Addressing the 42nd Annual General Meeting (AGM) with shareholder and investors, Chairman Mukesh Ambani said that Reliance Industries Limited (RIL) in the last year became India's largest and most profitable company in private and public sector. He also said that by incubating new growth engines into telecom and retail arms (Reliance Jio and Reliance Retail), the company has proved those skeptics wrong who said RIL can't succed in consumer business.
He also informed the attendees that the telecom company has surpassed 340 million subscribers and also said that if Reliance Jio and Reliance Retail were to be listed separately, it would be among top ten companies in the country.
Ambani said that RIL positioned itself to take advantage of Indians annual spend of Rs 5 lakh crore of digital space. Jio will now look into new growth engines like IoT (Internet of Things) and will make the platform commercially available from January 1, 2020. It will offer Rs 20,000 crore revenue opportunity on an annual basis to RIL.
Mukesh Ambani said that India was in the data-dark before Jio and has been made data shining bright by Jio.says Mukesh Ambani. "We are signing more than 10 million new customers every month on Jio," he said. He added that Jio is the second largest operator in the world.