Reliance Industries (RIL), the oil-to-telecom conglomerate, made a slew of announcements at its 42nd annual general meeting (AGM) today. Mukesh Ambani, the chairman of the group first announced that Saudi Aramco will invest $75 billion in the group’s oil to chemicals (O2C) business for a 20 per cent stake. Further, the company announced that it aims to become net zero-debt company in the next 18 months and plans to list Reliance Jio and its retail business in the next five years.
announced commercial launch of Jio GigaFiber on September 5, 2019 – the third anniversary of Reliance Jio. The plans, Ambani said, will range from Rs 700 to Rs 10,000 per month.
That apart, the company said Jio’s commercial IoT (internet of things) services will be available from January 1, 2020. It also announced that the company will complete Jio Fiber roll out in 12 months.