Reliance Industries AGM: Mukesh Ambani's may launch JioFiber and other updates
NEW DELHI: Reliance Industries Limited (RIL) chairman and managing director (MD) Mukesh Ambani will address the shareholders of the company at its 41st annual general meeting (AGM) in Mumbai on Thursday.
In the last AGM, Ambani unveiled the company’s flagship Jio Phone for ‘effectively Rs 0’.
Here is a rundown of what Mukesh Ambani may offer today:
* A number of media reports have suggested that in yet another disruptive offering, RIL could well announce the launch and prices for its broadband venture, JioFiber service.
* In the last 12 months, RIL has made 12 deals worth Rs 28,900 crore, news agency Bloomberg reported.
* Ten of these are related to his consumer business. Ambani has also capitalized on India’s ongoing bad-debt issues with purchases of distressed or insolvent companies including a local textile-maker, a carbon-fiber firm and the wireless assets of his brother Anil Ambani’s debt-laden Reliance Communications.
* Reliance Industries reported a consolidated net profit of Rs 9,459 crore for the March quarter, up 17 percent compared to the same quarter of the previous year.
* The RIL stock was up 1 per cent at Rs 999.50 at 10.35 am.