Reliance Industries Limited (RIL) in its annual general meeting (AGM) today made many significant announcements including the launch of its much-awaited wired broadband service-JioGigaFiber.
Reliance Jio customer base increased
During the meeting, Mukesh Ambani announced that the customer base for Reliance Jio has increased since the last AGM to 215 million from 124 million.
Reliance Jio's wired broadband service named JioGigaFiber was officially launched. It will be available for residential and commercial purposes (both small and large businesses) from 15 August, when the users will be able to register for the services through Jio website or MyJio app. It will come with the router as well as DTH service.
Three new apps namely YouTube, Facebook, and WhatsApp were launched on the JioPhone by the director of Reliance Jio, Akash Ambani. It will go live on 15 August 2018. Additionally, he also announced the launch of JioPhone 2 with better and additional functions than JioPhone, which will also be available from 15 August at the introductory price of Rs 2,999.
A 'Monsoon Hungama' offer was also announced. Mukesh Ambani said, "Under this offer, by exchanging your old feature phone, you can get a brand new JioPhone for an effective entry price of just Rs 501. Starting 15th August, we have another exciting offer for common Indians. They can purchase our Jiophone2 at an introductory price of only Rs 2,999."
He further said, "With the added functionalities and strong retail presence across India, the goal that I have now set for our Jio team is to enable 100 million users on this JioPhone platform in the shortest possible time and create another world record."
Smart Home Solutions
Akash Ambani announced the launch of smart home solutions using its newly launched wired fibre network. He said, "Your home will have wall-to-wall WiFi coverage, every appliance, plug point, switch will become smart. You can have cameras giving you 24x7 security monitoring, alerts."
Reliance Jio Revenue
Mukesh Ambani noted that Reliance Jio's revenue had crossed Rs 69,000 crore, implying a (year-on-year) growth of 100 percent.
Online-to-offline consumer based commerce platform
It was noted that it has a significant presence in online as well as offline businesses with "35 crore customer footfalls at Reliance Retail. 21.5 crore Jio customers. 5 crore Jio giga-home customers and 3 crore small merchants and shop-keepers," as per Mukesh Ambani's statement. As mentioned before, he also plans on targeting 100 million JioPhone users. He further said that the company's consumer line was now contributing as much as its energy and petrochemical business.
Mukesh Ambani pointed out that in an era where the world is migrating towards renewable energy, Reliance plans on maximizing oil to chemical conversion and upgrade fuels to high-value petrochemicals. He also said that the largest ever cycle of investment in hydrocarbon business is now complete and it will create demand and value for its shareholders.
Carbon fibre and composites were also to be added to the portfolio of petrochemical products as he plans to transform it from cyclical business to annuity.
Doubling company size
"While India looks to double its GDP by 2025, I assure you, Reliance Industries will more than double its current size. It's my dream to see India lead the 4th digital revolution", said Mukesh Ambani. He further said that the next decade would be a golden one for Reliance and will be employing over 10 lakh people indirectly.
He also plans on reaching over 13,500 villages in 15 states with its rural transformation initiatives by the Reliance Foundation, linking farmers with technology.
Education, agriculture and healthcare
Calling education and agriculture as "unprecedented opportunities" in India, these sectors will be Reliance Industries' next focus. "India has unprecedented opportunity to create wealth in agriculture. Our purpose is to benefit farmers and consumers. Jio can usher in a smart, new green revolution in India, connect 58,000 colleges and universities and 1.9 million schools in less than 2 years," he said.
Reliance Jio, on the other hand, plans to overcome the shortage of doctors in the country with cloud-based technologies and are currently "making several efforts to build tele-medicine." He said, "Reliance Jio will attempt to help overcome the deficit of physical infrastructure in healthcare."