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Saudi Aramco to buy 20% stake in RIL oil, says Mukesh Ambani

RIL chairman and managing director Mukesh Ambani is also expected to spell out details of his plans related to Reliance Jio and Reliance Retail's e-commerce venture.

TAS News Service
August 12, 2019

Delhi: At its 42nd annual general meeting (AGM), Reliance Industries Ltd (RIL) is expected to announce the launch date and pricing plans of Jio GigaFiber broadband service. RIL chairman and managing director Mukesh Ambani is also expected to spell out details of his plans related to Reliance Jio and Reliance Retail’s e-commerce venture.

Main Points 

Mukesh Ambani announced that Saudi Aramco will buy 20% stake in RIL’s oils to chemicals division.

-The slowdown in some sectors of the economy is temporary.

-Fundamentals of India is very strong: Ambani

-We continue to be highest payer of customs and excise duty in the private sector.

-RIL is India’s largest exporter.

-Reliance Retail is larger than all other major retailers put together.

-Had Reliance Jio and Reliance Retail been listed, each would have been top 10 in india in terms of value: Ambani.

-We are incubating new growth engines: Ambani

– Mukesh Ambani begins speech.

-In his speech, Ambani can give a peek into RIL’s next leg of growth plans across real estate, petchem and refining.

-Market analysts and RIL shareholders expect Ambani to announce Reliance Retail’s ambitious plans in e-commerce.

– RIL is also expected to launch JioPhone 3, the successor to Reliance JioPhone 2, with better specifications and features.

– Reliance Jio is expected to roll out broadband services in three key offerings – base-pack (broadband only), bundled pack (broadband + TV offering) and high-end converged pack with the Internet of Things (IoT) devices.

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