Saudi Aramco to buy 20% in RIL’s petro arm for $15 billion

Saudi Aramco to buy 20% in RIL’s petro arm for $15 billion

Saudi Aramco to buy 20% in RIL’s petro arm for $15 billion

RIL Investments of almost Rs 5.4 Lakh crore over the last five years will generate EBITDA in excess of Dollars 1 billion annually for over a decade, he added. At the same event, Mukesh Ambani said Jio would also offer unlimited global calling pack from its landlines to the United States and Canada at Rs 500 a month, and that default tariff plans will be one-fifth to one-tenth of existing market tariffs.

Saudi Aramco will take 20 pe cent stake in a proposed special objective vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex. The proposed investment entails Saudi Aramco supplying 7 lakh barrels a day of crude oil to Jamnagar refinery on a long-term basis.

Reliance Industries is undergoing a transformation and that offers an opportunity for investors. Jio Fiber plans will come in multiple options: monthly, quarterly, half-yearly and annual packages.

Ambani added that Reliance Jio was signing up more than 10 million new customers each month.

In the last AGM of RIL, Ambani announced the high-speed fixed-line broadband services for retail customers.

JioFiber plans will start from Rs 700 per month and will offer a host of smart services through the Jio set-top box.

JioFiber is expected to trigger consolidation, largely among smaller broadband providers, just as Jio's mobile services brought down the number of private telcos to just three. Voice calls to any Indian operator will be free of cost. Ambani said that the trials of Reliance Retail's digital commerce venture have delivered positive results. "We are offering unlimited US/Canada pack at ₹500 per month".

JioFiber customers opting for annual plans will get an HD or 4K LED television and a 4K set-top-box free, he said.

Reliance Jio GigaFiber, or Reliance Jio Fiber as it is now known as, is all set to revolutionize the Indian broadband industry in the same manner as Jio revolutionized 4G.

Mr Ambani also announced that Reliance will be setting up Pan-India edge nodes for CDN.

As part of this new agreement, Jio will move its internal workforce to productivity and collaboration tools available with Microsoft 365 and will migrate its non-network applications to the Microsoft Azure cloud platform.

Reliance Industries said it would launch super-fast internet in India next month, stressing that partnerships would be its path to growth as it announced a tie up with Microsoft and a stake sale in its oil unit to Saudi Aramco. Jio is ready to take away that cost by making cloud and connectivity infrastructure absolutely free for start-ups.

"This signifies flawless synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex", said Reliance Chairman Mukesh Ambani, while announcing the deal at the AGM in Mumbai on Monday.

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