Economy

Mukesh Ambani seconds irked shareholder's view — RIL AGM

Mukesh Ambani seconds irked shareholder's view — RIL AGM”

The average selling price for Aramco's crude fell to $66 a barrel in the first half from $69 a year earlier, while crude production held steady at 10 million barrels of oil equivalent a day. "The potential for growth is huge, and 500 Mn mark is soon to be achieved", he added.

Reliance also announced the Jio GigaFiber IoT platform that will be commercially available from January 1, 2020; and the Jio HoloBoard mixed reality headset that has been developed in collaboration with Tesseract.

Along with GigaFiber, Jio launches GigaTV, which can allow users to live stream high resolution content using a dedicated set-top box.

Shares in Dish TV India were also down.

Reliance's big push into cloud services also comes as India, one of the world's fastest growing web services markets, is framing a data privacy law, drafts of which have emphasized storage of key consumer data locally. The set-top box will also apparently support nearly all gaming controllers.

Declaring that the plans will come at less than one-tenth of global rates, Ambani said Jio Fiber plans will be priced between Rs 700 to Rs 10,000 per month "to suit every budget".

The Jio Fiber plan will provide a host of smart services to its subscribers along with the Jio set-top box.

More news: USA stocks fall on Hong Kong protests, trade worries

Jio's also making worldwide calling cheaper by setting the default tariffs to one tenth of the industry average and, for USA and Canada exclusively, users can purchase unlimited calling at ₹500. Spanning over 1,600 towns, the service generated over 15 million registrations and trials are already underway in 500,000 homes. Now, the company plans to reach 20 million residences and 15 million business establishments.

Aiming to get an instant wide adoption, Jio is offering free HD or 4K TV and 4K set-top-box with annual Jio Fiber data plans. Which ones? Well, we don't know yet.

Stating that Reliance Retail has created a pole position in the $80 billion organised retail market in the country, Ambani said that the company has built capabilities to address the $700 billion unorganised retail opportunity, which RIL terms as "new commerce". This service won't be available immediately but Ambani stated that it should be live by mid-2020.

The company is also working on a Point of Sale (POS) Solution - Jio Prime Partner POS, which is said to enable inventory management, customer relationship management, financial services and other services for small merchants.

That being said, Ambani also said the plans offered by Jio can also go up to ₹10,000 per month. The service is interoperable across devices including TVs and users can video conference via JioCall for free. Jio has not announced the price of the set-top box yet. But up until now, the company didn't specify any details around how it is set to make Jio Fiber available against the likes of ACT Fibernet, Airtel, and Spectra among others.

Reliance Jio also announced free cloud and connectivity solutions for "budding startups" in India.



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