Reliance Industries 42nd annual general meeting held on Monday witnessed some of the biggest announcement of the private sector. Reliance Industries chairman Mukesh Ambani announced the $75 Billion Deal With Saudi Aramco, commercial launch Jio Fiber from 5 September and Jio-Microsoft Cloud Partnership while briefing the shareholders.
Reliance Industries will sale of 20% stake in refining and petrochemicals business Saudi Aramco for the value of $75 billion in one of the biggest foreign investment deal. RIL had a net liability of $36.9 billion which will now be reduced by 40%. Mukesh Ambani also said that it intends to become a debt-free company by 2021.
Mukesh Ambani also announced the roll-out of Jio Giga Fiber from September 5, that will offer free voice calls, high speed broadband of minimum speed of 100 mbps, free high definition TV and dish. He told that the minimum speed on the FTTH service will be 100 mbps, and the target is to go upto 1 gbps. Unlimited internet calling to US and Canada will be available at ₹500 per month.
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,
From mid-2020, the premium Jio Giga Fiber customers will also get to watch new movies on the same day of its release, Ambani said. “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,” Ambani said.
Ambani also said that Reliance Jio has made an alliance with Microsoft with the launch of new cloud data centers. ” 80% of investments by start-ups go into cloud solutions, Jio will provide that connectivity free to all start-ups in India”, he said. Mukesh Ambani informed that the service will be provided to startups for free and to small and medium businesses at ₹1,500 per month.
He also introduced Jio First Day First Show service. Under this service, new movies will be available on Jio TV on the same day they are released in theatres.