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Reliance AGM 2023: Mukesh Ambani says Jio Air Fibre to be launched on Sep 19

For FY23, Reliance’s contribution to the national treasury reached Rs 1,77,173 crore, which includes an increase in both Direct and Indirect taxes amounting to over Rs 16,639 crore.

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Reliance AGM 2023: Mukesh Ambani says Jio Air Fibre to be launched on Sep 19

The 46th annual general meeting (AGM) of Reliance Industries Limited (RIL) took place on Monday, where MD and Chairman Mukesh Ambani delivered a series of significant announcements. The meeting was conducted via video conferencing and was simultaneously live-streamed on several social media platforms, including YouTube.

Reliance Industries Chairman Mukesh Ambani said in his address at the Reliance Annual General meeting 2023 that he is pleased to present another year of outstanding comprehensive performance. Reliance achieved consolidated revenues of Rs 9,74,864 crore for the fiscal year. In FY23, Reliance’s EBITDA reached Rs 1,53,920 crore, while the net profit stood at Rs 73,670 crore. Notably, Reliance’s exports surged by 33.4% to Rs 3.4 lakh crore during the year, contributing over 9.3% of India’s merchandise exports, a rise from last year’s 8.4%.

For FY23, Reliance’s contribution to the national treasury reached Rs 1,77,173 crore, which includes an increase in both Direct and Indirect taxes amounting to over Rs 16,639 crore. Additionally, Reliance displayed its commitment to Corporate Social Responsibility by making the highest-ever spending of Rs 1,271 crore in this area.

Ambani added it brought him immense satisfaction that the Reliance’s role in fostering employment, which stands as a top priority for India. Reliance set a new benchmark in job creation by adding 2.6 lakh jobs across all our business segments during the year. Ambani added the company’s on-roll employee count totals nearly 3.9 lakh, and the number of indirect livelihood opportunities generated by them is even more substantial.

In essence, Reliance maintains its dominant position in terms of revenues, profits, exports, market value, capital expenditure, employment generation, contribution to the national treasury, as well as social responsibility spending and impact.

The anticipation for Jio’s air fiber service is over, as it is scheduled to launch on Ganesh Chaturthi, which falls on September 19. This announcement was made by Reliance Industries Chairman Mukesh Ambani during the company’s annual general meeting. Jio Air Fiber is set to provide wireless broadband services to both homes and offices, leveraging 5G networks and cutting-edge wireless technology. The entry of Jio Air Fiber is expected to bring significant transformation to the telecommunications sector.

During the Reliance Industries General Assembly, Mukesh Ambani mentioned, More than 10 million premises are already connected through the optical fiber service, Jio Fiber. However, there are still numerous locations where wired connectivity is challenging. Jio Air Fiber aims to address this challenge, with a goal to cover 20 crore homes and premises. This launch will enable Jio to onboard 1.5 lakh new customers daily.

The annual general meeting also introduced the launch of Jio Air Fiber, alongside the Jio True 5G Developer Platform and Jio True 5G Lab. Akash Ambani, Chairman of Jio, unveiled these initiatives, stating, Reliance is also creating a platform that will revolutionize how Indian enterprises, small businesses, and technology start-ups engage with the digital realm.

To cater to enterprise needs, Jio has curated a comprehensive platform that integrates 5G network, edge computing, and applications. Simultaneously, the technology partners in the Jio True 5G Lab will have the opportunity to develop, test, and collaboratively create industry-specific solutions. The Jio True 5G Lab will be located at Reliance Corporate Park in Navi Mumbai.

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Zomato introduces Food Rescue feature

“We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage,” he said.

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

Announcing the new feature on X, Goyal said the decision, to introduce the new feature, was taken to prevent the tremendous amount of food wastage due to order cancellation on the platform.

Committed to minimising food wastage, the Zomato boss said: “We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage.”

Goyal said despite having stringent policies, and a no-refund policy for cancellations, more than 4 lakh perfectly good orders get cancelled, for various reasons by customers.

He said the top concern for the online food delivery platform, the restaurant industry, and even the customers who cancel these orders, is to somehow save the food from going to waste.

With the launch of the new feature, Food Rescue, cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes.

According to Zomato, the cancelled order will pop up on the app for customers within a 3 km radius of the delivery partner carrying the order. To ensure freshness, the option to claim will only be available for a few minutes.

The online food delivery platform will not keep any proceeds except the required government taxes and the amount paid by the new customer will be shared with the original customer (if they made payment online) and with the restaurant partner.

Orders containing items sensitive to distances or temperature such as ice creams, shakes, smoothies, and certain perishable items, will not be eligible for Food Rescue.

Restaurant partners will continue to receive compensation for the original cancelled order, plus a portion of the amount paid by the new customer if the order is claimed, the company said. “Most restaurants have opted in for this feature, and can opt of it easily whenever they want, directly from their control panels,” it added.

The delivery partners will be compensated fully for the entire trip, from the initial pickup to the final drop-off at the new customer’s location, it said.

Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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PayTm share price slips 2 per cent over SEBI warning

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Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

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