Mukesh Ambani today announced that Saudi oil giant Aramco has agreed to take a 20 per cent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore).
Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company. As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat.
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 Jio Fiber 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.
Here are top announcement made at Reliance Industries' 42th annual general meeting:
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about USD 15 billion (approximately Rs 1.06 lakh crore) and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore, its chairman Mukesh Ambani said on Monday.
Ambani on Monday also announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP.
Ambani further announced the commercial launch of Jio Fiber on September 5 with base plan starting at a speed of 100 MBPS and going up to 1 GBPS with prices ranging from Rs 700 to 10,000 per month.
Voice calls from Jio Fibre fixed line phones to anywhere in the country will be free for life.
He also announced 'Jio First Day First Show' plan under which Premium Jio Fiber customers will be able to watch movies in their living rooms on the day of the release. This will be rolled out in 2020.
As India is getting transformed into New India, Reliance will also transform itself into New Reliance, said Ambani while pointing towards new businesses like Jio and consumer retail. Jio has not only become the largest operator in India but the second-largest operator in the world, Ambani asserted, adding that Reliance has put Rs 3.5 lakh crore in the investment cycle.
In the AGM Mukesh Ambani also said slowdown in some sectors of economy is temporary; he sees India growing into a USD 10 trillion economy by 2030.
We stand committed to the needs of the people of Jammu and Kashmir and Ladakh. You will see several announcements for the Jammu and Kashmir and Ladakh in the coming day, says RIL Chairman and Managing Director, Mukesh Ambani.
Jio is ready to take away cost by making cloud and connectivity infrastructure absolutely free for start-ups. Our intention is to start this service from 1 Jan, 2020, said Ambani.
Jio enters into a long-term alliance with Microsoft to accelerate digital transformation of India, launch new cloud data centres.