Reliance has been one of the biggest brands of India with multiple forays in each division. And now, it is looking forward to expand even further. Reliance Industries Ltd (RIL) president and managing director Mukesh Ambani today decided to go further and announced at its 42nd Annual General Meeting (AGM) that Saudi Aramco will purchase a 20% stake in its oil-to-chemical company. Mukesh Ambani had also announced details related to the launch of Jio Fiber service, the extravaganza promising to revolutionize the trio of broadband, TV and landline.
That apart, Jio‘s commercial IoT (Internet of Things) services, the firm said, will be accessible from January 1, 2020. It also announced that in 12 months the company will finish rolling out Jio Fiber. RIL underperformed the market on the stock exchanges in the quarter ended June 30, 2019 by falling 8 percent compared to an increase of around 2 percent in the S&P BSE Sensex benchmark. But it looks forward to raising the bar and bringing up an above par performance for the stockholders to rejoice for.
On the financial front, on the back of a record 22 percent jump in revenue at Rs 1.72 trillion, Mukesh Ambani also informed that the company posted a 6.8 percent increase in its net profit at Rs 10,104 crore for the June quarter.
Apart from its availability, the pricing of Jio GigaFiber was an important announcement everyone had been looking forward to. GigaFiber customers currently available for beta testing only paid up to Rs 4,500 as a security deposit for the router, with broadband internet up to 100 GB free of charge per month. Customers will only be charged, depending on the plan, between Rs 700 and Rs 10,000 per month after the commercial rollout.
Under a Welcome Offer, Jio Fiber customers opting for the annual plan will get a new Jio Forever plan under which a full HD TV or a Home PC and 4k set-top box will be given for free: Ambani. Jio Fiber will launch a premium service where customers can watch movies at home on the same day they are released in theaters. This service will be launched in the middle of 2020 as mentioned by Mukesh Ambani.
