Jio enabled Reliance Industries to reinvent itself as a 'Tech Platform Company'

Reliance Industries AGM: Speaking at the meet, Mukesh Ambani today made a number of eye-ball grabbing announcements. It included a JioPhone effectively priced at Rs 501 and Reliance Jio Fiber Broadband that has been dubbed as Jio Giga Fiber. Ambani highlighted a number of achievements that were made possible for the conglomerate through Reliance Jio. Over and above that, Mukesh Ambani revealed the ambitious numbers that these ventures, that he has set his heart on, will entail. He indicated that Reliance Industries will be pursuing all of these ventures with cutting edge strategies with all its strength.

Mukesh Ambani said, "Jio has enabled Reliance to strategically reinvent itself as a Technology Platform Company. Digital platforms have become the new-age factories and service providers."

Ambani thereafter explained what this was leading up to. He added, "We see our biggest growth in creating a hybrid, online-to-offline new commerce platform."

How big will this be? Ambani revealed by saying that it will consist "of 35 crore customer footfalls at Reliance Retail; 21.5 crore Jio customers; 5 crore Jio Giga-home customers and 3 crore small merchants and shop-keepers."

WATCH THE VIDEO HERE

Mukesh Ambani then came back to what is core to Reliance Industries - petrochemicals. he highlighted the company's future going forward. On this, he said, "As the world migrates from fossil fuels to renewable energy, we will maximize oil to chemicals conversion and upgrade all of our fuels to high value petrochemicals. The hydrocarbon business is thus posed for robust value creation and exciting times ahead."

He also said that the company will continue to pursue its social objectives too. He said, "Reliance Foundation’s rural transformation initiatives are focused on establishing strong market linkages for farmers and leveraging technology for better reach and impact. The initiatives now reach out to over 13,500 villages in 15 states."