RIL 42nd AGM: Top highlights from the key event

Mukesh Ambani, the chairman of Reliance Industries Limited, today addressed the 42nd Annual General Meeting of the oil-to-telecom conglomerate held at Birla Matoshri in Mumbai. The markets closely monitored the speech of the RIL chairman for new announcements and also for plans to cut down the debt on its books.
Here are the top highlights from Mukesh Ambani's speech
*Saudi Aramco and RIL have agreed to form partnership will invest in RIL for 20% stake in our oil-to-chemical business. Saudi Aramco will supply 500,000 barrels of oil to Jamnagar refinery.

*Reliance to get Rs 7,000 cr by selling 49% stake in its fuel retail business to BP.

*Our Oil-to-chemicals business achieved growth of Rs 5.7 lk cr in revenues, exports 2.2 lakh crore.

* On September 5 Jio will turn three-year old and will launch its fibre services. Before JIO India was data dark and now Jio has made India data shining.

* The base plan will have 100 mbps speed and will all the way up to 1 gbps.

* Jio fibre plans will be priced between Rs 700 to Rs 10,000 per month. Voice calls from home to any network will be absolutely free. International pack for calls to US/Canada at Rs 500 per month.

* Jio first day first show will be launched in middle of 2020

*Jio fibre customers who opt for annual lifetime plans will get an LED 4k HD TV and set top box absolutely free.

* Jio will install a blockchain network across India

*Jio announces partnership with Microsoft for digital transformation of India

* We are ready to start four more engines to generate revenues:
Internet of Things all over India
Home Broadband
Enterprise broadband
Broadband for small and medium businesses

* IoT services to be available from Jan 1, 2020

*Jio fibre roll out within next 12 months

*Jio launches Jio set top box

* Jio's customer base crossed 340 mn and more than 10 mn new customers every month are being added.

* Jio has invested 3.5 lakh crore in digital infrastructure.

* Because of early adoption to LTE tech, our wireless is 4G ready and can upgrade it to 5G

* Investment cycle of Jio complete.

* RIL has a clear road map to become a zero net debt company in the next 18 months.

*Reliance became profitable both in pvt and public sector.

*Incubating new growth engines in Reliance.

*Jio and Reliance Retail have proved sceptics wrong. If these were two separate listed cos these would rank in top ten.

*Jio crossed 340 mn subscriber mark to remain worlds fastest growing telecom cos. It has become digital gateway of India.

*Reliance Retail has crossed Rs 130,000 cr revenue mark.

*The two consumer-centric businesses contribute 32% consolidated ebitda from 2% five years ago.

*Continue to be the highest payer of customs and GST. Also, highest payer of income tax.

*See India becoming a $10 tn economy by 2030.

*Fundamentals of Indian economy are strong. India has political stability and govt is taking long term measures to promote ease of living.

*No power can stop India from rising higher