Reliance Industries Ltd (RIL) president and Managing Director Mukesh Ambani announced at the 42nd Annual General Meeting (AGM) that Saudi's Aramco will purchase a stake of 20% in its oil-to-chemical company. Mukesh Ambani also announced the details about the launch of Jio Fiber service, the triple play of broadband, TV, and landline.
A partnership for new cloud data centers and the launch of Jio Giga Fiber from September 5 are some other major announcements made by Mukesh Ambani today.
“This is the biggest foreign investment in the history of Reliance," Ambani said. "It is also amongst the largest foreign investments ever in India."
According to the deal with Aramco, it will also supply Reliance's refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis.
Mukesh Ambani also announced the roll-out of Jio Giga Fiber from September 5, offering free voice calls for life from landline phones, high-speed broadband of a minimum speed of 100 Mbps, free high definition TV with the dish. The plans of Jio Giga Fiber will start at a monthly rental of Rs. 700 and go up to Rs. 10,000.
"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," Ambani said.
In addition to all these, the 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," he said.
Mukesh Ambani also announced that over the next 12 months, Reliance Jio will install one of the largest blockchain networks in the world in India with thousands of nodes operational on day one.
Jio is also setting up a pan-India Edge Computing and Content Distribution network with tens of thousands of nodes: Ambani
Jio is entering into a long-term alliance with Microsoft. This alliance will accelerate digital transformation with the launch of new cloud data centers. With the help of Microsoft, Jio is going to set up a world-class data centers across India. This program will be powered by Microsoft's Azure cloud platform.
Mukesh Ambani said Jio will provide connectivity and the Jio Azure cloud service to the Indian technology startups for absolutely free of cost.