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<ul><li>RIL’s overall exports declined 34.8% to ₹ 32,681 crore compared to the corresponding period of the previous year. </li><li>The company said that the fall in overseas revenue was “partially offset by increase in export volumes of petrochemicals and refining products.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Petrochemicals segment makes for about quarter of Reliance Industries’ revenue in the last financial year ending March 2020. Traditionally, 80% of its revenue came from India and the rest from exports. However, the coronavirus pandemic and the subsequent lockdown brought business at home to a grinding halt. “RIL inverted its business model from 20%/80% (exports/domestic) to 80%/20% within the first 10 days of the lockdown, including exports from sites typically serving only domestic markets,” the company said in its first quarterly report for the current financial year. <div type="image" title="RIL revenue mix." msid="77266378" hostid="261"></div> Although RIL’s overall exports declined 34.8% to ₹ 32,681 crore compared to the corresponding period of the previous year. But that was only because the global prices had fallen. However, if it had tried to sell the same in India, the sales could have been much lesser because customers had shut shop due to the lockdown. That was Ambani’s trade-off in the quick pivot. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Petrochemical Segment </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April-June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹25,192 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 37,611 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-33% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment EBITDA </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,430 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 8,810 crore </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-49.70% </td></tr></tbody></table>*EBITDA stands for earnings before interest, tax, depreciation and amortisation The company said that the fall in overseas revenue was “partially offset by increase in export volumes of petrochemicals and refining products.” “RIL optimized its refining operations to provide feedstock to Petrochemicals while meeting other supply commitments. RIL used flexibility in its refining configuration to swing significant production of ATF into Diesel and other products as ATF demand was severely impacted due to air travel restrictions,” the company said in a statement. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/jio-continues-to-be-reliance-industries-beacon-with-182-jump-in-profit/articleshow/77265976.cms" data-type="tilCustomLink" style=""> Jio continues to be Reliance Industries’ beacon with 182% jump in profit</a> <a href="https://www.businessinsider.in/business/corporates/news/ril-has-a-sobering-quarter-if-not-for-jio-and-bp-stake-sale-it-would-have-been-much-worse/articleshow/77264366.cms" data-type="tilCustomLink"> RIL has a sobering quarter⁠— if not for Jio and BP stake sale it would have been much worse</a>

RIL says it took just 10 days to flip the petchem business model to 80% exports

<ul><li>India's most-valued company has seen sharp fall in revenue, way below street estimates.</li><li>If not for one-time gains worth nearly ₹5,000 crore, RIL's profit would have been lesser than it was. </li><li>Refining revenue more than halved, petrochemicals revenue fell by a third compared to the same time last year.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>India's most-valued company Reliance Industries (RIL), owned by the country's richest man Mukesh Ambani, has seen sharp fall in financial performance. "The severe demand destruction due to global lockdowns impacted our hydrocarbons business but the flexibility in our operations enabled us to operate at near normal levels and deliver industryleading results," Chairman Ambani said. <table style="width: 287pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:147pt">April-June 2020</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 92pt;">Amount</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 48pt;">Growth</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Revenue</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹52,263 crore</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-46%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Net profit</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹9,753 crore</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">7.90%</td> </tr></tbody></table> Refining and petrochemicals, which together make for over three-fourth's of the company's revenue saw a sharp decline in performance. Refining revenue more than halved, petrochemicals revenue fell by a third compared to the same time last year as global demand crashed and so did crude oil prices. <table style="width: 333pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:147pt">Segment</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 92pt;">Revenue</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 94pt;">Operating profit</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Petrochemicals</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-33%</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-55%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Refining</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-54%</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-35.71%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Retail</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-17%</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-59.50%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Digital Services (Jio)</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">34%</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">50.80%</td> </tr></tbody></table> Gross refining margin fell to $6.3 per barrel, this is the lowest for the company in at least ten quarters. <div type="image" title="ril grm" msid="77265017" hostid="261" caption="&amp;lt;p&amp;gt;RIL&amp;#39;s gross refining margin in the April-June 2020 period has been the lowest in at least ten preceding quarters.&amp;lt;/p&amp;gt;"></div> Reliance Jio, the company's telecom and digital business, was the only exiciting part where the revenue grew by a third and the profit by nearly three times. The user base expanded to 398.3 million at the end of June 2020 and the average revenue per user went up to ₹140.3. <div type="image" title="jio." msid="77265703" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Jio has added nearly 100 million new subscribers in the last 15 months.&amp;lt;/p&amp;gt;"></div> The retail business, which made for a quarter of the company's revenue, saw its profit fall by 59% as a majority of its over 11,000 stores were locked down due to the pandemic. However, the silver lining in the retail segment was the rise in orders for groceries and the improving potential for the e-commerce unit JioMart. <div type="Article" hostid="261" msid="77265437" title="Reliance Retail’s profit more than halves but Mukesh Ambani puts the spotlight on surging orders on JioMart" mstype="2" mssubtype="0"></div> This will be a sobering moment for Reliance shareholders as the stock has seen a 40% rally this year so far while most of the share market slid deep into the red. <div type="image" title="RIL Share price" msid="77265627" hostid="261" caption="&amp;lt;p&amp;gt;RIL share price has gained over 40% this year so far but the earnings for the April-June period have been disappointing.&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-continues-to-be-reliance-industries-beacon-with-182-jump-in-profit/articleshow/77265976.cms">Jio continues to be Reliance Industries’ beacon with 182% jump in profit</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-continues-to-be-reliance-industries-beacon-with-182-jump-in-profit/articleshow/77265976.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-says-it-took-just-10-days-to-flip-the-petrochemical-business-to-80-exports/articleshow/77266227.cms?upcache=2">RIL says it took just 10 days to flip the petchem business model to 80% exports</a>

RIL has a sobering quarter⁠— if not for Jio and stake sale to BP it would have been much worse

<ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, the 9th richest man in the world, and the mastermind behind Jio has big plans and there’s no stopping him.</li><li>Jio’s growth ambitions are being compared to Chinese giants <keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword> and <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>.</li><li>Jio has raised over $20.3 billion in investments including the likes of Google and Facebook and they are sold on the promise of the next big tech company. </li><li>Jio, which was launched in 2016, in less than four years went on to become the largest telecom provider in India.</li></ul>Tencent and Alibaba are currently racing to be <a href="https://www.cnbc.com/2020/06/24/tencent-and-alibaba-in-a-battle-for-title-of-asias-biggest-company.html">Asia’s biggest company</a> - the market capitalisation of both companies is over $600 billion each. Jio’s parent Reliance Industries (RIL)⁠, a conglomerate with businesses ranging from oil and petrochemicals to technology, retail and telecom⁠, is less than a fourth in size but the sheer expanse, and ambition, that Mukesh Ambani has displayed in recent months is causing people to compare. Now, some see Jio as the next Alibaba, and some see it as India’s Tencent. Or is it both rolled into one? “Similar to Alibaba or Tencent which created tech-based ecosystems in China, we find RIL best positioned to create a similar ecosystem in India. In the next two-three years, we expect RIL to have a captive mobile base of over 500 million users,” said a Bank of America report dated July 16. <div type="image" title="Alibaba-and-Jio" msid="77065214" hostid="261"></div> “Their idea is to get into a household and see that every activity is done through a Jio service. They are a tech company now and that is very clear,” Satish Meena, Senior Forecast Analyst at Forrester, told Business Insider, adding that Jio is clearly becoming “retail heavy” like Alibaba, one of the world’s largest e-commerce players. <div type="Article" hostid="261" msid="68422829" title="15 deals have given Mukesh Ambani’s ₹8.5 trillion Reliance Industries a distinct makeover" mstype="2" mssubtype="0"></div> Others see it differently. “They want to be the next Google or Tencent of India," said Wylie Fernyhough, <a href="https://edition.cnn.com/2020/05/20/tech/reliance-jio-ambani-intl-hnk/index.html">an analyst with PitchBook, told CNN.</a> Tencent is a Chinese multinational conglomerate with businesses across internet products, entertainment, fintech and many more. <div type="image" title="Jio Tencent" msid="77059749" hostid="261"></div> During the Reliance Annual General Meeting held on July 15, Ambani stressed on the importance of startups in Reliance’s ‘golden decade’ of growth. That’s also what Tencent did in China. “RIL announced potential integration with Indian startups, including helping them with distribution/marketing and access to capital. This could potentially be a step towards acquiring stakes in Indian startups and using WhatsApp traffic to monetize these through a commission model. We note that Tencent has taken a similar approach in China for WeChat, with stakes in platforms such as Meituan, JD, PDD, etc. We see such a move by RIL to be positive for the Indian internet ecosystem,” said a Goldman Sachs report dated July 16. Jio has already invested in over 20 startups since June 2017 and, as Ambani hinted at the shareholders’ meeting, there may be more in the coming weeks and months. “I believe that there is no better partner for Indian start-ups than JIO. We are well positioned to help Indian start-ups in a number of ways. Whether it be in technology development, product development, distribution, market access, or even scale-up capital,” he said on July 15. Some of Reliance’s big investments in startups <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jio Saavn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Music </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Embibe </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edtech </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Haptik </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AI </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fynd </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ecommerce </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nowfloats </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radisys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Open architecture business models </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reverie </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cloud based language as a service platform </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SankhyaSutra Labs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software simulation services </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Netradyne </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Automotive AI </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asteria Aerospace </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Robotics </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FunToot </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edtech </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EasyGov </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SaaS platform </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kare Expert </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Healthtech </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tesseract </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AR/VR </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NewJ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media </td></tr></tbody></table> With Facebook and Google on board with their big cheques, Jio has the push to go ahead with its super app ambitions. “Not many telecoms in the world have this kind of ecosystem control — right from content to music to movies as well as having all the different apps within that ecosystem. What was missing was the commerce piece of it,” Tarun Pathak, an associate director at research analytics firm Counterpoint, had told <a href="https://www.businessinsider.in/tech/apps/news/mukesh-ambani-wants-to-be-alibaba-with-reliance-jio-super-app-and-investment-from-facebook/articleshow/75343540.cms">Business Insider earlier.</a> <div type="image" title="Super app" msid="77059796" hostid="261"></div> A giant in its own right There are those who think that comparing Jio with Tencent is an exaggeration. Meanwhile, Arvind Singhal, managing director of Technopak, thinks it's foolish to compare Ambani’s plans to those of Tencent or Alibaba. “Many many years ago, people used to say Reliance will be the Walmart of India or the Amazon of India… no Reliance is Reliance, it deserves that credit. Their thinking is very far ahead in all sectors. In this case, Jio along with Retail is one complex piece of a puzzle,” he said. Tencent is a big player in gaming but Jio is still planning to get started with Akash Ambani’s announcement of Jio Console in the 2019 AGM of the company. While making big investments in technology, Ambani is also going big on <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">physical retail</a>, where Tencent is not a player, though Alibaba is. Refining and petrochemicals continues to contribute over 60% to the consolidated revenue of RIL⁠. Yet, Ambani has already disclosed his plan to spin out Jio and list it as a separate company. And when that happens, the sheer expanse of the company’s interest areas and their individual potential may be benchmarked to the value of similar businesses under the Alibaba and Tencent banners. India may be a smaller market compared to China, where Alibaba and Tencent are major players, but that also leaves a huge growth potential on the table for Jio. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">Mukesh Ambani’s next goal seems to be the ‘retail king of India’</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-gave-google-and-facebook-a-discount-on-reliance-jio-stake-heres-why/articleshow/77032126.cms">Mukesh Ambani gave Google and Facebook a discount on Reliance Jio stake ⁠— here’s why</a> <a href="https://www.businessinsider.in/business/ecommerce/news/google-latest-offering-shoploop-is-similar-to-what-walmart-owned-flipkart-launched-a-week-ago/articleshow/77013646.cms">Google's latest offering Shoploop is similar to what Walmart-owned Flipkart launched a week ago</a>

If Alibaba and Tencent are rolled into one, it may look a lot like Mukesh Ambani’s Reliance Jio ⁠— only much smaller for now

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RIL says it took just 10 days to flip the petchem business model to 80% exports

Navdeep Yadav

RIL has a sobering quarter⁠— if not for Jio and stake sale to BP it would have been much worse

Sriram Iyer

If Alibaba and Tencent are rolled into one, it may look a lot like Mukesh Ambani’s Reliance Jio ⁠— only much smaller for now

Sanchita Dash

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