and Vodafone Idea’s stocks dipped on Tuesday on the back of slew of announcements by
regarding its telecom unit Jio , which include an IPO within next 5 years .
Sunil Mittal led Airtel’s stocks were down by 4.63% trading at Rs 354 in the morning trading hours on the BSE. Rival Kumar Mangalam Birla’s telco Vodafone Idea was trading at Rs 4.92, down by 8.21% on the bourses .
Mukesh Ambani in his 42nd AGM on Monday said that RIL has received interest from global majors for investments in its telecom and retail businesses, and that the group will take a call in the next few quarters. The two businesses, which function as separate subsidiaries, will be listed in the next five years, Ambani said.
“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years”,said Ambani .
Jio also struck an alliance with Microsoft and also rolled out its commercial launch date for fibre to home among other measures to boost subscriber numbers . The telco has 340 million customers and is targeting 500 million .
Shares of RIL were up by 8.40% at Rs 1259.55 in the morning trading hours . However , RIL’s deal with Saudi Aramco is one of the main reasons for the shares swinging up .
Reliance Industries on Monday signalled a tectonic shift in its decades-long, successful business model of going it alone by proposing to offload stake in its oil-to-chemicals business to Saudi Arabian giant Aramco for an enterprise value of $75 billion. It also announced that it will henceforth forge partnerships for major businesses with global giants and confirmed reports of strategic interest in its telecom and retail businesses.