"Jio's low-priced 4G phone has a lot of compelling features and can be attractive for a 2G user in a tier 2 or 3 city who has never really experienced mobile internet, but I'm not too sure if the company can seriously gain incremental revenue market share (RMS) and quality data customers merely on the strength of a bundled handset because that strategy hasn't worked in India till date", Nitin Soni, director at rating agency Fitch, told ET. This is much like the top-up recharge that mobile users subscribe to. He said the target customer for Jio is now spending about Rs 50-60 a month, so it will be a challenge for them to double that budget overnight. "We believe that the feature phone will be a compelling attraction for those customers for whom device prices were a hurdle for shifting from a 2G to a 4G service", said Rajan S Mathews, Director General, Cellular Operators' Association of India. Mukesh Ambani, the company's chairman, announced that its arm Reliance Jio will be launching a smartphone name JioPhone that will be available to consumers at an "effective" price of Rs 0. It supports 22 Indian languages and also supports voice commands to call anyone in your contacts.
"To sum it up, this breakthrough and revolutionary device named JioPhone along with Jio's disruptive tariff will unleash the power of Digital Life in the hands of 1.3 billion citizens of the largest democracy in the world", Ambani said. "In addition, we will integrate with all major e-commerce platforms", he said, laying out the new phone's distribution plans.More news: MPD Officer Who Shot Woman Identified As Mohamed Noor
Ambani dedicated the JioPhone to the nation and said digital life will no longer be the privilege of the affluent few.
Describing RIL's humble beginning as a textiles start-up, he said it has now created "multiple growth engines", and told shareholders that the company's "net profit went from Rs. 3 crore to Rs. 30,000 crore" during the period. In a regulatory filing.
He said Rs 1,000 invested in Reliance shares in 1977 today are worth Rs 16,54,503, over 1,600 times more valuable.More news: Hero Rejected Bail, Back in Jail
It was after eight years, company announced bonus shares.
Follwoing the AGM, RIL stock was trading higher at 1.33 p.m. on Friday at Rs 1,572.70, up Rs 44.00 or by 2.88 per cent, over its previous close on the BSE.
"I want to dedicate these 40 years of achievement and records to only one person, founder chairman Dhirubhai Ambani and I am grateful to my mother (Kokilaben)". "It took 25 years for our competitors to build a 2G network", he said. I hear him telling me. You have the responsibility to protect Reliance and promote the interests of all its shareowners, partners and employees. "Let us welcome Dhirubhai again to this AGM".More news: Angkasa says partial eclipse of the moon to occur August 7