Reliance Industries AGM 2019: Mukesh Ambani said the retail arm's annual revenue topped Rs 1.3 lakh crore
Reliance Industries conducted its 42nd Annual General Meeting in Mumbai on Monday. Speaking at the event, held at Birla Matushri Sabhagar, chairman and managing director Mukesh Ambani said: "The future of India and the future of Reliance never looked brighter to me than now. Our Prime Minister has set the goal of making India a 5 trillion economy by 2024. I fully agree with the idea." Billionaire Mukesh Ambani made a number of big announcements at the annual event of the oil-to-telecom conglomerate. He said that Saudi oil major Aramco has agreed to take a 20 per cent stake in Reliance Industries' oil refinery and chemical business at an enterprise value of $75 billion (around Rs 5.32 lakh crore). This would be the biggest foreign investment in the history of the company, Mr Ambani said.
Here are the highlights of key announcements made at Reliance Industries' AGM 2019:
Saudi Aramco to invest $75 billion in Reliance Industries, take 20% stake in its oil-to-chemicals (O2C) business: Mukesh Ambani
Earlier this month, BP and Reliance had announced the formation of a new joint venture that would include a retail service station network and aviation fuels business across India.
On Reliance Jio, he said:
- Voice calls from home to be absolutely free
- Lowest fixed line international calls default tariff will be 1/5th or 1/10th of industry tariffs
- Jio launches Rs 500 per month unlimited calling plan for US, Canada
- Jio Fiber to come bundled with most leading premium OTT applications
- Launching offer to watch movie on first day and first show
- International roaming at fraction of existing plans
- HD/4K set top boxes to be provided for free
- Jio has over 6,000 software engineers
- Have invested in 14 start-ups
On Jio Fiber, the Reliance Industries chairman said:
- Jio FIber aims to empower 2.4 million small and medium businesses
- Jio Fiber to be launched with simple and easy-to-understand tariff plan
- Jio Fiber to start from Rs 700-Rs 10,000 per month
Consumer business to contribute 50 per cent to the company's consolidated EBITDA, says Reliance Industries chairman Mukesh Ambani
Reliance Foundation has touched the lives of more than 29 million in the country, says Mukesh Ambani
"We have achieved this milestone faster than any other retail company in the world. Our EBITDA (earnings before interest, taxes, depreciation, and amortization) margins are among the best globally," said Mr Ambani, speaking on Reliance Industries' retail arm, Reliance Retail.
Reliance Retail annual revenue crossed Rs 1.3 lakh crore last year: Mukesh Ambani
Reliance Retail has well and truly brought retail revolution to India, says Mukesh Ambani
Today digital technology is transforming every place, every industry, every thing, says Microsoft CEO Satya Nadella
"Jio and Microsoft have entered into a globally unique long-term alliance to accelerate the digital transformation of our country," said Mukesh Ambani.
Voice calls from home to any Indian operator, mobile or fixed, will be absolutely free forever, said Mr Ambani.
The company plans to reach 20 million residences and 15 million business establishments in 1,600 towns: Mukesh Ambani at the Reliance Industries AGM
Reliance Jio Infocomm announces the launch of Jio Fiber Services on a commercial basis on September 5, 2019 - the third anniversary of Reliance Jio's launch.
Reliance Jio Infocomm announces the launch of the country's first online multi-player network.
Isha Ambani and Akash Ambani demonstrate Reliance Jio's video calling and video conferencing solution
"As the world moves to renewable energy sources, Reliance Industries moves to create new value," Mr Ambani told the shareholders.
Reliance Industries and BP signed a new venture together; Reliance will get Rs 7,000 crore from BP for this venture.
On the Indian economy, the Reliance Industries chairman said:
- Fundamentals of the economy are very strong
- India is rising
- No power on earth can stop India from rising higher
"On September 5 this year, Jio turns three," the Reliance Industries chairman said. "Before Jio, India was data dark... Now India is data shining bright," added Mr Ambani.
Mr Ambani also said that the Prime Minister has set the goal of making India a $5 trillion economy by 2024. "I full agree with the idea. This is necessary."
"We continue to be highest payers of GST as compared to all companies... highest payers of income tax," said Mr Ambani. "The future of India and the future of Reliance never looked brighter to me than now."
"Jio has done well in these last years... Jio crossed the 340 million subscriber mark... Jio has truly become largest retailer of India," Mr Ambani said while addressing the Reliance Industries shareholders at the company's 42nd AGM.