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Mukesh Ambani Draws Salary of Rs 15 Crore For 9th Year in a Row

28Jun By Press Trust of IndiaNo Comments

News

Mukesh Ambani Draws Salary of Rs 15 Crore For 9th Year in a Row

Reliance Industries boss Mukesh Ambani kept his annual salary capped at Rs 15 crore for the ninth year in a row and did not take any stock option even as the remuneration of most executive directors on the board rose. Ambani, the richest Indian, has kept salary, perquisites and allowances and commission at Rs 15 crore since 2008-09, forgoing almost Rs 24 crore per annum. "The chairman and managing directors compensation has been set at Rs 15 crore as against Rs 38.75 crore as approved, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its annual report for 2016-17. His remuneration for 2016-17 included Rs 4.16 crore as salary and another Rs 60 lakh by way of perquisites and allowances. He got retirement benefits ...

9May By kriti singhNo Comments

BUSINESS

Jio Effect: Airtel Q4 Net Income Plunges 72%, From 1319 Crore to Rs 373.4 Crore

Bharti Airtel today registered a sharp 72 per cent decline in consolidated net income at Rs 373.4 crore for the fourth quarter ended March 2017, hit by "sustained predatory pricing" by newcomer Reliance Jio. Net income stood at Rs 1,319 crore in the same period a year ago. Total revenue fell 12 per cent to Rs 21,934.6 crore, from Rs 24,959.6 crore in the same period last fiscal. The earnings numbers came in after market hours. "The sustained predatory pricing by the new operator has led to a decline in revenue growth for the second quarter in a row. The telecom industry as a whole also witnessed a revenue decline for the first time ever on a full-year basis," Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said. Pointing towards the "tsunami" of incoming voice traffic...

Reliance Jio Net Loss Jumps to Rs 22.5 Crore in October-March

25Apr By Press Trust of IndiaNo Comments

BUSINESS

Reliance Jio Net Loss Jumps to Rs 22.5 Crore in October-March

Billionaire Mukesh Ambani-led Reliance Jio today reported widening of its net loss to Rs 22.50 crore in the six months to March, a period when the company virtually had no revenue and ran two back-to-back promotional offers. Net loss stood at Rs 7.46 crore in the same period a year ago, Reliance Jio Infocomm said in an exchange filing. Jio, which launched its services in September, had no revenue from operations during October 2016 to March 2017 while other income fell to Rs 0.54 crore from Rs 2.23 crore in the same six months of 2015-16. Jio is an unlisted arm of Reliance Industries and as per law is not required to put out quarterly numbers. Since its launch, it ran two back-to-back offerings of free data and voice and the only charge it took from the 120 million subscribers ...

For Mukesh Ambani Right Team and Using Investors Money Carefully is a Path To Success

15Feb By AnkitaNo Comments

Entrepreneurs Talk

For Mukesh Ambani Right Team and Using Investors Money Carefully is a Path To Success

Reliance Industries chairman Mukesh Ambani, who is betting big on data-driven telecom with his Jio Infocomm, today described the digital play sweeping the world as the fourth industrial revolution and said data is the "new oil". "The foundation of the fourth industrial revolution is connectivity and data. Data is the new natural resource. We are at the beginning of an era where data is the new oil," Ambani said at the opening day of 3-day Nasscom leadership forum here. Salient feature of this revolution is "convergence of the physical biological and digital sciences" and "we are on the verge of an exponential change", he said. Predicting that India will be a key player in this revolution, Ambani said with "our large talent base, we will have a competitive advantage in this era." ...

Jio Crosses 50 Million Subscriber Mark in 83 Days, 1,000 Customers Per Minute And 6 Lakh Per Day

28Nov By PriyankaNo Comments

News

Jio Crosses 50 Million Subscriber Mark in 83 Days, 1,000 Customers Per Minute And 6 Lakh Per Day

Mukesh Ambani-promoted Reliance Jio has crossed the 50 million subscriber mark in less than three months after its full-fledged 4G services launch to emerge as the largest broadband operator in the country. According to sources, Jio setting a new record has acquired 1,000 customers per minute (since September 05) and 6 lakh per day. "Jio continues to be the fastest growing company in the world and has crossed 50 million subscribers in record 83 days," sources pointed out. Airtel reached the same milestone of notching 50 million subscribers in 12 years, Vodafone and Idea took 13 years each. Reliance Jio Infocomm, the new entrant in the 4G market which is competing with the likes of Airtel, Vodafone and Idea Cellular -- had launched its commercial services on September 5, and as per the la...

Ban on Pak Artists, Nation First: Mukesh Ambani

19Oct By Press Trust of IndiaNo Comments

INDIA

Ban on Pak Artists, Nation First: Mukesh Ambani

Reliance Industries Chairman Mukesh Ambani on Monday joined issue with those opposing a ban on Pakistan artists in India, saying the nation should come first and not art and culture. "I am absolutely clear about one thing -- for me, it is always country first. I am not an intellectual, so I don't understand all these. But undoubtedly like for all Indians, India is the first for me," Ambani said in Mumbai on Monday. The billionaire businessman was answering questions from the audience on ban on Pakistan actors and other artists at the 'Off the Cuff' show organised by The Print, a digital media outfit owned by senior journalists Shekhar Gupta and Barkha Dutt. Asked whether he would join politics, Ambani replied in the negative, saying "I am not made for politics." The statement from the ri...

How Mukesh Ambani’s Reliance Jio Fooled us in the Name of Cheaper Data

17Sep By VishwadeepakNo Comments

Story

How Mukesh Ambani’s Reliance Jio Fooled us in the Name of Cheaper Data

Disclaimer: We got this brilliant analytical piece about newly launched Reliance Jio scheme (of almost free data) from WhatsApp. We are publishing it because it shows the other side – which is obviously not so good - of the so called revolutionary idea, to promote awareness. In the name of fulfilling PM Modi’s dream for Digital India, Reliance used his image in its full page advertisement but the question remains unanswered. How will it help India to be more Digital ? Did Reliance Jio make false promises to make profit? Is Reliance Making the hay while sun is shining? We would like to know the name of the author. If any one can send us, that will be a great help. I must admit that I was euphoric over the Reliance Jio launch. Also, thanks to the media hype, I initially b...

Airtel Too Offers More Interconnect Points to Reliance Jio

14Sep By NitishNo Comments

News

Airtel Too Offers More Interconnect Points to Reliance Jio

After Idea, Bharti Airtel today also agreed to provide additional interconnect points to Reliance Jio, saying these ports will be sufficient to support 15 million customers of the new operator. "Airtel has been providing PoIs to Jio, well ahead of the commencement of its commercial operations. With the latest augmentation, the total number of PoIs will become 3 times the present number of PoIs," Airtel said in a statement. Reliance Jio -- which commercially launched its services on September 5 -- has accused incumbent players of not releasing sufficient inter-connection ports and had sought legal action against them. RIL chairman Mukesh Ambani, on September 1, alleged that Jio network had suffered 5 crore call failures in the preceding week due to inter-connectivity issues. The mov...

This is How Mukesh Ambani’s Reliance Jio Will Make Money

4Sep By AnkitaNo Comments

Story

This is How Mukesh Ambani’s Reliance Jio Will Make Money

16th July 2016: The Indian Telecom Market - Basic Facts There are 100 crores of mobile users in India (1 billion). This means 80% of India is connected to mobile phones (voice calling) However, only 34% of India’s population is connected to the internet. Among those using mobile phones, only 10% use 3G data or above. If you were a telecom company, you would realize that there isn’t going to be a lot of movement in voice now. This is because almost all people have mobile phones. The next big challenge is the internet. Future lies in using data on your mobile phones. Hence, the smartest move now is to invest in building your infrastructure for the future. Here is why nothing else matters - When you have data, you don’t care about messaging. Who really uses SMS after the ...

Telecom War – Reliance Jio Announces Free Voice Calls, Cheaper Data Tariffs

1Sep By AnkitaNo Comments

News

Telecom War – Reliance Jio Announces Free Voice Calls, Cheaper Data Tariffs

Reliance Industries Chairman Mukesh Ambani today announced free voice calling, zero roaming charges and cheaper data tariffs for Jio customers. The company also announced "super-affordable" handsets under the LYF brand starting Rs 2999. Shares of Idea Cellular and Bharti Airtel plunged up to 9 per cent today after RIL Chairman Mukesh Ambani announced free voice calling and cheaper data tariffs for Jio customers. Idea Cellular tanked 9 per cent to Rs 85, its 52-week low on BSE. Shares of Bharti Airtel dropped 8.99 per cent to Rs 302. Ambani further announced that no Jio customer will ever pay for voice calls to any network in India and there will be zero roaming charges. Taking ahead the agenda of enabling a ‘Digital Life for Digital India’, Ambani said that the company w...

Reliance Jio Raises Rs 2,000Cr Through Electronic Bidding Platform (EBP)

7Jul By RishabhNo Comments

FUNDING

Reliance Jio Raises Rs 2,000Cr Through Electronic Bidding Platform (EBP)

Reliance Jio Infocomm Ltd. today raised Rs 2,000 crore through issuance of non-convertible debentures on the BSEs new platform and the proceeds would be utilised for roll out of its digital services business. The issue received bids worth over Rs 3,500 crore. The five-year debentures will bear a coupon of 8.32% per annum. "The proceeds of the issuance shall be utilised by Reliance Jio Infocomm Ltd for rolling out a state-of-the-art digital services business in India," it said. Reliance Jio said it is the first non-financial company to raise funds digitally through an electronic bidding platform (EBP). “This is also the largest debt issuance in the Indian market by any issuer since the electronic bidding platform has been mandated by Securities and Exchange Board of India (Sebi) for pr...

Reliance Jio Will Be Ready to Commercially Launch in 2016: Mukesh Ambani

21Feb By AnkitaNo Comments

Entrepreneurs Talk

Reliance Jio Will Be Ready to Commercially Launch in 2016: Mukesh Ambani

New Delhi: Mukesh Ambani, India’s richest person, has said Reliance Jio will be ready to commercially launch its much talked about 4G telecom services in second half of 2016, offering 80% of Indians high-speed mobile Internet as well as voice services. Reliance Jio had, in late December, unveiled fourth generation (4G) service for its employees, marking Ambani’s return to the telecom sector years after Reliance Group’s telecom unit had gone to his younger brother Anil following a split between the two siblings. “We’ll be ready to launch in the second half of 2016. 80% of India’s population will have high-speed, mobile broadband internet. ”So 80% of the 1.3 billion Indians will have high-speed, mobile internet. And by 2017, we would cover 90%. And by 2018, all of India would be covered by ...