The latest deal would give Facebook deeper access to India, the second largest internet market after China.
When, recently, Bharti Airtel announced a Rs 21,000 crore rights issue, analysts pointed out that its structure was similar to that of Reliance's issue in June 2020. One similarity is that shareholders in both companies have to pay only 25 per cent of the money on application. The rest is to be paid in two tranches. In Bharti Airtel's case, it is within 36 months; in Reliance Jio's, it is within 17 months.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
Reliance is leveraging the technological change of building a virtualised 5G network which would see the current hardware-dependent networks shift to software-centric platforms.
The combined market capitalisation of Adani group companies increased to Rs 15.11 trillion last week. As a result, Gautam Adani's family raced ahead of Mukesh Ambani of Reliance Industries, reclaiming the title of India's wealthiest promoter.
The alliance combines capabilities of both the companies to offer a set of solutions comprising connectivity, computing, storage solutions, and other technology services and applications required by Indian businesses, and will span the broad Reliance Industries ecosystem, including its existing and new businesses.
In the latest move, the telco has reduced validity for its Rs 309/509 packages from 84 days to 56
Reliance Jio test launched its services last December, but dates for commercial launch has not been announced.
Spectrum auction for mobile radiowaves services worth Rs 96,000 crore ended with bids worth about Rs 11,000 crore, according to sources. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
'In the audience's mind there is no urgency to go see a film in the theatre.' 'If you pay for social media buzz it does not convert into bums on seats.'
The regulator on Thursday asked the Mukesh Ambani-led Reliance Jio to withdraw the three-month 'complimentary' offer of unlimited data usage and free calls on payment of a minimum Rs 303.
Trial offer is only by invite as of now, but is expected to be extended soon to select customers of Reliance Digital Express.
While JioMart is doing 250,000 orders per day, BigBasket and Amazon pantry are doing 220,000 and 150,000 orders, respectively.
Declaring that the plans will come at less than one-tenth of global rates, Ambani said Jio Fiber plans will be priced between Rs 700 to Rs 10,000 per month "to suit every budget".
Jio says it has completed mobile number portability testing and is certified MNP-compliant
Reliance Industries Ltd, India's most valuable company, on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in April-June -- the first quarter of the current 2023-24 fiscal year -- compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company's statement.
The deal follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake -- the world's largest tech investor -- bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.
Jio to charge users 6 paisa/min for voice calls made to rival phone networks. However, these charges are not applicable on calls made by Jio users to other Jio phones and to landline phones and calls made using WhatsApp, FaceTime and other such platforms.
Mukesh Ambani-owned RIL's JioMart is set to launch a slew of new products including financial services, electronics to airline tickets to take on the competition from upcoming rivals like the Tata Super app and other established players including PayTM, Amazon and Flipkart. This comes at a time when RIL's e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. "While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted.
Ambani said Jio will offer the world's lowest data tariff
He was accompanied by his daughter Isha and son Anant
Will Mukesh Ambani disrupt the telecom market by offering consumers voice calls at rock-bottom tariff?
The launch of services by Jio in September 2016 had disrupted the whole telecom sector, with operators matching low rates to maintain competitive edge
Reliance will launch Jio, pan-India 4G service, for its employees on December 27, marking Dhirubhai Ambani's birth anniversary.
Revenues of Airtel and Idea have been hit by falling realisation and analysts said margins would be affected by higher costs.
Ambani said Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue.
In a curious move, Reliance Industries' (RIL) executive director and Mukesh Ambani's trusted aide PMS Prasad pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL. Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.
Vodafone and Bharti have pointed out that, for data, their revenue realisation should be at Rs 30-35 per GB for them to cover their costs as opposed to the current figure of over Rs 11 per GB. But Jio has suggested a gradual increase to Rs 15 per GB and then maybe to Rs 20 per GB after six to nine months.
The auction of radio waves used for mobile services saw a muted opening on Tuesday, with five rounds attracting bids worth about Rs 11,000 crore from telecom companies. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
Indian Railways is in talks with Reliance Jio Infocomm to allow the Mukesh Ambani-led telecom major's use of its towers. The aim is seamless mobile and internet connectivity for passengers along the 67,368-km of tracks. The Railway Board has entrusted its RailTel Corporation arm to work on the modalities with Jio. The Jio tie-up is expected to bring down its telecom bill by at least 35 per cent from this financial year.
Tennis queen Sania Mirza looked like a vision as she arrived to attend Anant Ambani and Radhika Merchant's Shubh Aashirwad ceremony at the Jio World Centre at the Bandra Kurla Complex, north west Mumbai, on Saturday, July 13, 2024.
The deal, as well as some other strategic and financial investments in works, will help Ambani cut debt at RIL.
The company has similar pact with Bharti Infratel.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
Global supermajor BP Plc's exclusivity with Reliance Industries Ltd has ended but the energy giant will continue to pursue oil and gas as well as mobility ventures in India with the Mukesh Ambani firm owing to an unwritten strategic partnership, BP's outgoing India head Sashi Mukundan said. BP in 2011 spent $7.2 billion to acquire 30 per cent interest in 23 oil and gas blocks of Reliance. Eastern offshore KG-D6 block was the cornerstone of the deal that also provided for a 10-year exclusivity period which meant that BP would take up energy projects or investments in India only in partnership with Reliance.
The Big Two telecom companies have accelerated their moves towards this next-gen technology, though they have chosen very different routes to getting there.
According to a company statement, Ambani said he envisaged a new India in the not too distant future, where almost everything done digitally is transformed to a value-creating and life-enriching new experience cutting across all strata of society.
Also Spotted: Tom Cruise, Julia Roberts, Benedict Cumberbatch, Mark Rylance, Zendaya, Paul Mescal, Jamie Dornan...
Trai had asked the Attorney General for views on Jio's free voice and data offering till March 2017, that rivals have termed predatory.
Reacting to the statement Jio said that the admission by Ookla reinforces Jio's submission that there is a clear contamination in primary data collected by Ookla in India, where nearly 90 per cent of smartphones are dual SIM devices
