Last week, Flipkart announced the launch of its hyperlocal services called ‘Flipkart Quick’ in various parts of Bengaluru, where consumers can book a two-hour delivery of about 2,000 products like grocery, fresh items and smartphones, among other electronic items.
"Jio Glass comes with a convenient cable that you can attach to your phone and thus connect to the internet. It is at cutting edge of the technology that provides best in class mixed reality service," Reliance Jio Infocomm President Kiran M Thomas said at RIL annual general meeting (AGM).
The telco has already developed its own technology which powers its voice over LTE (VoLTE) services nationally and handles more than 10 billion minutes of calls on a daily basis. Kiran Thomas, president at Reliance Industries (RIL), Jio’s parent, said that VoNR is backward compatible and will work on 4G as well.
Jio on Thursday had nearly trebled its net profit to Rs 2,520 crore in April-June period -- its 11th profitable quarter in a row -- helped by a combination of tariff increases, strong customer adds and lower finance costs after reducing debt. Shares of Jio’s parent, Reliance Industries (RIL) were marginally down 1.8% in Friday afternoon trade on BSE.
Experts say Reliance Jio will face stiff challenges as it enters the 5G club and offers its product to operators globally, with rivals Huawei, Nokia and Ericsson ahead in developing the technology and in filing patents. ET's Devina Sengupta has more. Watch now. (Text: ET Bureau)Reliance Jio may face stiff challenges as it targets global 5G tech space
The effort is time-consuming as components related to 5G and many processes would already have been patented. Jio being a new entrant will take time to catch up with its rivals like Huawei, Ericsson and Qualcomm.
Walmart has long been scouting for a viable and competitive business model for the Best Price brand, which consists of 28 stores and ecommerce operations.
Idea followed Jio in download speed chart with 8 mbps speed, the latest data published on Trai's Myspeed portal showed. The Telecom Regulatory Authority of India (Trai) recorded average download speed of 7.5 mbps and 7.2 mbps on 4G network of Vodafone and Bharti Airtel, respectively, in June.
"Jio has said that high frequencies has been put to use in advance countries like the US, South Korea, Japan, Canada, the UK. They also want trails in these bands should start in India to make India "Aatmanirbhar". Government is open to the suggestion and trials. Already many trials are going on," an official source said.
In the 5G world, telecom operators need to move beyond connectivity and collaborate with multiple stakeholders across sectors such as finance, transport, retail and healthcare to deliver innovative digital services.
The app will come with a unified interface for all Jio set-top box users and offer a single log-in for 12 video streaming services, including Netflix, Amazon Prime Video, Disney+ Hotstar, Voot, Sony LIV, Zee5, Lionsgate Play, JioCinema, Shemaroo, JioSaavn, YouTube, and Eros Now.
Under the partnership, Google will provide optimisations to its Android operating system and the Play Store for smartphones that Jio will launch in the market, the two firms said on Wednesday. Google is also aiming to take the affordable smartphones and services developed out of its partnership with Jio to the rest of the world.
According to a PTI report, Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore. California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 per cent stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc.
"In the next three years, Jio will connect half a billion mobile customers, a billion smart sensors and 50 million home and business establishments:," said Ambani at the 43rd AGM.
Jio asked Trai Chairman to check if Voda Idea’s RedX and Airtel’s Platinum premium tariff plans are in compliance with India’s extant regulatory framework or if they violate consumer interest.
Airtel and VIL though have reported customer bases of 283.66 million and 291.1 million respectively in their March quarter earnings numbers respectively, while Jio reported a user base of 388 million in the fiscal fourth quarter.
Google is in advanced talks to buy a stake in Reliance Industries digital arm Jio Platforms, according to a Bloomberg report. The search giant's boss Sundar Pichai, in an interview to ET earlier, had neither denied nor confirmed reports of Google’s interest in Jio. Google has pledged $10 billion in India over the next five to seven years. Reliance’s digital services business unit, netted almost $16 billion in a fundraising blitz.Another cheque for Ambani? Google in advanced talks to invest $4 billion in Reliance Jio: Reports
For the quarter ended June, Jio posted profit of Rs 2,520 crore compared with Rs 891 crore a year ago, and Rs 2,331 crore in the preceding quarter.
Reliance has now sold 19% interest in Jio Platforms, which houses movie, music apps & Infocomm.
Industry executives and company officials said that even the sales operations will change, with teams now targeting neighbourhoods instead of long distances to generate business leads. They are also expected to restart talks to lower network costs, with demand surging in an era where social distancing will become the norm.
Three deals in three weeks injected a combined $8 billion in the group and help it pare its debt.
According to legal sources, the telecom regulator has filed an application for RCom and Reliance Telecom seeking that provision be made in resolution plan that post paid subscribers get back their unspent money and deposits . Axis Bank also raised a question on its guarantees but both these matters will be heard on August 19 by NCLT.
In its ruling, TDSAT had said that Trai has started the probe after getting a complaint from Jio, but the regulator said it had started enquiries into the two plans on July 6 itself, and not after Jio’s letter of July 8.
Jio ended February with 383.67 million subscribers, Airtel with 328.95 million and Vodafone Idea with 325.52 million, data released by sector regulator Trai on Monday showed.
Facebook and Jio’s views diverge sharply on the matter of providing access to data.
Energy-to-telecom behemoth Reliance Industries (RIL) dipped over 3.50 per cent last week.
In Facebook, we have found a partner who is a leading technology company globally, who can help us with a lot of things that we're doing, who can advise us, we can collaborate on areas. Also, you know, Facebook, understands this business, understands the space, so they understand the Jio story better than most others would do, Anshuman Thakur said.
The Reliance-Facebook deal has ensured the creation of yet another high-powered ecosystem.
Mumbai: Reliance Jio Infocom nearly tripled its net profit on year in the April-June period – its eleventh profitable quarter in a row - helped by the delayed impact of tariff hikes taken last December, decent customer additions and lower finance costs after reducing debt.For the quarter ended June, Jio posted profit of Rs 2,520 crore compared with Rs 891 crore a year ago, and Rs 2,331 crore in the preceding quarter. Analysts had estimated Jio’s in net profit in the June quarter at around Rs 2,600 crore.Jio Q1: Profit jumps 3 folds to Rs 2,520 crore
RIL Q1 results: Profit jumps 31% YoY to Rs 13,233 crore on exceptional gains, beats Street estimates
RIL managed to bring down total expenditure by about 42 per cent YoY to Rs 87,406 crore from Rs 1,50,858 crore in Q1FY20.
Oil-to-telecom conglomerate Reliance Industries (RIL) is likely to report a drop in net profit for the quarter ended June as Covid-related disruptions may have impacted refining, petchem and retail businesses while telecom business Jio may be an outlier. Here's what to expect. Watch.RIL Q1 results preview: Jio likely to cushion Reliance Industries' Q1FY21 earnings
Jio Platforms is set to raise Rs 11,367 crore by selling another 2.32% to Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF). This will be the tenth investor picking up a stake in the Reliance Industries’ (RIL) telecom and digital business in eight weeks. The investments peg Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore. With the latest investments, parent Reliance Industries stands to get Rs 115,693.95 crore from the 10 investors in exchange for 24.70 % stake, the group said in a statement Thursday.Another cheque for Reliance Jio: Saudi Arabia's PIF buys 2.32% stake for Rs 11,367 cr
The decline in subscriber base during April was preceded by a loss of 28 lakh connections in March, which saw the lockdown being imposed towards the end, India Ratings and Research said in note. The biggest losers were Bharti Airtel and Vodafone Idea, it said, adding sector leader Reliance Jio witnessed a growth in its base.
Almost 50,000 telemarketers, third-party aggregators and resellers of messaging services who pay 9-10 paise/SMS to telcos now will be hit by an additional charge of 2.5 paise/SMS.
Jio's prepaid users can get 2GB per day data with unlimited voice and SMS at Rs 2,399 annual recharge. Compared to Jio which offers a higher data quantity of 2 GB per day, Airtel and Vodafone Idea’s Rs 2398 and Rs 2399 annual plans offer 1.5GB data per day along with unlimited voice and SMS.
JioMart is ramping up operations, intensifying the grocery wars through WhatsApp.
The company said the regulator had not stated that the plan’s priority network access feature was in violation of regulations and sought a personal hearing to represent its case appropriately.
Officials say all telcos, including Jio, have applied for 5G spectrum for trials and everyone will be allotted. But "only once the government formally takes a stance on Huawei and ZTE”.
Within the IT space, discretionary projects might be put on hold but providing mobility, work from home, additional layers of security, key business architecture are things companies cannot do without and the IT services segment is in a good place.
As per the information on Jio.com, prepaid users opting for plans starting at Rs 401 will be able to avail the Disney+ Hotstar VIP subscription worth Rs 399 for one year, at no extra cost, over and above the other benefits they get in a plan. The offer can be availed by Jio prepaid customers opting for specific monthly pack, annual pack, and add on data packs.
India’s telcos have asked the government to include the 26 GHz band in the 5G spectrum auction to help roll out cost-efficient networks and price services more affordably.
Failure to pay on time leads to the invoking of bank guarantees, but the government may allow more time if Vodafone Idea pays up with interest.
Reliance Industries on Friday announced the sale of 1.85 per cent stake in its digital unit to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt. The latest would take the combined holding to 18.97% and investment amount of up to Rs 87,655.35 crore.6 deals in 6 weeks: Mukesh Ambani gets Rs 87,655 cr in Reliance Jio stake sale
Abu Dhabi-based sovereign investor Mubadala Investment Company will invest Rs 9,093.60 crore for a 1.85% equity stake in Jio Platforms. This will be the sixth investment in Jio, which has an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.Abu Dhabi-based Mubadala to invest Rs 9,093 cr in Reliance's Jio Platforms
Reliance Jio and Airtel recently announced yearly plans whereas Vodafone Idea is continuing with its older yearly plan.
Reliance Jio Infocomm has taken a contradictory stand to Vodafone Idea and Bharti Airtel on the issue of international roaming tariffs, further underlining spreading the fault lines in the industry.
Analysts have sought transparency in how Facebook and Jio will control the data they have.
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore."Facebook is teaming up with Jio Platforms. We're making a financial investment, and more than that, we're committing to work together on some major projects that will open up commerce opportunities for people across India", says Facebook CEO Mark Zuckerberg.Watch: Facebook CEO Mark Zuckerberg on Reliance Jio deal
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore. Here’s the video statement by Chairman & Managing Director Sh Mukesh D. Ambani.Watch: Statement by Mukesh Ambani on Facebook-Reliance Jio deal
Facebook’s investment will translate into a 9.99 per cent equity stake in Jio Platforms.
Jio’s market and revenue share in FY24 are expected to widen from 37 per cent each at end of FY20, brokerage Axis Capital said in a report.
Reliance has a track record of disrupting rival businesses. On Wednesday, billionaire chairman Mukesh Ambani said Reliance will expand e-commerce platform JioMart - which connects small retailers with consumers - to offer not just groceries but also electronics and fashion goods.
While Ambani didn’t give any new timeline for the completion of the deal with Saudi Aramco, the chairman said RIL has been “approached by global companies for strategic partnerships in the petrochemical business”. He, however, didn’t name any company.
Asia’s richest man and the chairman of RIL told shareholders Wednesday that Reliance Retail Ltd. is getting inquiries from investors and may start bringing some on board in the coming months.
Pichai, announcing the partnership with Reliance Jio on Wednesday added, more work needs to be done to provide digital access to billions of Indians who still don't own a smartphone. Google and Jio Platforms have entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store.
Ambani added that it will be ready for trials as soon as the spectrum is available.
This is the largest such fundraising for Flipkart since Walmart acquired it two years ago for $16 billion, valuing it at $21 billion then, making it one of the largest foreign investments in the country’s fledgling internet ecosystem.
The American search-engine giant said its Google unit plans to spend $10 billion over the next seven years on operations, infrastructure and investments as a “reflection of our confidence in the future of India and its digital economy.”
For retail customers to return to the market, advisors will play a very critical role going forward
In terms of volume, number of deals in January-June period declined 11 per cent from the year-ago period's 499 deals.
KKR, the global investment firm based in New York, will invest Rs 11,367 crore into Jio platforms, which is the largest investment in Asia, said the Reliance Industries Limited (RIL) on Friday. "Reliance Industries Limited and Jio Platforms Limited announced today that KKR will invest Rs 11,367 crore into Jio Platforms. This transaction values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," RIL said in a statement.KKR to acquire 2.32% stake in Reliance jio platforms for Rs 11,367 cr
A Nokia spokesperson told ET that the Finnish gear maker “sources fab and components from 17 countries, including China as part of its global supply chain”.
But both of India’s older telcos are likely to gain on margins front, courtesy lower sales, marketing costs and commissions during the pandemic, which may help narrow losses sequentially.
Reliance Jio has recently introduced two new plans priced at Rs 49 and Rs 69 which come with 14 days of validity and offer 2 GB and 7 GB data respectively. Jio has also tweaked its long term Rs 2020 plan which is now priced at Rs 2121 that has a validity of 336 days against 365 days of Rs 2020 plan.
‘We can clearly see the interest of foreign investors in any of the quality offerings’
Mathews has been advocating for favourable policy for the telecom industry since the last 10 years. Mathews, who is an US citizen, will be heading to the US to join his family in New Jersey.
Reliance launches free video-conferencing application called JioMeet that can host 100 people.
Electronic chip maker Intel's investment arm, Intel Capital, will buy 0.39 per cent stake in billionaire Mukesh Ambani's digital unit, Jio Platforms, for Rs 1,894.50 crore, the company said on Friday. Intel Capital is 12th company to join the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore. Jio Platforms, a wholly-owned subsidiary of Reliance Industries, also runs Reliance Jio telecom business. Jio leads the India market with over 38.8 crore subscribers.12th cheque for Reliance, Intel Capital to buy 0.39% stake in Jio Platforms for Rs 1,894 cr
Telecom industry body COAI on Thursday announced the appointment of Bharti Airtel chief operating officer for India and South Asia, Ajai Puri, as its new chairman and Reliance Jio president P K Mittal as vice-chairman for 2020-21.
Jio offers 12,000 minutes of FUP on prepaid plans priced at Rs 2599, Rs 2399, Rs 2121, Rs 1299 and Rs 4999. All these prepaid plans offer different features and come with varying data plans.
Facebook Inc is in talks to buy a multi billion dollar stake in Reliance Industries Ltd's telecom unit, the Financial Times reported on Tuesday, citing two people with knowledge of the matter.
‘It may not be the right time for telcos to increases ARPUs’
US private equity firm Silver Lake will invest Rs 5,655.75 crore in Jio Platforms to take 1.15% stake at an equity value of Rs 4.90 lakh crore Silver Lake to invest Rs 5,655.75 crore in Reliance Jio Platforms
Silver Lake will invest Rs 5,655.75 crore in Reliance Jio at an equity value of Rs 4.90 lakh crore.
Reliance Jio says its “just a few days away” from launching its conferencing app called Jio Meet.
According to co-founder and CEO Arvind Pani, Reliance’s current digital strategy targets the same set of audiences as Reverie, which makes software solutions for Indian language services. In his view, language inclusion would be critical for the parent company’s larger digital inclusion plans. Reliance Jio, its telecom unit, has a subscriber base of 388 million.
The three networks have varied plans across price ranges, we've put together the best plans under Rs 700.
In terms of service quality of mobile networks, Bharti Airtel has outperformed its rivals, Vodafone Idea and Reliance Jio, in four out of five metrics, according to a study.
‘In the next five years, e-commerce will be a large part of the entire Jio platform story’
Security experts have said India’s telcos, with their large customer base and enterprise businesses, are most susceptible to state-sponsored cyber attacks.
Jio has come out with an yearly plan, giving 360 days of validity. Earlier, the telco had withdrwan its Rs 2020 plan and instead brought a Rs 2121 plan with lower validity.
Jio has developed its own 5G and other technologies, to cut costs and reduce dependence on foreign vendors.
Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net-debt free months ahead of its March 2021 target after raising a record Rs 1.69 lakh crore from stake sales and rights issue in less than two months time. RIL turns net debt free well before its own target of March 2021. Here's an explainer video detailing Reliance's zero-debt dream fulfilled.Explainer: How Mukesh Ambani made Reliance Industries a net debt-free company
Even as the world grappled with the threat of the coronavirus pandemic, a high-profile, year-old deal between Reliance and Facebook was undergoing final touches. Here’s how it played out.
In a counter affidavit to a petition filed by Paytm in the Delhi HC , Jio said mobile phone companies cannot be held liable for “unlawful activity” occurring over calls and messages as per the telecom regulator’s Telecom Commercial Communication Customer Preference Regulation (TCCCPR), 2018, aimed at checking pesky calls and messages.
The telecom company announced recharge facility at the ATMs of some of the banks.
Reliance net debt-free: Mukesh Ambani achieves zero-debt dream ahead of time, courtesy Jio deals and rights issue
Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months. Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days. Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.Reliance net debt-free: Mukesh Ambani achieves zero-debt dream ahead of time, courtesy Jio deals and rights issue
‘Mobility business is the one that has created scale and has established itself’
US tech titan Facebook has acquired a 9.99 per cent stake in Mukesh Ambani’s digital operation Reliance Jio, the telecom arm of Reliance Industries Ltd (RIL), for USD 5.7 billion (about Rs 43,574 crore), in a deal that puts the pre-money enterprise value of Jio Platforms at Rs 4.62 lakh crore.Facebook acquires 9.99% stake in Reliance Jio for Rs 43,574 crore
Facebook will invest Rs 43,574 crore, largest FDI in India's technology sector.
While final approvals from the Department of Telecommunications (DoT) and Ministry of Home Affairs (MHA) are expected shortly, as per the sources cited, Reliance Industries’ (RIL) debt reduction plans have been delayed.
The Centre on Thursday informed the Supreme Court that the Department of Telecommunications (DoT) has decided to withdraw 96 per cent of the Rs 4 lakh crore demand for AGR related dues raised against non-telecom PSUs like GAIL. The top court also said that private telecom companies including Bharti Airtel, Vodafone Idea must come out with a “reasonable payment plan” and asked them to file their books of accounts for the last 10 years.AGR case: DoT withdraws 96% of dues of PSUs; SC asks telcos to submit financial documents
Launched in 2016, Reliance Jio is now the country's largest telco with 388 million subscribers.
It said DoT is already in possession of certain securities and guarantees amounting to approximately- Rs. 10,800 crores, consisting of Rs. 4,000 crores towards dues under the license, including amount of Rs. 2,800 crore equivalent to two quarters of estimated license fees; and Rs. 6,800 crores towards spectrum deferred liability.
Jio is likely to capture 48 per cent of Indian mobile subscriber marketshare by 2025.
Mukesh Ambani-led Jio added a modest 82,308 mobile users, taking its subscriber base past 370 million in December, way below the 9.1 million and 5.6 million customer-adds reported by the company in October and November respectively last year.
‘RIL now comfortably placed to becoming net debt-free by Dec’
While TPG is set to invest Rs 4,546 cr in Jio for a 0.93% stake, L Catterton will invest Rs 1,894 cr to pick up 0.39%.
The Supreme Court Thursday expressed grave concerns over the Department of Telecommunications' move to slap spectrum dues worth over Rs 4 lakh cr from PSUs as adjusted gross revenue (AGR)-based dues on par with private sector telco's dues. It was also sceptical about the government's plans for staggering recovery of another Rs 1.69 lakh crore spread across 20 years from the private telcos. ET's Devina Sengupta has more. (Text: ET Bureau)AGR dues: Rejoice for PSUs, payment plan sought from telcos; what next?
Vodafone Idea needs ARPU of Rs 238 to meet cash flow needs even if allowed 20 yrs to pay AGR dues: Analysts
Goldman Sachs said if telcos are allowed a 20-year repayment period, “VIL would require Rs 30,900 crore Ebitda by FY23 to just be FCF neutral, which would imply an ARPU of Rs 238 per month”. The telco’s ARPU was Rs 109 in the fiscal third quarter. VIL is yet to report March quarter earnings.