UP Investors’ Summit 2018: Jio to invest Rs 100-bn in 3 years, says Ambani

Mukesh Ambani also mentioned that Jio has already created over 40,000 direct and indirect jobs in Uttar PradeshReliance-industries

Reliance Jio will invest another Rs 100 billion in Uttar Pradesh over the next three years, Reliance Industries Limited Chairman Mukesh Ambani said here on Wednesday.

“Today I am happy to inform this audience that Jio is one of the largest investors in Uttar Pradesh with investments of over Rs 200 billion. Jio is providing the highest quality data at the lowest price in the world to over 20 million citizens of Uttar Pradesh,” Ambani said while addressing the Uttar Pradesh Investors’ Summit 2018.

ALSO READ: UP Investors Summit: Adani, Birla, Ambani lead Rs 4 trn investment promises

“I have come to Lucknow to assure the Prime Minister and the Chief Minister that Jio’s Digital Revolution is here to make the maximum contribution to UP’s development revolution,” he added.

ALSO READ: UP Investors Summit 2018: Bio-policy to double farm income by 2022, says PM

While talking about affordable handsets, JioPhone, Ambani said: “Jio will make available over 20 million JioPhones in UP within the next two months on a priority basis.”

He mentioned that Jio has already created over 40,000 direct and indirect jobs in the state. | Reliance Industries Stock Price

“Jio will establish a Centre for the Fourth Industrial Revolution within the campus of a reputed university in Uttar Pradesh,” Ambani added.ALSO READ: UP Investors Summit 2018: CM Adityanath signs 1,045 MoUs, worth Rs 4.2 trn

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UP Investors’ Summit: Jio to invest Rs 100 bn in 3 yrs, create 100,000 jobs

Jio’s digital revolution is here to make the maximum contribution to UP’s industrial revolution

Reliance-industries

Reliance Industries Chairman and Managing Director Mukesh Ambani on Wednesday committed to investing Rs. 100 billion in Uttar Pradesh over the next three years.

“Jio has invested Rs. 200 billion already in the state, and plans to invest another Rs. 100 billion over the next three years.

We aim to bring Jio to every village in state by the end of this year,” he said at the Uttar Pradesh Investors’ Summit here.

Furthermore, the top businessman stated that over 20 million Jio phones will be sanctioned and 100,000 new jobs would be created in Uttar Pradesh, which he said, was India’s “most popular state.” | Reliance Industries Share Price

“If UP gets up and running, nobody can stop India from being a global superpower. It is a key investment area for us, and hence, we would like to support development at every level,” he said.

He said that RIL has built world-class digital infrastructure all over India and UP which is the most populous state can soon enough be the Centre of the Fourth Industrial Revolution, within the visionary approach of the PM.

RIL has rebuilt the next generation digital communication services to help hospitals, schools, small, medium businesses grow.

Ambani also extended his commitment to developing the Centre’s Namami Gange project to clean River Ganga.

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Reliance can produce 10 mn Jio Phones in a year at its Tirupati plant

The government did not disclose the investments entailing these and other facilities proposed to be set by the company

Reliance JioPhone

 

Reliance Group would set up an electronic manufacturing park in 150 acres at Tirupati in Andhra Pradesh. | Reliance Industries Stock Price

The park will have a mobile phone manufacturing plant that can produce 10 million Jio Phones per year besides other electronic product facilities, including that of television sets, batteries, set-top boxes among other things, the state government announced after a high level meeting between Reliance Group chairman Mukesh Ambani and chief minister N Chandrababu Naidu on Tuesday.

The government did not disclose the investments entailing these and other facilities proposed to be set by the company.

According to the government, Reliance Group will aim to create an end-to-end ecosystem in the electronics sector, right from chip design to product development and also provide training to students in electronics manufacturing at the proposed electronics park.
Reliance will also set up citizen service centres (CSCs) across 5,000 villages in the state and these centers will make the government services available to the public at a most affordable cost, the government said.

The company will also establish a digital infrastructure, telecom and start-up ecosystem development center in 50 acres at Amaravati, a 150 mw solar power plant in Peddapuram.

Reliance Group chairman has flown to Vijayawada on Tuesday evening and met with chief minister N Chandrababu Naidu to discuss the company’s investment plans among other things.

During his visit, Ambani also visited the Real Time Governance (RTG) center, which was established by Naidu government in Amaravati secretariat complex.

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RIL to acquire 5% stake in Eros international for Rs 10 bn to produce films

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country

Reliance-industries

RIL on Tuesday said it will acquire 5 per cent stake in NYSE listed Eros International for Rs 10 billion with a view to producing and acquiring Indian films and digital originals across all languages. | Reliance Industries Stock Price

Reliance Industries Limited (RIL) and Eros International Plc announced that RIL, through a subsidiary, “has agreed to subscribe to a 5 per cent equity stake” in Eros at a price of $15 per share, the company said in a statement.

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country.

“The parties will equally invest up to Rs 10 billion in aggregate (about $150 million) to produce and acquire Indian films and digital originals across all languages,” it said.
It further said that Jyoti Deshpande, Group CEO and MD of Eros International Plc, the parent company of Eros India, will be stepping down from her executive role and move on to head the media and entertainment business at RIL as President of the Chairmans Office.

Deshpande will start her new role at RIL from April 2018, but will continue to remain as a director on the board of Eros India as well as Eros Plc, it added.

Kishore Lulla will resume his position of Group Chairman and CEO of Eros Plc.
” The parties will equally invest up to Rs 10 billion in aggregate to produce and acquire Indian films and digital originals across all languages,” it said.

Mukesh Ambani, Chairman & Managing Director, RIL said: “We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership”.

In her new role at RIL, Deshpande will lead the companys initiatives in media and entertainment to organically build and grow businesses around the content ecosystem such as broadcasting, films, sports and music.

Besides, she will help integrate RILs existing media investments such as Viacom and Balaji Telefilms with a view to build, scale and consolidate the fragmented USD 20 billion Indian M&E sector.

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Reliance plans to invest Rs 600 bn for digital industrial area in Mumbai

Reliance industries will join hands with global investors to set up the first digital area in Maharashtra

Reliance-industries

The first day of the Magnetic Maharashtra investors’ summit here on Sunday saw Reliance Industries Ltd (RIL) promising investments of Rs 600 billion into the state, the Mahindra Group pledging Rs 23.25 billion and the Virgin Group signing an “intent agreement” with Maharashtra to build a hyperloop transportation system between Mumbai and Pune, to reduce travel time to 20 minutes from the three hours at present.
Billionaire industrialist Mukesh Ambani said his RIL and its global partners will set up the country’s first integrated digital area in Maharashtra, entailing investments of Rs 600 billion. |Reliance Industries Stock Price

“Reliance along with other global companies will invest over Rs 60,000 crore (Rs 600 billion) in the next 10 years in Maharashtra, which will be the first integrated digital industrial area in the country,” Ambani said on the opening day of the summit. He did not offer more details like the location of the proposed mega investment or when the first phase will begin.

The summit was inaugurated by Prime Minister Narendra Modi.
“Within a few weeks, more than 20 global companies have already agreed to invest with us. These companies include Cisco, Siemens, HP, Dell, Nokia and Nvidia among others,” Ambani said.

Meanwhile, the first hyperloop route will link central Pune with the megapolis as well as the Navi Mumbai international airport.

Virgin Group Chairman Richard Branson said, “We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune, beginning with an operational demonstration track in the region.”

Also, the Mahindra Group announced over Rs 23 billion in investments in three projects of which as much as Rs 17 billion will be spent towards creating an entertainment destination at Kandivali, a northwestern suburb of Mumbai. Group Chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 1.25 billion to create an all-green tech hub in Nagpur that will create at least 2,500 jobs.

On the Rs 17 billion investment announced in the city, Mahindra said, “we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry… This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore (Rs 17 billion) on this venture,” he said.

It can be noted that the group already runs a successful tour and leisure services company Mahindra Holidays and this announcement hints that the group is ready to tap tourism and related segments in a more aggressive manner.

He also said the company will invest another Rs 5 billion in the state for which his group has “executed an agreement with Maharashtra for an investment of Rs 500 crore (Rs 5 billion) under the new electric vehicle policy.”

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Petrol, diesel prices to be revised daily in 5 cities from May 1: Sources

State refiners currently revise fuel prices every fortnight

INDIA ECONOMY FUEL

India’s state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said.

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said.

State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets.

State refiners – Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) – operate 90 per cent of the retail outlets in the country.

The three have upto 200 fuel stations in the five cities, the sources said.

The roll out of “daily dynamic pricing” in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said.No immediate comment was available from the state refiners.

Indian private fuel retailers – Reliance Industries and Essar Oil – are expected to follow their state peers, the sources added. (readmore…)

YouTube Go app launched in India for spotty internet signals

A beta version of the app has been released in the Google Play Store in India

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Alphabet Inc’s Google said on Tuesday it would roll out a mobile YouTube application designed for India, boosting the search company’s presence in a burgeoning market with spotty Internet access.

Since the fall, Google has been conducting extensive tests in India of YouTube Go, which allows users to save videos to watch offline and monitor their data use.

A beta version of the app has been released in the Google Play Store in India, and will be released in other emerging markets later, company executives said in an interview.

Analysts have been forecasting a surge in video consumption in India since Reliance Jio, the telecom unit of Reliance Industries Ltd, upended the industry last year with cheap data plans that have prodded rivals to lower prices.

Silicon Valley has long regarded India, with its population of 1.3 billion people and poor connectivity, as a prime place to test products for emerging markets.

YouTube executives said they sought to build a product for Indian users from the ground up rather than releasing a slimmed-down version of their primary app.

“As we talked to people in the market, they didn’t want something that felt like a stripped down version of YouTube – they wanted the full experience,” said John Harding, vice president of engineering at YouTube.

Due to the frustration of trying to load video at slow Internet speeds, the YouTube team had contemplated showing users a series of images from a video with the audio, like a slideshow. But Indian consumers reacted poorly to the feature.

The final design helps users discover videos that trending in their region while minimising data usage. Users can preview videos before watching to ensure that is what they want.

While Reliance Jio’s entry has boosted video consumption in India, analyst Neil Shah of Counterpoint Technology Market Research questioned whether YouTube Go would remain popular as cheap data plans become more prevalent.

“The only future I see for YouTube Go is for feature phones or basic phones,” he wrote in an email.

But with 180 million mobile users in India and mobile watch time climbing 400 per cent year over year, YouTube has strong momentum in India, Jay Akkad, a product lead at YouTube, said. (readmore…)