At the Reliance AGM 2019, Mukesh Ambani has announced the launch of Jio Fiber, Jio-Microsoft Cloud Partnership and $75 Billion Deal With Saudi Aramco.
The deal with Saudi Aramco is the sale of 20% stake in oil and chemical business. The Jio Fiber will be launched on September 5 and will be available for all. These announcements were made at the 42nd annual general meeting that was held on Monday.
At the AGM conference, Ambani revealed that the Reliance Industries will sell 20 percent stake of its oil and chemical business to the Middle East oil giant Aramco. The deal is worth $15 billion, which will be around Rs 1.06 crores. It will also sell half of its fuel retail business to UK's BP for a deal of Rs 7,000 crore.
As per Ambani, this is one of the biggest foreign investments in the history of the company and is also amongst the largest foreign investments that India has ever seen.
Aramco is the biggest crude exporter in the world and will provide 7,00,000 barrels of oil a day on a long term basis, for Reliance's twin refineries at Jamnagar, Gujarat. All these things will be done only after due diligence, agreements, regulatory and other approvals.
With the rolling out of Jio Giga Fiber from the 5th of September, the company will be offering free voice calls for life time from the land phones, high speed broad band, which has a minimum speed of 100 mbps, free high definition TV and dish.
The monthly rentals for the Jio Fiber will start from Rs 700 and can go up to Rs 10,000.
"In India even the most basic Jio Giga Fiber will start at 100 mbps at the lowest end. We have plans to go all the way to 1 gbps. We are pricing our plan at one-tenth of global rate to make it accessible for every home," Ambani said.
From the mid-2020, the Jio Fiber customers will be able to watch new movies on the releasing date itself.
Ambani also said that his company has entered into long term collaboration with Microsoft so as to accelerate digital transformation with various new cloud data centers.