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<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword>' 2024 annual report revealed that <keyword id="20671686" type="General" weightage="100" keywordseo="JioBharat" source="keywords">JioBharat</keyword>, an affordable keypad smartphone, has achieved an impressive 50 per cent <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword> in the <keyword id="3342432" type="General" weightage="20" keywordseo="sub-rs-1" source="Orion">sub-Rs 1</keyword>,000 segment. Launched with the mission to empower every Indian with digital services, JioBharat has marked a significant step towards digital freedom for the 250 million feature phone users in India, bridging the digital divide like never before. Since its launch a year ago, JioBharat has been transforming lives by offering features and digital capabilities such as UPI, JioCinema, and JioTV, enabling various segments of society to achieve more. This affordable device not only empowers users with smartphone capabilities but also provides high-quality and affordable data, making it accessible to the common people. Despite the recent industry-wide tariff increases, <keyword id="2003276" type="General" weightage="20" keywordseo="Jio" source="Orion">Jio</keyword> has maintained consistent pricing for JioBharat, allowing users to enjoy full digital capabilities at just Rs 123 per month. In contrast, the most affordable plans from other operators start at Rs 199 per month and enables access to limited functionality, restricted to voice and SMS services, as their feature phones do not support data or LTE usage. In his letter to shareholders, <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, Chairman of Reliance Industries Ltd, stated, "The launch of the JioBharat phone is another revolutionary step towards bridging the country's digital divide. A smartphone at the price of a feature phone, the JioBharat phone will go a long way in realizing a 2G-mukt Bharat." In 2016, when Jio was launched, it left no stone unturned to democratise internet access and pass the benefits of technology to every Indian. With affordable high-speed data and a ubiquitous network, technology was no longer a privilege for a select few. The subsequent launch of affordable devices like <keyword id="22711694" type="General" weightage="20" keywordseo="jiophone" source="keywords">JioPhone</keyword> and the availability of affordable wired broadband (<keyword id="20282548" type="General" weightage="20" keywordseo="jiofiber" source="keywords">JioFiber</keyword>) has truly democratised data connectivity. "With the launch of Jio 4G in 2016, we set out on a journey to make digital inclusion in India a reality. Jio turned a Data Dark India into a Data Rich nation, supplying every Indian home with affordable, high-speed 4G data. And this year, Jio has further enhanced the country's digital infrastructure by rolling out its True5G network across India in world-record time," states Mukesh Ambani's letter to shareholders in the latest annual report released on Thursday.

JioBharat captures 50% market share in sub-Rs 1,000 segment: Reliance annual report

Almost everything could be sold on Internet now. Keeping this development in mind, <keyword id="58448" type="COMPANY" weightage="80" keywordseo="Reliance-Retail">Reliance Retail</keyword> is about to borrow Rs 4,500 crore to build its <keyword id="436047" type="UNKNOWN" weightage="80" keywordseo="Ecommerce">eCommerce</keyword> business. It also plans to open new stores to counter rivals’ expansion in the rapidly growing eCommerce business in India. 
 
The Mukesh Ambani-controlled retail company would borrow the amount through term loans and debentures. 
 
"Reliance Retail is growing rapidly and these are enabling provisions to fund a growing and profitable business," a spokesperson told the Economic Times. "The funds will be utilised, as appropriate, for business operations." 
 
Reliance Retail's revenue rose 21% to Rs 17,640 crore in FY15 with profit after tax of Rs 193 crore. The company became the country's largest retailer in FY14. 
 The company will avail term loans to the tune of Rs 2,500 crore from <keyword id="6354731" type="CITY" weightage="60" keywordseo="State-Bank-Of-India">State Bank of India</keyword> and raise another Rs 2,000 crore by issuing convertible debentures, it said in board resolutions filed with the Registrar of Companies last week. 
 
The eCommerce business is expected to grow fourfold to almost $70 billion, or about Rs 4.34 lakh crore by 2019. Reliance Retail is piloting an online site for food and grocery products. 
 "The potential of ecommerce combined with the network of physical store locations will offer tremendous choice and convenience at a great value to the consumer," parent <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance industries</keyword> said in its latest annual report. 
 The move is part of <keyword id="3820" type="PERSON" weightage="60" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s wider strategy of placing its communications venture Reliance Jio Infocomm at the intersection of "telecom, web and digital commerce" as he said at the company's annual general meeting last year. 
 The ecommerce business is booming in India, with companies such as Flipkart, Amazon and <keyword id="541988" type="COMPANY" weightage="80" keywordseo="SnapDeal">Snapdeal</keyword> winning Indian consumers by offering heavy discounts across products. 
 
Experts said Reliance Retail's deep pockets and existing logistics infrastructure will help it in the ecommerce space. 
 
Increase in Internet access through affordable smartphones and efforts by online retailers to develop payment channels such as cash on delivery, mobile wallets and streamlined logistics infrastructure are expected to boost ecommerce growth in the country. 
 
(Image: Indiatimes)

Mukesh Ambani is going for the kill in eCommerce with a whopping Rs 4500 crore funding

<ul><li><keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> is said to be mulling a plan to increase the capacity of his <keyword id="6361405" type="LOCATION" weightage="20" keywordseo="jamnagar">Jamnagar</keyword> <keyword id="84980" type="ORGANIZATION" weightage="20" keywordseo="petroleum">petroleum</keyword> refinery by around 50%. </li><li>The proposed expansion to the facility, which is the world’s largest refining complex, is expected to cost around $10 billion and will boost the facility’s annual refining capacity to 30 million tonnes of crude oil. </li><li>The move is a direct play at cementing Reliance’s dominance in a market that is positioned to be the world’s fastest growing consumer of fuel within the next two decades. </li></ul>Mukesh <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword>’s Reliance Industries Ltd - India’s <a href="https://www.google.co.in/search?q=reliance+market+cap&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=reliance+market+cap&amp;aqs=chrome..69i57j0l5.5080j0j7&amp;sourceid=chrome&amp;ie=UTF-8">most valuable company</a> by market cap, is said to be mulling a plan to increase the capacity of his Jamnagar petroleum refinery by around 50%, anonymous sources told <a href="https://www.bloombergquint.com/business/reliance-said-to-plan-expanding-world-s-largest-refinery-complex#gs.4rgVSFE">Bloomberg</a>. The proposed expansion to the facility, which is the world’s largest refining complex, is expected to cost around $10 billion and will boost the facility’s annual refining capacity to 30 million tonnes of crude oil. It will involve the addition of a new refining train and is part of a plan to increase Reliance’s supply of raw crude for industrial processes as well as diesel for commercial vehicles. The move is a direct play at cementing Reliance’s dominance in a market that is positioned to be the world’s<a href="https://energy.economictimes.indiatimes.com/news/oil-and-gas/india-will-register-highest-gdp-energy-demand-among-all-nations-through-2040-opec-world-oil-outlook-2040/65924579"> fastest growing consumer of fuel</a> within the next two decades, despite the government’s desire to embrace the electrification of vehicles. Having traditionally focused on exports of petrochemicals to markets across Asia, Europe and Africa, the Mukesh Ambani-owned conglomerate is preparing to tap into domestic demand. A number of global oil companies, including the likes of Saudi Aramco, Royal Dutch Shell and Rosneft are looking to make inroads into India’s downstream energy sector. Last month, Khalid A Al-Falih, the chairman of Saudi Aramco, said that the world’s largest oil producing company was assessing <a href="https://www.businessinsider.in/saudi-arabia-has-big-plans-for-indias-energy-sector/articleshow/66236777.cms">a range of investment opportunities</a> in India’s downstream sector. In July, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), decided to join hands on a $44 billion refinery project in Ratnagiri, in the Indian state of Maharashtra. In addition to expanding its refining capacity, Reliance is also taking big steps in the fuel retailing sector. It was reported last month that the company was <a href="https://www.businessinsider.in/indias-reliance-is-teaming-up-with-bp-in-a-move-that-could-send-the-countrys-state-owned-fuel-giants-into-a-tailspin/articleshow/66331991.cms">tying up with British Petroleum</a> to launch 2,000 fuel retail outlets across India by 2022. The current expansion plan is still in early stages and is expected to be finalised keeping a start date of 2020 in mind. In September 2017, Reliance was reported to be deliberating on a plan to increase the refining capacity of its Jamnagar plant by as much <a href="https://www.livemint.com/Industry/5TB0GQSisKsj1KRumETYhN/Reliance-Industries-plans-major-expansion-at-its-Jamnagar-oi.html">as 40% by 2030.</a> The move was envisioned to follow the completion of a <a href="https://www.livemint.com/Industry/RPXW920S8N2UlP5CPecR0N/RIL-commissions-worlds-largest-ROGC-complex-at-Jamnagar.html">$16 billion expansion initiative </a>that started in 2014. However, the plan was temporarily put on hold while the conglomerate doubled down on its telecom investments. SEE ALSO: <a href="https://www.businessinsider.in/indias-reliance-is-teaming-up-with-bp-in-a-move-that-could-send-the-countrys-state-owned-fuel-giants-into-a-tailspin/articleshow/66331991.cms">India's Reliance is teaming up with BP in a move that could send the country's state-owned fuel giants into a tailspin</a> <a href="https://www.businessinsider.in/reliance-industries-just-beat-tata-consultancy-services-to-become-indias-highest-valued-company/articleshow/65212268.cms">Reliance Industries just beat Tata Consultancy Services to become India’s highest-valued company</a> <a href="https://www.businessinsider.in/saudi-arabia-has-big-plans-for-indias-energy-sector/articleshow/66236777.cms">Saudi Arabia has big plans for India's energy sector</a>

India’s Reliance Industries is reportedly planning to boost the capacity of the world’s largest petroleum refinery by 50%

A draft audit report has claimed that <keyword id="1543410" type="UNKNOWN" weightage="100" keywordseo="Reliance-Jio-Infocomm">Reliance Jio Infocomm</keyword>, the <keyword id="4266239" type="UNKNOWN" weightage="100" keywordseo="LTE-mobile-network">LTE mobile network</keyword> operator owned by <keyword id="6355199" type="CITY" weightage="100" keywordseo="Reliance-Industries">Reliance Industries</keyword>, underreported its revenue by Rs 63.77 crore for three fiscal years to March 2015. This was done by not including realised foreign exchange gains, because of which it paid lesser licence fee to the government. 
 The five-page report, which was prepared by director general of audit for post and <keyword id="6354776" type="COMPANY" weightage="100" keywordseo="Telecom">telecom</keyword>munications, has been sent to the telecom company and the department of telecom (DoT), and their responses are awaited. 
 The draft audit said that <keyword id="2003276" type="UNKNOWN" weightage="100" keywordseo="Jio">Jio</keyword> had "realised foreign exchange gain amounting to Rs 63.77 crore, during fiscal years 2012-13 to 2014-15 as per annual financial statements and revenue reconciliation statements <a href="http://www.businessinsider.in/heres-how-reliance-jio-aims-to-gain-50-market-share-by2020/articleshow/57462001.cms">the company</a> furnished along with annual revenue statements. The forex gains were Rs 1.29 crore in FY13, Rs 41.67 crore in FY14 and Rs 20.81 crore in FY15." 
 
Also read: <a href="http://www.businessinsider.in/jios-back-breaking-new-data-plans-are-giving-rivals-sleepless-nights/articleshow/57432021.cms">Jio’s back-breaking new data plans are giving rivals sleepless nights</a> 
 
However, this forex gain was not included in the adjusted gross revenue (AGR) for the purpose of revenue share, thus paying less licence fee to the government. 
 
Not including forex gains in AGR is a violation of license conditions, says the rules. 
 
However, ET sources claimed that all these doubts that the auditor raised had already been settled at the Telecom Disputes Settlement Appellate &amp; Tribunal (<a href="http://www.businessinsider.in/Biggest-Telecom-News-of-the-year-gone-by/Legal-Battle/slideshow/56287865.cms">TDSAT</a>), first in April 2015 and then in December. 
 
Also read: <a href="http://www.businessinsider.in/reliance-jio-will-be-unfazed-by-vodafone-idea-merger-heres-why/articleshow/57509811.cms">Reliance Jio will be unfazed by Vodafone-Idea merger. Here’s why</a> 
 
"Under both judgements, the tribunal had clearly upheld the methodology used not just by <a href="http://www.businessinsider.in/heres-how-reliance-jio-keeps-its-loyal-employees-happy/articleshow/56437107.cms">Jio</a> but the industry in regards to the treatment of forex gains/losses while computing the AGR," said one such source. 
 
On the other hand, the draft audit report said that even though explanation was given, the auditor was not satisfied with it. 
 
(Image source: Voice&amp;Data)

Reliance Jio underreported revenue by Rs 64 cr, claims draft audit report

There is growing concerns amidst shareholders over <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword>’ investment in ventures such as media and telecom, especially over its recent gesture to give loans to media firm NDTV. Shareholders at the recent annual general meeting in Mumbai demanded to know the rationale behind such <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword> and loans, according to a Press Trust of India (PTI) report. RIL shares, once the darling of the stock market, have languished in recent years as production from the KG-D6 gas fields fell and the government became increasingly reluctant to increase the price of commercial gas. In the last one year, they have fallen 4.6% compared with the benchmark Sensex's 10.8% gain. Moneylife magazine has revealed details of the loan to NDTV in an article which points out that an RIL affiliated arm Viswapradhan Commercial Pvt Ltd gave a loan of Rs 350 crore to promoters of NDTV through convertible warrants in 2009. These warrants give the lender, (Reliance or the Ambani family) the power to convert at any time during the tenure of the loan or thereafter into equity shares of the NDTV holding company. The two partners planned to find a buyer for NDTV for 3-5 years. Since the sale has not fructified, NDTV is effectively owned by the <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> company, the article concludes. The PTI reported that at the annual general meeting shareholders were upset with Reliance' dividend policy even as it continues to make these unrelated investments. Chairman Mukesh Ambani assured shareholders that the company would reward investors with a combination of dividend, bonus and buyback once it completes its ongoing investment cycle. 

	But shareholders continued to raise questions over return on shares and the company's investment decisions. Ambani chose not to reply to the questions from shareholders as is the practice at AGMs, stating that the company will answer shareholders through direct correspondence. 
 

	Some shareholders demanded that the next dividend payout should at least be 150%, while some demanded bonus debentures in the interim as the share prices of RIL continued to be low when it ideally should be priced at around Rs 5,000 a piece, PTI reported. 
 
 

	A Reliance Industries spokesperson did not reply to an email questionnaire on the issue. 
 Some RIL investors also expressed concerns over continuing losses of its media arm - 17 news channels under Network18 and 14 GEC channels, along with their e-commerce and publishing arms. PTI reported that an investor questioned the rationale behind the company giving an interest free loan of Rs 350 crore to <keyword id="201527" type="COMPANY" weightage="100" keywordseo="NDTV-Group">NDTV Group</keyword> even as it already has these many channels and also queried about the fate of this investment. 
	 
	(image credits: )

Ambani silent even as situation becomes tense over Reliance’s investment in media firms

New Delhi, Jun 23 () Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Tuesday said it is working to complete contours of a USD 15-billion deal with Saudi Aramco but did not give a timeline for its completion. Richest Indian Mukesh Ambani in August last year announced talks for sale of 20 per cent stake in the oil-to-chemical (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to be concluded by March 2020 but has been delayed. "Reliance is working to complete the contours of a strategic partnership with Saudi Aramco," Ambani said in the firm's latest annual report without giving timelines. The partnership with Aramco would give Jamnagar refineries "access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion," he said. Reliance executed on the next phase of its growth journey in 2019-20, forging transformative partnerships across businesses. "Reliance and Aramco share a common outlook and vision on the evolution of the business in the future with emphasis on higher oil-to-chemicals conversion," the firm said in the annual report. Also, the firm said it has formed a 51:49 joint venture with BP plc of the UK for automobile and aviation fuel business in India. With a stake, Aramco would not just have a stake in one of the world's best refineries and the largest integrated petrochemical complex but also access to one of the fastest-growing markets -- a ready-made market for 5 lakh barrels per day of its Arabian crude and offering a potentially bigger downstream role in future. Besides refineries and petrochemical plants, the O2C business also comprises 51 per cent stake in the fuel retailing business. It, however, does not include the upstream oil- and gas-producing assets such as the flagging KG-D6 block in the Bay of Bengal. RIL's refineries are one of the most complex in the world, allowing it to earn a significant premium to the benchmark Singapore gross refining margin. Its petrochemical complexes rank among the biggest in the world, whose dependency on outside raw materials is minimal. RIL has leadership positions both in the domestic polymer and polyester markets. ANZ HRS

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JioBharat captures 50% market share in sub-Rs 1,000 segment: Reliance annual report

ANI

Mukesh Ambani is going for the kill in eCommerce with a whopping Rs 4500 crore funding

BI India Bureau

India’s Reliance Industries is reportedly planning to boost the capacity of the world’s largest petroleum refinery by 50%

Dilsher Dhillon

Reliance Jio underreported revenue by Rs 64 cr, claims draft audit report

BI India Bureau

Ambani silent even as situation becomes tense over Reliance’s investment in media firms

BI India Bureau

Working to complete contours of Saudi Aramco deal: Mukesh Ambani

PTI

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