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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.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

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, 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, 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

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