RIL ready to kick-start four new growth engines: Mukesh Ambani

Mumbai: Reliance Industries Ltd (RIL) recorded a net profit of Rs 10,104 crore for the quarter ended June, stated chairman and managing director of the group, Mukesh Ambani, here today.

While the 42nd annual general body meeting of RIL has been eyed by several investors across the world, the group has made a slew of announcements.

Mukesh Ambani today said Jio, which has amassed over 340 million subscribers in less than three years, is now ready to fire four new growth engines including Internet of Things (IoT) for the entire country, home and enterprise broadband services as well as broadband for SMEs.

“Revenue from each of these engines will kick in this fiscal itself,” Reliance Industries’ chairman and managing director Mukesh Ambani said addressing the 42nd Annual General Meeting (AGM) here.

On New Commerce, Ambani noted that the purpose of New Commerce is to transform unorganised retail into organised retail. It is a $700 bn biz opportunity.

Stating that the consumer businesses of RIL contribute 32 per cent to EBITDA, Mukesh said, “Reliance Retail is larger than all major retailers put together.”

Terming Jio’s journey since 2016 as “incredible”, Mukesh said India was ‘data dark’ before the entry of Jio into the telecom market.

“Jio has made India data-shining bright. Today Jio customer base stands at over 340 million… The potential for growth is immense and half-a-billion customers is now, I believe, well within our reach,’ he said.

“India, because of you, Jio has not only become the largest operator in India but is the second largest operator in the world on a single platform,” he said.

The investment cycle of Jio is now complete, and only marginal investments would be needed in areas to grow capacity, he said, adding that this gives the company strong operational leverage and superior return on investments for years to come.

“We are ready to kick-start four engines of connectivity revenue for Jio… Internet of Things for entire country, home and enterprise broadband, broadband for small and medium enterprises (SME),” he added.

Further, Mukesh noted that the Jio fibre services is to be launched on a commercial basis from 5 September.

On crude oil supply, the CMD announced that “Saudi Aramco will supply 500,000 barrels per day of crude oil to Reliance refineries after taking stake.”

He went on to state that the company is to get Rs 7,000 crore by selling 49 per cent stake in its fuel retail business to BP. On economic slowdown, at the meet, he said, “Slowdown in some sectors of economy is temporary; see India growing into a USD 10 trillion economy by 2030.”

The business tycoon went on to urge start-ups to register for custom design package at the Reliance Jio website and noted that Reliance Retail had crossed Rs 1.3 lakh crore revenue last year.