"Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world, with tens of thousands of nodes operational on day one", Ambani promised. Reliance Jio will mark its third anniversary on September 5 with the commercial launch of GigaFiber broadband service.
The management will induct global partners in Jio and Reliance Retail and will move towards listing the entities separately at the stock exchanges in the next five years.
The two will supply half of the crude oil required for processing at the refinery.
Reliance is exploring a "brand-new" model for data privacy where "Indians' data is owned and controlled through technology by Indian people and not by corporates", by installing blockchain technology across the country, said Mukesh Ambani at Reliance's 42nd annual general meeting.
Aramco is the most profitable in the world, posting bigger profits than the likes of Apple or Exxon and making it a potentially interesting investment target. The energy titan says this is a key reason for why net income has dropped 4%, to $46.9bn (£38.8bn). And we can upgrade this to 5G at minimum incremental cost.
Aramco hopes the deals will help it reach its goal of eventually doubling its refining capacity to 10 million barrels a day. The company will also be leveraging Microsoft's speech and language cognitive services for its device ecosystem, providing support for 13 different Indian languages. "This translates into a Rs 20,000 crore per year revenue opportunity for Jio", he said.
Saudi Aramco will buy a stake in the refining and chemicals business of India's Reliance Industries Ltd., moving to diversify from Saudi Arabia as its first half-year earnings report showed a drop in net income. The company will be broadcasting the event live from the venue. Free cash flow rose 6.7 per cent to US$38 billion.
"We can upgrade Jio into 5G with minimum incremental costs". Income taxes shrank 5.4% to $45.6 billion. Aramco said it will maintain its position as of the world's biggest crude producer and would continue to expand its gas output and sustain its strong financial position.
The understanding and knowledge of every customer and every small and aspiring business in India will give the group an unparalleled database that its retail business can ride on successfully.
Saudi Aramco will take 20 pe cent stake in a proposed special goal vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex.
Our rough estimates suggest that these two businesses contributes close to 85 percent of the current market capitalisation, leaving substantial room for upside given that the company is staring at the end of this capex cycle, substantial de-levering through strategic sales and unlocking value in promising businesses.