Reliance AGM: Mukesh Ambani launches ‘free’ 4G Jiophone, says broadband is next

Mukesh Ambani, Managing Director and Chairman of Reliance Industries Ltd (RIL) at the company's 40th annual general meeting today announced the launch of the Jio 4G VoLTE feature phone - Jiophone.

Jiophone will be available free of cost, Ambani said.

"We will collect a 100% refundable security deposit of Rs 1500 which will be refunded after three years," Ambani added.

Jio's feature phone will be available for user testing in beta on 15 August this year. Pre-booking of the phone will begin from 24 August. First come first bookings will get their phones by September this year, Ambani said.

The feature phone supports 22 Indian languages. The phone will allow users to speak to the phone as well as use the keyboard.

The phone has a calling and sending SMS via voice command feature. JioMusic, JioCinema and other Jio apps have been pre-loaded on the phone.

It will also have an SD card slot and a 2.4-inch colour screen display. 

Other features of the Jio phone were captured at the AGM in another slide.

Jio Dhan Dhana Dhan plan for feature phone users will be Rs 153 per month and will allow for unlimited data usage.

The company announced Rs 24 - two-day sachet and Rs 54 - weekly sachets data plan as well.

Live TV and movies can be projected from Jio's mobile to TV via Jio cable which will be available for Rs 309 pack, Ambani added.

Ambani said that Jio garnered 12.5 crore users and majority of its paid customers came in on the Rs 309 or higher plans. He further added that the company acquired more than 100 million paid customers on its platform.

He said that Jio will bridge the 'digital divide' in India by covering 99% of population. Expanding physical distribution network, the company will have 10,000 offices and 10 lakh outlets by the end of this year.

Ambani was commemorating the 40th anniversary of RIL's Intial Public Offering.

Speaking about RIL's net profit has growth he said it had grown from Rs 3 crore to nearly Rs 30,000 crore over the years which was a growth of over 10,000 times.

RIL's market cap which reached Rs 5 lakh crore on Monday has grown 50,000 times and has a compounded growth rate of over 32%, Ambani said. 

"Your money has doubled every two and half years over the past 40 years," Ambani added.

The company's home broadband services - JioFiber will be RIL's next big announcement, Mukesh Ambani stressed at the AGM.