Reliance Industries Limited chairman Mukesh Ambani addressed the 42nd annual general meeting (AGM) in Mumbai, with investors and consumers awaiting fresh commercial launches from Jio. He said that Jio Fiber Services will be launched on commercial basis on September 5 on Jio’s 3rd anniversary.
Addressing the 42nd Annual General Meeting, Mukesh Ambani said, “in the golden year of Reliance, it was another year of robust business,” adding that last year Reliance gained “profits in the retail sector as well”.
CMD Mukesh Ambani said, “Skeptics used to say that Reliance cannot service in the consumer business. Relaince has proved them wrong. Jio crossed 340 million subscriber mark to become the world’s fastest growing business. Reliance Jio is larger than all other major retail business put together.”
Mukesh Ambani said Reliance will focus on increasing partnerships with global and local players. The company will also tie up with SMEs in India. He added that the company is going to focus on “value creation” in the near future.
Meanwhile, Shares of the Mukesh Ambani-led company has returned 17.4 percent since the last annual general meeting.
Mukesh Ambani announced Saudi Aramco will invest for a 20% stake in RIL’s O2C division.
Jio Fiber:
Ambani revealed Jio Fiber service generated 15 million registrations across 1,600 towns. The company plans to reach 20 million residences and 15 million business investments. Trial on-going with 0.5 million homes already. Jio is using “feedback” from the trial to fine-tune service. Jio Fiber’s plans will be priced at ₹700- ₹10,000 per month.
Jio Fiber Services will be launched on commercial basis on September 5 on Jio’s 3rd anniversary. The company also demonstrated 1Gbps data speeds. It also showcased ultra fast multi-party video conferencing solution for home users.
Set-top box for cable TV:
Reliance Jio’s 4K Set-top-box can accept broadcast signal from local cable operators partner cable.
Gaming platform:
Reliance also introduced a new gaming platform.The gaming set-top-box supports all popular controllers. You can do multiplayer gaming. The platform leverages Gigafiber’s broadband service and is said to deliver “zero latency.”
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