Today, Aug 12, Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani, at 42nd annual general meeting (AGM) announced that Saudi Aramco will buy a 20% share in its oil-to-chemical business. Along with this, Mukesh Ambani also talked about some of the details regarding the launch of Jio Fiber service, the triple play of broadband, TV and landline.
Reliance AGM 2019-
Ambani said that Reliance Industries is going to sell 20 per cent share in its oil and chemicals business to Saudi oil giant Aramco for about $15 billion (approximately Rs 1.06 lakh crore) and just about half of its fuel retail business to BP of UK for Rs 7,000 crore.
“This is the biggest foreign investment in the history of Reliance,” he said. “It is also amongst the largest foreign investments ever in India.”
He further added that the deal will covers all of Reliance’s refining as well as petrochemicals assets along with the remainder of stake the firm has in fuel retailing business after trading 49 per cent to BP.
The world’s biggest crude exporter, Aramco, will also supply twin-refineries of Reliance at Jamnagar in Gujarat on a long-term basis with 7,00,000 barrels of oil per day, Ambani said. The deal is subject to due persistence, conclusive agreements and regulatory and other agreements, he said.
Mukesh Ambani Announced Jio Fiber Launch-
Along with this, Mukesh Ambani also announced the roll out of Jio Giga Fiber starting from September 5.
Jio GigaFiber promises to provide an excellent internet experience together with solutions such as Jio DTH as it is being hanged extensively.
He said that it is going to offer free voice calls for life from landline phones, high speed broadband of minimum speed of 100 mbps, free high definition TV and dish.
Jio-Microsoft Cloud Partnership-
He further said that plan is going to start at monthly rental of Rs 700 and go up to Rs 10,000.
Ambani said, “In India even the most basic Jio Giga Fiber will start at 100 mbps at the lowest end. We have plans to go all the way to 1 gbps. We are pricing our plan at one-tenth of global rate to make it accessible for every home,”
$75 Billion Deal With Saudi Aramco-
Considering the premium Jio Giga Fiber customers, Ambani said that from mid-2020, they will also get to watch new movies on the same day of its release. “Premium Jio Giga Fiber customers can watch movies at home the same day they are released in theatres! This service will be launched in the middle of 2020,” he said.
At last, Ambani said that Reliance Jio has entered into a long-standing alliance with Microsoft to speed up the digital transformation with the launch of new cloud data centres. Jio is going to set up a network of large world-class data centres all over India which has been powered by Microsoft’s Azure cloud platform.
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