The 41st annual general meeting of Mukesh Ambani-led Reliance Industries Ltd (RIL) is being held today, where the chairman spells out the direction the energy-to-telecom conglomerate will take in 2018-19.
Speaking at the 41st annual general meeting, Ambani mentioned of the 25 million Jio phone users in India. He unveiled the net profits of the industry which grew by 20.6% to Rs 36,075 crore. Company’s consumer business, Jio, retail represent about 13% of consolidated EBITDA (Earnings before interest, taxes, depreciation, and amortization).
Chairman Ambani further added,
“We are now taking the Jio phone to the next level, with added capabilities and functionalities. Reliance JioGigaFiber will empower the small merchant.”
Speaking on what Reliance JioGigaFiber means for large firms, Mukesh Ambani said that the company will give other large companies the ability to compete in the global marketplace, using digital tools and techniques that are powering the Fourth Industrial Revolution
“When you combine fixed-line connectivity with the agility and customer obsession of a small owner-driven business you empower them to compete on level terms with larger businesses,” said Ambani.