RIL AGM: Jio GigaFiber services from Sept 5; Aramco to invest $15 billion
Mukesh Ambani, the chairman of the group announced that Saudi Aramco will invest to take a 20% stake in the group's oil to chemicals (O2C) business at a $75 billion enterprise value.
 "Mukesh Ambani -42nd AGM")
Mukesh Ambani -42nd AGM
Reliance Industries (RIL), the oil-to-telecom conglomerate, made a slew of announcements at its 42nd annual general meeting (AGM) today. Mukesh Ambani, the chairman of the group first announced that Saudi Aramco will acquire a 20 per cent stake the group's oil to chemicals (O2C) business at an enterprise value of $75 billion. Further, the company announced that it aims to become debt-free company in the next 18 months and plans to list Reliance Jio and its retail business in the next five years.
As expected, Mukesh Ambani announced commercial launch of Jio GigaFiber on September 5, 2019 - the third anniversary of Reliance Jio. The plans, Ambani said, will range from Rs 700 to Rs 10,000 per month.
That apart, the company said Jio's commercial IoT (internet of things) services will be available from January 1, 2020. It also announced that the company will complete Jio Fiber roll out in 12 months.
As expected, Mukesh Ambani announced commercial launch of Jio GigaFiber on September 5, 2019 - the third anniversary of Reliance Jio. The plans, Ambani said, will range from Rs 700 to Rs 10,000 per month.
That apart, the company said Jio's commercial IoT (internet of things) services will be available from January 1, 2020. It also announced that the company will complete Jio Fiber roll out in 12 months.
At the bourses, RIL has underperformed the market in the quarter ended June 30, 2019 by falling 8 per cent as compared to around 2 per cent rise in the benchmark S&P BSE Sensex. On the financial front, the company had posted a 6.8 per cent increase in its net profit at Rs 10,104 crore for the June quarter on the back of a record 22 per cent jump in revenue at Rs 1.72 trillion. Consolidated debt as of June 2019 was at Rs 2.88 trillion compared to Rs 2.87 trillion as of March 2019. CLICK TO READ FULL ARTICLE
12:51 PM
EXPERT COMMENT | Ajay Bodke, CEO - PMS at Prabhudas Lilladher
Market is going to heartily welcome the seminal announcement by India's largest and most respected company RIL of 20 per cent stake sale in its oil-to-chemical (O2C) business to the world's largest oil company Saudi Aramco. It reinforces Mr Mukesh Ambani's reputation as India's top business leader whose global vision has transformed the country's economic milieu. This is inarguably India's largest-ever FDI inflow and would help dissipate the gloomy sentiment currently pervading in the economy and stock markets. This program to aggressively pursue deleveraging in businesses such as OTC, fiber and tower and emerge as a zero debt company in the next 18 months will strengthen the consolidated balance-sheet leading to strong valuation re-rating of the stock. RIL continues to remain as the pre-eminent play on the Indian economic jaggurnaut that is likely to touch USD 10 trillion by 2030.
12:38 PM
NEWS ALERT | Expect to complete transactions with Saudi Aramco and BP within this financial year: Mukesh Ambani
-- These are expected to generate inflow of Rs 1.15 lakh crore
12:36 PM
NEWS ALERT | Jio & Reliance Retail move towards listing within next 5 yrs: Mukesh Ambani
12:35 PM
NEWS ALERT | Telecom Infra transactions should be completed by the end of this financial year: Mukesh Ambani
12:34 PM
NEWS ALERT | Confident that we can grow by 15% annually over the next 5 yrs: Mukesh Ambani
12:34 PM
NEWS ALERT | Have clear road-map to become zero net debt company over the next 18 months: Mukesh Ambani at 42nd AGM
-- Deadline set at 31st March, 2021
12:33 PM
NEWS ALERT | Continue to be rated AAA for domestic debt: Mukesh Ambani
12:33 PM
NEWS ALERT | We are coming to the end of our capex cycle: Mukesh Ambani
12:32 PM
NEWS ALERT | Oil-to-chemical biz best placed to pursue growth and value creation: Mukesh Ambani
12:30 PM
NEWS ALERT | Have invested Rs 5.4 lakh crore in the last 5 years across company's verticals: Mukesh Ambani
12:29 PM
NEWS ALERT | RIL will create a special task force for Jammu & Kashmir and Ladakh. You'll see a lot of initiatives announced from us: Mukesh Ambani
12:28 PM
NEWS ALERT | Reliance Retail has brought retail revolution to India: Mukesh Ambani
12:28 PM
NEWS ALERT | RIL has received Letter of Intent from Indian government to set up Jio Institute: Mukesh Ambani at 42nd AGM
12:27 PM
NEWS ALERT | We stand committed to the development of Jammu and Kashmir, Ladakh: Mukesh Ambani
12:26 PM
NEWS ALERT | New commerce is a $700 bn business opportunity: Mukesh Ambani
Topics : Mukesh Ambani RJio RIL Reliance Industries Limited
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First Published: Aug 12 2019 | 10:12 AM IST
