next 12 months, Reliance Jio will install one of the largest blockchain networks in the world in India, with tens of thousands of nodes operational on day one, Mukesh Ambani announced.
- Reliance Jio is setting up a pan-India Edge Computing and Content Distribution network starting with tens of thousands of nodes, Mukesh Ambani announced at RIL AGM.
- Jio First Day First Show - Premium JIOFIBER customers can watch movies at home… the same day they are released in theaters! This service will be launched in the middle of 2020: Mukesh Ambani at RIL AGM
- With every JIOFIBER home, all our LCO partners will continue to have a steady stream of revenue for their broadcast TV business: Mukesh Ambani at #RILAGM
- Over the past months, we have upgraded our MSO’s infrastructure to world-class standards. Now LCO partners can offer the largest bouquet of High-Definition channels to customers with better features, reliability and customer experience than even DTH: Mukesh Ambani said at RIL AGM
- Jio Fiber Services to be launched on a commercial basis on 5th September 2019 - on the third anniversary of #JIO’s launch. Plan to reach 20 million residences and 15 million business establishments in 1,600 towns: Mukesh Ambani at #RILAGM #JioGigafiber
- NBIoT - a Rs 20,000 cr per year revenue opportunity for #JIO. Jio’s IoT platform will be commercially available starting 1st January, 2020: Mukesh Ambani at RIL AGM
- The investment cycle for Jio is now complete: Mukesh Ambani at RIL AGM.
- Revenues from each of its new growth engines to kick-in within FY 2019-20: Mukesh Ambani at RIL AGM
- Delighted to announce the biggest foreign investment in the history of Reliance- Saudi Aramco and Reliance have agreed to form a long-term partnership in our Oil to Chemicals (O2C) division
- Mukesh Ambani announced that Saudi Aramco will invest for a 20 per cent stake in RIL's O2C division.
You can also watch Mukesh Ambani's full speech at RIL AGM here: