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Tag: Reliance Jio

US Firm Silver Lake Acquire 1 Percent Stake in Reliance Jio
ACQUISITION

US Firm Silver Lake Acquire 1 Percent Stake in Reliance Jio

After Facebook, US-based leading global tech investor Silver Lake acquire 1.15 percent stake in India's leading telecom arm Jio for $750 Million. The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 percent stake in Jio Platforms. The investment is at a premium of 12.5 percent to the Facebook deal. The Facebook and Silverlake investment would value Reliance Jio at around $65 billion. Reliance Jio have around 340 Million users in India, "This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 percent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.
Facebook buys Reliance Jio 9.9% Stake for $5.7 billion
ACQUISITION

Facebook buys Reliance Jio 9.9% Stake for $5.7 billion

Facebook announced an acquisition of a 9.9% stake in India's largest telecom operator Jio Platforms Ltd for USD 5.7 billion (Rs 43,574 crore). With this deal, the social media giant looks to expand its presence in its largest subscriber-based market. "Today, we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder," the fb said in a statement. Facebook's move to pick up about a 10 percent stake in Jio Platforms will accelerate Jio's digital monetization drive and put Reliance Industries (RIL) on course to turn net debt-free by March 2021, said Indian analysts. It said that Facebook's investment into this entity will further Reliance Industries' digital in...
Reliance Jio Net Profit Surges 62.5%
BUSINESS

Reliance Jio Net Profit Surges 62.5%

India's leading telecom operator Reliance Jio posted a 62.5 percent jump in its standalone net profit at Rs 1,350 crore for the October-December quarter of FY 2019-20. The telecom arm of Reliance Industries, Jio had posted a net profit of Rs 831 crore in the corresponding quarter a year ago. The company recorded an increase of 28.3 per cent in its operating revenue at Rs 13,968 crore as compared to Rs 10,884 crore in the year-ago period. "Jio has continued on its unprecedented growth journey receiving overwhelming customer response for best in class mobile connectivity services. Jio is also determined to redefine the wireline infrastructure, home entertainment and enterprise market in India with its FTTx services which bundle best-in-class connectivity with bouquet of digital con...
RIL to Set up Subsidiary for Digital Platform Initiatives
News

RIL to Set up Subsidiary for Digital Platform Initiatives

Reliance Industries Ltd board has approved the formation of a wholly-owned subsidiary for digital platform initiatives and investment of Rs 1.08 lakh crore in the unit. The subsidiary will also acquire RIL's equity investment of Rs 65,000 crore in Reliance Jio Infocomm Ltd (RJIL), it said in a regulatory filing. RIL said that RJIL board has approved a scheme of arrangement between the company and certain classes of its creditors including debenture holders for transfer of identified liabilities of up to Rs 1.08 lakh crore to RIL. "Rights Issue of Optionally Convertible Preference Shares (OCPS') aggregating up to Rs. 1,08,000 crore for the purpose of payment of consideration for transfer of identified liabilities - WOS (wholly owned subsidiary) to subscribe to this issue," it adde...
Jio’s Plan to Charge an Undue Haste, says Voda Idea
INDIA

Jio’s Plan to Charge an Undue Haste, says Voda Idea

Telecom operator Vodafone Idea termed Reliance Jio's plan to start charging 6 paise per minute for outgoing calls to rival network as "an act of undue haste" and an attempt to distract attention from the need for urgent action to address financial stress in the sector. Without naming Jio directly in the statement, Vodafone Idea said that a new announcement from the Mukesh Ambani led firm comes closely to the action taken recently to potentially hurt revenues of other operators with its recent unilateral action of reducing ringing time. "The announcement by one of the telecom service providers today to charge for calls made to other service providers to cover the termination charge of IUC is not only an action of undue haste but it also does not bring out the fact that interconnect i...
How Much Mukesh Ambani and his team earn per annum
BUSINESS

How Much Mukesh Ambani and his team earn per annum

New Delhi: India's richest man Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at ₹15 crore ($2.1 million) for the eleventh year on the trot. Ambani has kept salary, perquisites, allowances, and commission together at ₹15 crore since 2008-09, forgoing over ₹24 crore per annum. This is at a time when remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw a handsome increase in the fiscal year ended March 31, 2019. "Compensation of Shri Mukesh D Ambani, Chairman, and Managing Director, has been set at ₹15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its latest annual report. His remuneration for 2018-19...
Jio becomes second largest Indian telecom operator, profit zooms 45.6% to 891 crore
INDIA

Jio becomes second largest Indian telecom operator, profit zooms 45.6% to 891 crore

Reliance Jio becomes India's second largest telecom operator in subscriber base posted 45.6 percent rise in net profit for June quarter of 2019-20 to Rs 891 crore, and said the beta trials of its much anticipated 'JioGigaFiber services' is in the final lap. Reliance Jio raced past Bharti Airtel to become the second largest mobile operator, as per May 2019 data released by telecom regulator TRAI. For the first quarter ended June 30, Reliance Jio's operating revenue stood at Rs 11,679 crore, up 44 percent over the year-ago period. Jio's subscriber base stood at 331.3 million as on June 30, 2019. The June quarter net profit at Rs 891 crore was 45.6 percent higher over the year-ago period and 6.1 percent increase when seen sequentially. The company has recorded profit after tax of Rs...
230 Crore Deal: Reliance Jio Acquires Haptik
ACQUISITION

230 Crore Deal: Reliance Jio Acquires Haptik

Reliance Jio a subsidiary of Mukesh Ambani led Reliance Industries acquires AI based platform Haptik in 230 crores. After the acquisition Reliance jio will invest 470 crores in the further operation. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. On a fully diluted basis Reliance will hold about 87% of the business with the rest being held by Haptik founders and employees through stock option grants. This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India. This partnersh...
Reliance Jio in Talks with US Company Flex for Smartphone Production
BUSINESS

Reliance Jio in Talks with US Company Flex for Smartphone Production

One of the largest Indian conglomerate Reliance Jio Infocomm is in talks with US contract manufacturer Flex for locally producing about 100 million mobile phone handsets as the Mukesh Ambani-owned telco seeks to rapidly enhance its market share by signing on the majority of those users now using feature phones.  “Jio is in advanced discussions for a large order and that has caused a stir in the market, even prompting Flex to negotiate some tax benefits with the government in the SEZ where its factory is located,” a person familiar with the matter said. Another person said that Flex currently has the capacity to manufacture around 4-5 million devices per month at its factory in the special economic zone (SEZ) near Chennai.  Any move by ...
Reliance Jio Appoints Shyam Mardikar as Group CTO of Mobile Networks
News

Reliance Jio Appoints Shyam Mardikar as Group CTO of Mobile Networks

Reliance Jio Infocomm has appointed Shyam Prabhakar Mardikar on the position of group chief technology officer of mobility. He will be responsible for looking after the deployment of the company’s 4G networks in the country. This appointment has come after the exit of Jagbir Singh, who had joined the company before the soft launch of 4G services. He left the company in June this year. Prior to this, Mardikar served Bharti Airtel as its chief technology officer for mobile networks for two years. He was associated with the company since August 2012. Shyam Prabhakar Mardikar on his new appointment will report to Mathew Oommen, who is the president of Mukesh Ambani-owned Jio in Mumbai. Jio is aggressively expanding its 4G LTE network for coverage and capacity in India. It is deepen...
Reliance Jio and Cisco Systems are Likely to Extent their Partnership
BUSINESS

Reliance Jio and Cisco Systems are Likely to Extent their Partnership

Reliance Jio Infocomm and Cisco Systems that is based in the US are looking to extend their partnership to tap the Rs 50,000-crore strong enterprise market. This is expected to be done with a services portfolio which the Mukesh Ambani-owned telecom firm is planning to launch commercially soon. It was in 2012 that both these companies entered into a strategic partnership across multiple technology areas including deployment of voice over long-term evolution (VoLTE) -- a fourth-generation (4G) technology-based networks -- for its consumer business. “As they (Jio) make enterprise move, Cisco would start working with them closely for the intuitive network, collaboration, cloud and security,” stated an industry source. According to the statements, Reliance Jio would be using the company’s ...
RCom Completes Sale of Fibre Assets worth Rs 30 billion to Reliance Jio
BUSINESS

RCom Completes Sale of Fibre Assets worth Rs 30 billion to Reliance Jio

Anil Ambani’s Reliance Communications (RCom) announced that the company has completed the anticipated sale of its fibre assets and related infrastructure assets. The assets were sold worth Rs 30 billion to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO). "With successful completion of the fibre monetisation transaction, 1,78,000 kilometers fibre stand transferred to RJIO," Reliance Communications said. This particular decision marks the wrapping-up of yet another portion of a larger deal between RCom and Reliance Jio in December last year. The deal announced in December 2017, packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometres of fibre and 248 media convergence nodes. Along with this, it was last week that Reliance Commu...