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RIL AGM: Jio announces launch of fiber-based broadband service JioGigaFiber

Reliance Industries chairman Mukesh Ambani addressed the company's 41st annual general meeting (AGM) at Birla Matushri Sabhagar in Mumbai. The oil-to-telecom conglomerate continued with its trend of making big announcements related to its telecom arm Jio. In its previous AGM, the company had announced the launch of Jio phone.Jio, which was launched in 2016, has shaken the Indian mobile telephony market with attractive offers and has fiercely impacted competition forcing price revisions by competitors.Jio earned a profit of Rs 510 crore for the fourth quarter, growing 1.2 per cent sequentially. The company had logged a profit of Rs 504 crore in the Oct-Dec quarter.Here are the key highlights from the RIL AGM: *RIL has reached an inflection point with its consumer business contributing as much as the petrochemical business.*The customer base for Jio has grown to 215 million customers. Jio has doubled customer base within 22 months of start, a feat that no technology company has been able to achieve anywhere in the world.*Data has recorded a growth from 125 cr GBs to 240 cr GBs per month.*Voice usage has increased from 250 cr minutes to 530 cr minutes per day.*Video consumption has recorded a growth from 165 cr hours per month to 240 cr hrs per month.*Jio is committed to achieve target of 99% population coverage with 4G LTE services.*Over the past 12 months, Jio has doubled its network capacity. The capacity utilisation is less than 20 per cent which means the company can multiply its customer base without any additional investment. *Jio is determined to move India to the top 5 of the fixed line broadband users. the company has already invested Rs 2,50,000 cr in digital infrastructure, mobile and broadband connectivity to expand fiber footprint to homes, merchants, small enterprise to provide fiber based broadband services. *1,100 cities to offer most advanced fiber-based broadband connectivity, which will be called JioGigaFiber.*Exchange old feature phone for new Jiophone for Rs 501.*Introducing a higher model of Jio phone 'JioPhone 2'.*To introduce smart home accessories as part of JioGigaFiber.*Those interested can register for the Fiber service - JioGigaFiber - from August 15. The company can start rolling out service in areas which evince the most interest.On Retail*On Reliance retail, the RIL chairman Mukesh Ambani said that over 350 million footfalls were received by 7,500 stores last year. More than 4,000 new stores were opened last year.*Jio has enabled RIL to strategically reinvent as a tech platform which have become new age factories. *Mukesh Ambani hints at creating a hybrid, online-to-offline commerce platform. The Bharat-India Jodo programme will integrate the power of Reliance Retail with Reliance Jio. The hybrid model will offer value for money to consumers and integrate pharmacies, small groceries via Jio. On Hydrocarbon*RIL has commissioned the largest paraxylene complex in the world with capacity of 4.2 million metric ton.*Committed to becoming one of the largest recylers of plastic and polymers; Adding carbon fibre & composites to portfolio petrochemical products.*Commissioning world's largest coke gassification project. Gassification project to eliminate dependence on imported natural gas.*The RIL-BP joint venture is seeking opportunities to market gas in India. The target is to reach 30-35 mmscmd gas production in India. Plan to reach full production in KG-D6 basin soon.

Source: ET

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