Reliance Jio's much-awaited 4G network hogged all the limelight at the 41st Reliance Industries’ Annual General Meet held in Mumbai today.
Chairman and managing director Mukesh Ambani addressed the meet sharing details of the network’s rollout date, its forays into other media and the company’s financial health.
Here are some of the key highlights from the AGM:
CAPEX PLANS
- Reliance will be spending over Rs 2 lakh crore in building new facilities and creating new businesses that will come to fruition in the next 12 to 18 months.
RELIANCE JIO
- Reliance Jio’ s 4G or Long-Term Evolution (LTE) commercial operations will begin by December. The company is targeting 100 percent national coverage within the next three years and financial year 2016-17 will be its first full year of commercial operations.
- Jio will launch 4G LTE smartphones, priced lower than Rs 4,000 by December. These phones will be able to beam high definition (HD) television, video-on-demand, music, news and magazines.
- Jio has also applied for a pan-India cable television multi-system operator (MSO) license and plans to enter into broadcast TV distribution.
PETCHEM BIZ
- Despite extremely volatile and challenging market, the company posted gross refininig margins (GRM) of USD 8.6 per barrel; outperforming the Singapore benchmark with a premium of USD 2.3 per barrel
- Ambani said the company will be implementing the largest of its kind gasification capacity in Jamnagar which will garner USD 1.5 billion annually.
- The company produced nearly 2.5 trillion cubic feet (TCF) of natural gas and about 27 million barrels (MMBBL) of crude oil that have substituted over USD 34 billion of energy imports.
- The company will revive its entire fuel retail network by the end of 2015-16.
RETAIL BUSINESS
- Mukesh Ambani said the company’s retail business grew 30 percent and it plans to expand its business from current 200 outlets to 900 over the next year. - The company will also roll-out an e-commerce model which will incorporate both online and offline retail models.
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
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