Mukesh Ambani calls Data as the new fuel
Reliance Industries Ltd.’s have launched JIOPHONE in the 40th annual general meeting(AGM) held on Friday, 21st July 2017 at Birla Matushri Sabhagar in Mumbai, Maharashtra. In this 40th AGM meeting Reliance Chairman Mukesh Ambani revealed about the boost which the company has given to the shares in which they are already the 2nd best performing company in 2017 on India’s benchmark stock index. In today’s time’s youngsters constitute the majority of the population in India.
One thing to be noticed is that the company has a great sense of timing. the use of smart phones is rising every day, thanks to the great movement of digitalization. So what will act as a fuel to this rising use & purchase of smart phones? The answer is simple – Internet Data.
Changing stripes: Taking a look at Reliance’s history
Before 1980s Reliance Industries Ltd was known as Reliance Textiles Industries Pvt Ltd for its polyester & creating synthetic fabrics. After the 1980s they shifted their base to petroleum refineries. Then, it merged with Reliance Petroleum. In 2010 it entered in the telecom industry, providing broadband services. Now since the launch of JIO in September 2016 whose sales peaked even more during the period of demonetization, the company is changing its base from refining & petrochemicals group to a bold & daring, expensive field of data. Mukesh Ambani called internet data as the “new oil”.
In his speech, he mainly focused on JIO which is a 30 billion dollars fourth-generation(4G) mobile network. Till now JIO has already more than 100 million paying customers. Now with the launch of JIOPHONE, we can understand that this move is made to lure 500 million Indians to buy these free handsets who generally use cheap featured phones. To that, add a thickly discounted Rs 153 per month ($2.40) data plan & an Apple TV – a type of a device to watch video on TV, it becomes clear that Ambani is trying to shift Reliance’s position between telecom & media.
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