Saudi Aramco to buy 20% stake in Reliance's Oil to Chemicals division

Andrew Cummings
August 13, 2019

The Jio Fiber service will be launched on September 5.

"...The average fixed-line download speed in the USA which is the most developed economy is around 90 Mbps".

And, like Jio undercut its competition's prices when its 4G network went live, its broadband services plans to do the same with prices starting at ₹700 per month and keeping voice calls free forever.

Despite gathering a huge chunk of subscribers over the past couple of years, Ambani claimed that the company's continuing to sign up 10 million new customers every month. Ambani also stated that Jio GigaFiber consumers will have access to premium over-the-top services.

At the AGM, Ambani also talked about the $700 billion New Commerce business opportunity that aims to "completely transform the unorganised retail market, which accounts for 90 per cent of India's retail industry". Reliance Jio users will be able to make unlimited worldwide calls with the new Jio global Calling pack. This year's meeting saw the addition of two new faces, with the Ambani daughter-in-law Shloka Mehta, and Anant's girlfriend Radhika Merchant also in attendance.

Ambani, who wanted to repeat his telecom success in optical fiber-based fixed broadband services had previous year announced the service called JioFiber and the company had invited registrations of interest from customers. Aramco pays 50% of its profit in income tax, plus a sliding royalty scale that starts at 20% of the company's revenue and rises to as much as 50% with the price of oil.

Jio Postpaid is available to any customers who want to buys Jio SIM.

It is not known if the TVs will entirely be free or if there will be a security deposit before customers get it.

Reliance Jio will offer a free FullHD TV or a Home PC with Jio Forever Plan.

"Our long term partnership combines the power of Azure, Azure AI and Office 365 with Jio's connectivity and digital solutions, which are among the most used and fast growing in the world", said Satya Nadella in a statement during the event.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday, after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

Additionally, RIL and its partner, BP Plc, will together invest Rs 35,000 crore for bringing to production three sets of natural gas fields in the Krishna Godavari basin block in the Bay of Bengal by 2022, chairman Mukesh Ambani said. The investment cycle of Jio is now complete, and only marginal investments would be needed in areas to grow capacity, he said adding that this gives the company strong operational leverage and superior return on investments for years to come. Reliance also announced the Jio GigaFiber IoT platform that will be commercially available from January 1, 2020; and the Jio HoloBoard mixed reality headset that has been developed in collaboration with Tesseract. Micro, small, and medium businesses are now paying up to Rs. 20,000 per month for connectivity, productivity, and automation tools, Ambani said.

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