Economy

Saudi Aramco to buy 20% stake in Reliance's Oil to Chemicals division

Saudi Aramco to buy 20% stake in Reliance's Oil to Chemicals division

At the 42nd annual general meeting (AGM) of Reliance Industries Ltd (RIL), chairman and managing director Mukesh Ambani announced the much-awaited launch date for its fibre-to-home service. Profit slid 12% to $46.9 billion in the first six months as crude prices fell and costs rose, the state-owned company said Monday.

"Our long term partnership combines the power of Azure, Azure AI and Office 365 with Jio's connectivity and digital solutions, which are among the most used and fast growing in the world", said Satya Nadella in a statement during the event.

Here, we're highlighting everything around Jio GigaFiber that grabbed eyeballs during the AGM 2019. RIL will attempt to complete the Jio Fiber rollout in the next 12 months.

While the detailed plans for Jio GigaFiber will be announced on September 5, which is when the commercial rollout begins for customers, the base plan for Jio GigaFiber services has been set at Rs 700 per month.

Apart from Blockchain, Jio is planning to deliver Virtual and Mixed Reality content by setting up a pan-India Edge Computing and Content Distribution network again starting with tens of thousands of nodes. This will be made available from June 2020. The lowest of its plans will start at speeds of 100Mbps and go all the way up to 1Gbps.

"We believe that Jio's FTTH Rs 700 price point is comparable to Bharti's broadband average revenue per user (ARPU) of Rs 825".

To attract new customers, a Jio Fiber Welcome Offer will be available. Thought he didn't share plan details but did elaborate about its features.

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The free TVs will be for users who opt for long-term Jio GigaFiber plan, known as "Jio Fiber Welcome plan". Further, the default tariffs of Jio Home Phone are touted to be one-fifth to one-tenth of existing industry tariffs. Jio also unveiled affordable worldwide calling rates like US/Canada pack priced at Rs 500 per month. While the upcoming service has been on trial run since a year ago, he added that trial homes are, on average, consuming more than 100 GBs every month indicating the ever-increasing usage of internet in India. Pricing for the annual plans will also be announced the same day.

The announcement was done by the Chairman of Reliance Telecommunications Mr Mukesh Ambani.

According to the latest company announcement, Reliance Retail has a turnover of over 130K Cr in FY2019 and has more than 10K stores across India. The set-top box will also apparently support nearly all gaming controllers. Reliance Jio also introduced a multiplayer online network.

"Companies that have a fairly mature IT adoption or those that are playing with a lot of Indian consumer data, they might prefer to move to (Reliance) because this data is guaranteed to be stored locally", said Krishna Iyer, an independent technology advisor who was previously a senior executive at cloud services firm Akamai Technologies (AKAM.O). "This creates exciting new possibilities for entertainment, shopping, gaming and most importantly for education". The Jio Cinema app that would come preloaded on the Jio Set-Top Box was also shown to offer theatre-like experiences on MR headsets.

"Also, for the first time in India, we are introducing a disruptive concept for watching new movies".

"Premium JioFiber customers will be able to watch movies in their living rooms, on the same day of their release".

Al-Dabbagh was speaking on a conference call with investment analysts - another first for Aramco - in which he also revealed that the upgrade to the Kingdom's east-west pipeline, aiming to increase capacity on the route from 5 million to 7 million barrels per day amid security concerns in the Arabian Gulf, would be finished next month.