Reliance Industries (RIL) annual general meeting (AGM) had several stunning announcements. RIL looks to list Jio Platforms (JPL) by June 2026. It targets doubling of FY22 earnings before interest, taxes, depreciation and amortisation (Ebitda) (Rs 1.25 trillion; $14.6 billion) by FY27 implying 14.7 per cent compound annual growth rate (CAGR) over the FY22 levels.
At the heart of one of the biggest transformations in India's corporate history lies a plan to offer super-fast broadband services.
Everyone who has looked at a tablet PC and backed off because of the price will see sense in the Reliance 3G Tab, an Android tablet PC that costs just Rs 13,000 (data prices extra).
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
He was accompanied by his daughter Isha and son Anant
Reliance on Saturday announced a significant drop in the calling rates to the United States and Canada on its Reliance Global Call Card.
Data is the new oil, and intelligent data is the new petrol, said Mukesh Ambani
Voice calling will be free on Jio phones for life and post December 31, 10 data plans will be offered
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
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