Highlights of Reliance Annual General Meeting
The 41st Annual General Meeting (AGM) of Reliance Industries Ltd was held today. Here are some key takeaways from the AGM.
- Jio phone has 25mn users at present.
- YouTube, WhatsApp and Facebook services to be available to JioPhone users from August 15
- RIL is planning to launch the Jio phone 2 priced at Rs2999 on August 15.
- The company is launching the Monsoon Hungama offer that will enable users to exchange their old feature phone for a new Jio phone for Rs501.
- RIL aims to eventually have 100mn users on the Jio phone platform.
- Jio Fiber to launched by August 15, to disrupt cable TV service providers.
- The company is launching JioGigaFiber, a fixed-line broadband service. Jio Fiber will connect homes, merchants, MSMEs, and large enterprises across 1,100 cities. JioGigaFiber is a home internet and connectivity solution which aims to bring digital connectivity to the home.
- The Giga Router would provide WiFi, while GigaTV would provide Hi-Def 4K TV channels. JioGigaFiber to open registrations on August 15.
- Jio utilization at ~20%, significant room to grow without capex.
- With partner BP, RIL plans to deploy technologies to begin gas production from KG-D6 by 2020. The goal is to achieve 30-35mn cubic meters of per day production by 2022.
- RIL is the largest recycler of PET bottles in the country.
- RIL commissioned the largest pet coke gasification project. This will improve the company's profitability.
- RIL also launched R-Elan last year.
- They have successfully commissioned the largest paraxylene complex with 4.2 MT capacity. Further, they have also commissioned the largest off gas ethylene cracker.
- 4,000 new Reliance Retails stores opened. The total store count reached to 7,500 stores with 350mn footfalls.
- RIL aims to launch a new offline online e-commerce model through the use of Jio's digital infrastructure and retail network.
- Reliance Industries has one of India's largest media and entertainment networks in its portfolio.
- Moreover, 1 in 5 internet users are on Network 18's websites and 1 in 2 people watch its TV channels.
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After a gap-up opening, the nifty index traded higher throughout the day and settled at 18593.85 levels with a 60 points gain. While, Banknifty inched up by 0.37%, and closed at 44101.65. On the sector front, Nifty Auto & Media has contributed more than 1% gains, followed by the Metal and Commodities indices. While PSUBANK, FMCG & IT dragged slightly for the day.
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