Saudi Arabian company Aramco is investing $ 75 billion in Reliance Oil-to-Chemical business with a 20 percent stake. Disclosing this at the 42nd annual general meeting of Reliance, the company chairman Mukesh Ambani also announced that on the request of PM Modi, his company is going to bring several big plans with special task force for the development of Jammu and Kashmir and Ladakh. .
At the 42nd Annual General Meeting of Reliance Industries Limited at Birla Matushree Auditorium in Mumbai, RIL Chairman Mukesh Ambani shocked the entire corporate world and media together by revealing to the company’s shareholders that Reliance Oil-to-Chemical business in Saudi Arabia Renowned Company Aramco, With its 20 percent stake, is going to invest the largest ever $ 75 billion. This largest foreign investment has been agreed upon in the history of Reliance. Aramco will send five lakh barrels of oil daily to Reliance’s Jamnagar refinery.
Reliance’s Jaman Gar refinery has a capacity of 1.4 million barrels per day, which is planned to be increased to two million by 2030. The company reported a net profit of 6.8% to Rs 10,104 crore in the June quarter. The company reported a net profit of Rs 9,459 crore during the same quarter of the previous financial year.
At the 42nd Annual General Meeting (AGM) of Reliance, Mukesh Ambani made another big announcement that at the insistence of Prime Minister Narendra Modi, his company is going to bring many big plans with special task force for the development of Jammu and Kashmir and Ladakh , whose The announcement will be made soon. Mukesh Ambani also revealed that the much-awaited Reliance’s ‘Jio Giga Fiber’ service will be available in the market from 5 September 2019. Internet speeds from 100 Mbps (mega bits per second) to 1,000 Mbps will be available on Jio Fiber. Its price will be from Rs 700 to Rs 10,000 monthly. Making a phone call anywhere across the country with Jio Fiber fixed line will be free for life. Mukesh Ambani says that the slowdown in the Indian economy is temporary. By 2030, the Indian economy will be worth US $ 10 trillion.
Reliance will get Rs 7,000 crore from selling 49 per cent stake in its fuel retail business to UK’s BP. The investment cycle in Reliance Jio has been completed. On this occasion, Mukesh Ambani announced the Internet of Things for the country, broadband for homes and businesses and broadband service for small enterprises.
It is noteworthy that the revenue of Reliance (RIL oil-to-chemical) business is more than five lakh crore rupees. The earnings of Saudi Arabian giant oil company Aramco had long been a mystery. In April this year, there was a slight revelation from this mystery, when Aramco had a profit of $ 111.1 billion. Crown Prince Mohammed bin Salman, chairman of this petrochemical company, wants Saudi Arabia’s economy to diversify and oil dependence to be reduced. Saudi Arabia is also investing in technology companies, Uber and Tesla etc. Now Aramco also plans to sell its shares so that more capital can be raised.