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Reliance Annual General Meeting: All You Need To Know

The Chairman of Reliance Industries Mukesh Ambani addressed the company's Annual General Meeting (AGM) on Friday (21 July). Ambani unveiled new JioPhone and talked about Jio's success in the country

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The Chairman of Reliance Industries Mukesh Ambani addressed the company's Annual General Meeting (AGM) on Friday (21 July). Ambani unveiled new JioPhone and talked about Jio's success in the country.

He shared that In just 4 decades, Reliance has grown from a small startup to one of the largest, most admired companies in the world. The company's turnover has grown from 70 crores in 1977 to over 330,000 crores today - an increase of nearly 4,700 times.

The total assets have increased from 33 crores to over 700,000 crores and a multiple of over 20,000 times. Above all, market capitalization has multiplied from ten crores to over five lakh crores.

One thousand rupees invested in Reliance shares in 1977 is today worth Rs 16, 54,503 - over 1,600 times more valuable. Ambani said, "I want to dedicate these 40 years of achievements and records to our founder Chairman Shri Dhirubhai Ambani."

In 1977, the group had 3500 employees and today they employ more than 250,000 people.

Jio Success Story
"In less than 170 days, more than 100 million customers signed up for Jio's services. Jio has broken one world record after another. On an average, Jio added 7 customers per second every single day. This was the fastest adoption of any technology service, anywhere in the world, even faster than Facebook, WhatsApp, and Skype", said Mukesh Ambani.

Jio users consistently make more than 250 crore minutes of voice and video calls every single day. In just 6 months of Jio's launch, data consumption in India went from 20 crore GB to 120 crore GB per month.

Now, Jio customers alone are consuming over 125 crore GB of data a month, including 165 crore hours high-speed video every month. Indeed, India has overtaken the US and China in mobile data usage. Before Jio's launch, India was 155th in the world in mobile broadband penetration now India is No. 1 in mobile data consumption.

Today, Jio has more than 100 million paying Jio Prime customers. Most have recharged on Jio's Rs 309 or higher plans. Jio has proved all our sceptics wrong.

Talking about the future, he said, "In the next 12 months, Jio services will cover 99% of our country's population. It took 25 years for our competitors to build the 2G network. Jio will have created a larger 4G network in just 3 years."

There are more than 50 crore feature phone users who have been left out of the digital revolution, this digital disempowerment and unfairness must end and Jio is committing to end it today.

Mukesh Ambani unveiled the new JioPhone and said, "Jio is going to reinvent the conventional feature phone. Let me introduce India ka Intelligent SmartPhone."

The JioPhone is announced at a price of Rs. 0 though to prevent misuse of the device, users have to pay a security fee of Rs. 1500 which is refundable after 3 years.

On the JioPhone, voice calls will be always free and users have to pay Rs. 153 per month for unlimited 4G data. JioPhone also has 2 sachet plans where users can recharge data for 2 days and a week for Rs. 24 and Rs. 54 respectively.

If these users were to consume a similar quantity of data on other operator's network, they would spend Rs 4,000 - 5,000 per month Jio will provide this at Rs 153 per month that is one-thirtieth, 3 per cent of the existing price.

JioPhone features a 2.4-inch QVGA display and has an alphanumeric keypad. The device also has voice support which enables users to make calls, send texts or watch movies by voice command.

JioPhone is a 4G VoLTE enabled phone and comes with internet browsing; it also has pre-loaded Jio apps. The device has headphone jack, torchlight, and FM radio. It is rumoured that device will have 512MB RAM and 4GB internal storage which will be expandable through a MicroSD card.

The JioPhone will be available for user testing in beta from 15th August and for pre-booking from 24th August. The device will be available in the market from September.

From last quarter of 2017, all JioPhones will be manufactured in India. Jio is targeting to have 5 million JioPhone units a week. JioPhone will make the 2G feature phone obsolete. With this, I am sure Jio will set a new world record.