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<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

The offers and details on this page may have updated or changed since the time of publication. See our article on <a href="https://www.businessinsider.com/chase-united-explorer-card-perks-annual-fee-worth-it-2024-7" target="_blank">Business Insider</a> for current information.<ul class="summary-list"><li>As a <a href="https://www.businessinsider.com/best-us-states-to-visit-according-to-frequent-traveler">frequent traveler</a>, I rely on travel credit cards to save money and earn rewards. </li><li>I love using my Chase United℠ Explorer Card, which comes with a $0 intro for the first year, then $95 annual fee.</li></ul>Travel credit cards are hotter than ever, with <a href="https://www.nerdwallet.com/article/travel/how-the-41-of-americans-with-a-travel-credit-card-can-boost-rewards" target="_blank" rel="noopener">over 41% of Americans</a> having a card that provides travel rewards. However, with many cards offering lounge access, statement credits, and travel insurance, some cards' annual fees have climbed to nearly $700 a year. As a frequent traveler, I have and use a <a href="https://www.businessinsider.com/american-express-platinum-card-perks-annual-fee-worth-it-2024-5">credit card with a high annual fee</a>. However, I've paired it with the United℠ Explorer Card, which has a much lower annual fee of $0 intro for the first year, then $95.This card, included in Business Insider's guide to the <a href="https://www.businessinsider.com/personal-finance/best-airline-credit-cards">best airline credit cards</a>, offers a surprisingly robust number of benefits, from priority boarding on United flights to statement credits that can be redeemed for a DashPass membership.Here are some of the perks I get from using my <a href="https://www.businessinsider.com/personal-finance/united-explorer-card-review">United℠ Explorer Card</a>.<h2>As a United℠ Explorer Card cardholder, I always get priority boarding</h2>Some travelers may not care which boarding group they're in, but I am not one of them. Whether I'm <a href="https://www.businessinsider.com/how-i-pack-only-carry-on-month-long-trip-packing-tips-2023">traveling with a carry-on</a> and want to ensure I have space in the overhead compartment or just want to get myself situated and comfortable before a flight, boarding in a priority group is important to me. As a United℠ Explorer Card cardholder, I am always in a priority-boarding group. <h2>Every four years, I get a statement credit of up to $100 for TSA PreCheck, Global Entry, or NEXUS </h2><div type="image" title="Signs on flags in an airport that say &quot;TSA Precheck&quot; and &quot;Enter here,&quot; in front of roped lines." height="750" width="1000" msid="111815695" hostid="261" sizebytes="66222"></div>Although traveling can be a test of patience, I've found that having an expedited security process can make the experience much smoother. That's why I love that my United℠ Explorer Card reimburses me for services like TSA PreCheck, Global Entry, and NEXUS.I've traveled with <a href="https://www.insider.com/why-get-tsa-precheck-2018-11">TSA PreCheck</a> for years, and recently became a Global Entry member (which includes PreCheck). Both programs are valid for five years, with PreCheck costing $78 to apply and Global Entry costing $100. NEXUS, which allows for expedited entry between the US and Canada, is also valid for five years and costs $50 to apply. If I charge the application fee for one of these services to my United℠ Explorer Card, I get reimbursed on my statement once every four years, effectively making the membership free. Several other premium <a href="https://www.businessinsider.com/personal-finance/best-global-entry-tsa-precheck-credit-card">credit cards also offer Global Entry and TSA PreCheck</a> statement credits. <h2>The first checked bag is free for me and a companion on my reservation</h2>Although many people aim to travel using only a carry-on, it's not always possible to do so. <a href="https://www.cbsnews.com/news/united-airlines-raises-baggage-fees-2024/" target="_blank" rel="noopener">Checked bag fees have only increased</a>, with one bag costing $40 to check on United flights.However, if you're a United℠ Explorer Card cardholder, you and your companion (on the same reservation) get your first bags checked for free when purchasing flights using the card. <h2>I get two United Club one-time-use lounge passes a year</h2><div type="image" title="Emily sitting in a brown-leather chair, holding a glass of white wine with a plate of food on a table next to her. The walls are glass and see-through." height="2268" width="3023" msid="111815698" hostid="261" sizebytes="777214"></div><a href="https://www.businessinsider.com/personal-finance/credit-cards-with-airport-lounge-access">Airport lounges</a> are popping up everywhere, generally as a benefit of a high-annual-fee credit card or for those flying in first or business classes. But if you want the benefit of a lounge without high spending, the United℠ Explorer Card includes two one-time lounge passes a year for United Club use, which typically cost $59 apiece.I've used my one-time passes when I have a long layover or a delayed flight to access a United Club for complimentary food, drinks, and a quiet place to wait for my flight. This benefit alone exceeds the entire cost of the card's annual fee.<h2>The card comes with lots of added travel protections</h2>For a card with a low annual fee, the United℠ Explorer Card packs a punch with <a href="https://www.businessinsider.com/personal-finance/travel-insurance/travel-insurance-vs-credit-card">travel insurance</a> protections. This card includes lost luggage reimbursement (up to $3,000 per passenger), trip delay reimbursement (after 12 hours of delay, up to $500 per ticket for unreimbursed expenses), baggage delay insurance (after 6 hours of delay, up to $100 for three days), and trip cancellation or interruption insurance (up to $1,500 per person).When booking my travel with the United℠ Explorer Card, these perks allow me to travel with much more peace of mind. In fact, I've personally used both the baggage delay and trip delay insurance without any issues. <h2>I receive 25% back on in-flight purchases</h2><div type="image" title="A cookie in a package, a small bottle of white wine, a blue cup, and a napkin sit on a tray on a plane." height="2274" width="3024" msid="111815696" hostid="261" sizebytes="410306"></div>Another benefit I really love is that United℠ Explorer Card cardholders receive 25% back on in-flight purchases on United flights. This includes food, alcoholic beverages, and even WiFi purchases. Since I travel often, this perk makes a huge difference for me. <h2>The card also comes with a complimentary one-year membership to DashPass </h2>The <a href="https://www.businessinsider.com/personal-finance/united-explorer-card-review">United℠ Explorer Card</a> offers one year of complimentary DashPass membership, which can be used on DoorDash and Caviar. The benefit, normally $10 a month, offers various benefits like $0 delivery fees on orders that meet the minimum spend. If you regularly have <a href="https://www.businessinsider.com/foods-to-never-get-delivered-from-restaurants-according-to-chef-2022-6">food delivered</a> at home or while traveling, these fees add up, making the membership a great money-saving benefit. <h2>I also get primary rental car insurance</h2>I often rent cars during my travels, and having as much coverage as possible when driving them is important to me. The United℠ Explorer Card includes primary rental car insurance coverage. This means that I'm eligible for reimbursement up to the vehicle's actual cash value for theft and collision damage for most rental cars within the US and abroad. With primary coverage, I also don't have to first file a claim with my own auto insurance company.

I love using my Chase United Explorer card with a low annual fee. I get tons of travel perks, plus credits for DoorDash and more.

<ul><li>Mukesh Ambani announced that he plans to connect 1 billion devices using Jio’s IoT network that’s going to launch on 1 January, 2020.</li><li>For Reliance Jio, it will bring ₹20,000 crore revenue stream.</li><li>But the bulk of IoT will be driven by industrial applications rather than consumer devices like smart bulbs or air conditioners. </li></ul>Mukesh Ambani, chairman of Reliance Industries, estimates that India will have at least 2 billion connected devices over the next two years. And, the company’s telecom arm — Reliance Jio — plans to power at least half of them to hone in on the ₹20,000 crore revenue opportunity. Jio’s IoT network will be a Narrowband Internet of Things (NBIoT) based on the company’s 4G network. The aim is to ensure that data gets from point A to point B in the most reliable way at the lowest possible cost once it launched on 1 January, 2020. Ambani cited the example of India’s 300 million electricity meters that needs to be connected digitally for real-time monitoring. “Having up to date data by the minute can help consumers have full visibility and control over the cost and quality,” according to Ambani during the <a href="https://www.businessinsider.in/highlights-of-mukesh-ambani-speech-at-reliance-industries-agm/articleshow/70638299.cms">Reliance Industries Annual General Meeting.</a> Just as Jio will be <a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">threatening Jeff Bezos’ Amazon Web Services (AWS)</a> as it partners with Microsoft to bring cloud computing to small and medium businesses, it will also challenging Amazon when it comes to IoT. It’s not about your light bulb at home IoT is not all about smart bulbs or air conditioners. In reality, a lot of the communication that happens over IoT is between machines. In fact, 50% of IoT spending will be driven by enterprise capabilities like manufacturing, transportation, logistics and utilities rather than consumer facing applications, according to <a href="https://www2.deloitte.com/content/dam/Deloitte/in/Documents/manufacturing/in-mfg-harnessing-the-power-noexp.pdf">Deloitte</a>. The reason these sectors will primarily push growth is because of their direct association with smart city projects and the Indian governments $1 billion investment to set up a 100 smart cities in the country, according to the World Bank. In a smart city, typical IoT applications would help manage energy usage, monitor traffic, deliver better public services and even lower the level of pollution. From the current 60 million IoT devices currently functioning in the country, Deloitte estimates that 32 times more devices — 1.9 billion — will be online by 2020. As a result, the market will also expand from $1.3 billion to $9 billion. According to an IDC report, half of the businesses in India see IoT as a requirement for staying digitally fit and 60% believe it's essential to keeping a competitive advantage. While the potential of IoT is huge — it’s not without its challenges. The transfer of data over connected devices brings with concerns of reliability and privacy. To help with this, the Open Connectivity Foundation recently opening a local chapter in India to help create awareness about global IoT standards. Even so, it’s important for India to have its own regulations in place so that liability and responsibility can be assessed accordingly in the event of a data breach or cyber attack. See also: <a href="https://www.businessinsider.in/reliance-jio-gigafiber-launch-heres-what-it-will-offer-consumers/articleshow/70630655.cms">Reliance Jio Gigafiber launch – Mukesh Ambani’s trump card on the Indian internet space</a> <a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">Reliance Jio fired up as Mukesh Ambani joins hands with Satya Nadella’s Microsoft to challenge Jeff Bezos in India</a> <a href="https://www.businessinsider.in/highlights-of-mukesh-ambani-speech-at-reliance-industries-agm/articleshow/70638299.cms">Highlights of Mukesh Ambani's speech at Reliance Industries AGM and live updates</a>

Mukesh Ambani plans to connect a billion devices on his IoT platform — and he isn't only talking about light bulbs

<ul><li>One of India's biggest conglomerates is changing character adapting to the compulsions of the digital age.</li><li>Satya Nadella's appearance was the big surprise at the AGM as Microsoft and Mukesh Ambani joined hands to take on Jeff Bezos' Amazon in areas like cloud computing and targeting small businesses for digital transformation.</li><li>RIL was already shifting focus to its consumer businesses like retail and telecom, but now it is aiming for large scale integration of interests wherever possible.</li><li>Money coming in from Aramco and BP will give RIL more muscle to aggressively take on incumbent telecom players like Airtel and Vodafone-Idea in not just mobile telephony but also in fixed line broadband, Jio Fibre, that will be launched on September 5.</li></ul>All eyes were on Mukesh Ambani today (August 12) who delivered his speech at Reliance Industries' 42nd Annual General Meeting (AGM). Here are the top ten takeaways from a historic speech that laid out the path for the transformation of one of India's biggest and fairly old conglomerate: 1. A $15 billion cash-out Saudi Arabia's state-owned oil producer, Aramco, will buy 20% stake in the Indian behemoth's oil-to-chemicals business, valuing the unit at $75 billion. This would make the investment from Aramco in RIL at about $15 billion. This partnership will be across refining and petrochemical assets. The Saudi government owned oil major will also supply 500 barrels of day crude oil to RIL’s Jamnagar refinery. “This signifies perfect synergy and world’ largest integrated refinery and petchem complex,” Ambani said. 2. More money, less debt Reliance Industries has a huge debt of about $21 billion. This has been a huge concern for investors lately which led to a fall in the stock price in the last few months. However, Ambani declared that the net debt will be zero by March 2021. The company has cash and cash equivalents of about $19.5 billion and another $15 billion from Aramco will help the company retire its massive debt. RIL will also get another $1 billion from its joint venture with BP. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 3. Reliance Jio and Reliance Retail will be spun out Reliance Jio and Reliance Retail will be listed in the next five years, Mukesh Ambani told his investors. "There has to be an 18-month gap between the two listings, and therefore the five-year timeline may be crunched to 3 years," an analyst, SP Tulsian, explained on CNBC-TV18. 4. Satya Nadella comes for a cameo, but is here to stay The surprise guest at the AGM today was global tech icon Satya Nadella, the Chairman of Microsoft, who joined the RIL AGM. Microsoft and Reliance Industries have joined hands to take Jeff Bezos' Amazon head on. 
	
 
 
 
 
 
 
 <div type="image" title="Satya Nadella" msid="70641252" hostid="261" caption="&amp;lt;p&amp;gt;Microsoft CEO Satya Nadella speaks during an event to launch the Samsung Galaxy Note 10, Wednesday, Aug. 7, 2019, in New York.Photo/Mary Altaffer)&amp;lt;/p&amp;gt;"></div>















 "It is imperative to develop a nation-wide cloud infrastructure which is at the same time cutting-edge and affordable," he said. Microsoft will bring Azure into Jio data centres. Small businesses can get the voice/data services, marketing and sales solutions and all Microsoft tools package at a starting price of ₹1,500 a month. 5. The threat to Jeff Bezos Microsoft's tie-up with Jio will, probably, be the biggest challenge for Jeff Bezos in one of the world's biggest markets, India. Reliance will offer end-to-end digital stack to "enable and empower" small merchants currently at the mercy of other online retail platforms like Amazon and Flipkart (now owned by Walmart). This stack will include a point-of-sale payment device, which could be a $900 billion market, according to Jal Irani, analyst at Edelweiss Financial Services. 6. Once an oil giant, now immersed in technology Ambani's plan for digital transformation is that of convergence with the physical world. Reliance Industries plans to take long strides in spaces like 'Internet of Things' (IoT), cloud computing and a broadband ecosystem. So far, Jio had only one revenue stream, and now there will be four more streams of revenue that will kick in from the current financial year itself. "Within another 2 years, there will be over 2 billion connected devices in India, and Jio aims to have half of those on its IoT platform. This will be a ₹20,000 crore revenue opportunity and the commercial ops will begin from January 2020," Ambani said. 7. <keyword id="7975366" type="UNKNOWN" weightage="20" keywordseo="jio-fibre-launch-date">Jio Fibre launch date</keyword> and tariff plan Jio Fibre will be availabe starting September 5, the third anniversary of Jio's launch, across India. The full network roll-out for Jio Fibre in the next year. After disrupting mobile telephony, Ambani is targeting the fixed line broadband. Of the total 240 million households in India, the broadband penetration in India is only about 10% right now. That leaves Ambani to fight a large under-served market without having to offer deep discounts. Jio will come bundled with most-premium OTT applications. Jio will also release movies on its platforms on the same day as the theatres. Jio Fibre users subscribing for 'forever annual plans' will get an 4K LED television and a 4K set-top box. 8. The difference between Jio mobile and Jio Fibre However, this time Jio does not seem to burn cash offering discounts to win over customers but is betting more on offering more value for a reasonable price. The plans will cost anywhere between ₹700 and ₹10,000 per month. Any voice call on Jio will be free forever. The fixed line international calls will be cheaper by up to 90% of the existing industry tariffs. Calls to US and Canada from India on Jio will cost only ₹500 a month. 
 
 
 
 
 
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 9. From content creator to content aggregator Jio seems to have changed focus from creating fresh content for its platform to building alliances with other OTT platforms. Ambani also revealed that Jio will be able to offer traditional TV channels to its customers. Earlier this year, RIL acquired controlling stakes in Hathway, Den and GTPL. Together, they give RIL access to 30,000 local cable operators. "We have designed a Jio set top box that will broadcast TV channels, for which the local cable operators will get a steady revenue. This set top box will be sold to all Jio Fibre customers," the RIL chairman said. Premium subscribers of Jio Fibre will also be able to watch newly-released movies at the comfort of their home on the day of their release in the theaters. This will be a huge setback for companies like Inox and PVR as Jio's offering may affect footfalls at multiplexes and box office collections too. 10. More bad news for Vodafone Idea and Airtel Jio's mobile phone services has about 340 million subscribers as of now. Ambani is targeting to take this number to over 500 million over the next few months. That would mean Jio will remain an aggressive player in the market and that's bad news for other players like Airtel and Vodafone Idea. Given that RIL is getting additional cash from Aramco and BP, and if it becomes a zero net debt company by March 2021, the company of its size and scale will only have more money to muscle out other players with its aggressive pricing. Other telcos are already in deep trouble after having fought Jio in the market for nearly three years with higher discounts, funded by higher debt. "Reliance Industries' stock may hit a new high, beating its previous high of about ₹1,400, in 2019 itself," SP Tulsian said. Expect a rally when the market reopens for trade on Tuesday (August 13). SEE ALSO: <a href="https://www.businessinsider.in/business/what-to-expect-from-mukesh-ambani-at-reliance-industries-agm/articleshow/70637794.cms" data-type="tilCustomLink" target="_blank"></a>

Mukesh Ambani's speech at the Reliance Industries AGM had ten big takeaways

The recent Reliance AGM saw Mr. Ambani announce that the new Fresh Direct website would be ‘scaled up’, and that the company’s retail sector has seen a whopping 30-50% growth. 
 Reliance Fresh and <keyword id="2900459" type="UNKNOWN" weightage="80" keywordseo="reliance-fresh-direct-website">Reliance Fresh Direct website</keyword> has been plagued with problems like sourcing and storage issues. With it comes the added burden of logistics and freshness issues. That however hasn’t stopped many a brave e-commerce retailer to enter grocery retail. 
 
“Food and grocery is the single biggest opportunity in Indian e-commerce today. It’s just a question of tactical execution”, Arvind Singhal, Chairman at Technopak says. 
 
Should other players like BigBasket and LocalBanya be worried about Reliance’s grand plans? 
 
“There is a $370 billion market out there and a lot of headroom for everybody to grow at this moment”, Singhal says. 
 
With the focus increasingly shifting from brick and mortar to grocery retail, many believe it’s high time for the Birla and Future Group to join the party as well. After all, why should they not get a slice of the pie? 
 
(Image credit: Indiatimes)

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