A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012.
Ambani, whose Jio brand became India’s largest mobile company by subscribers in under three years, says he will offer ultra high-speed, fibre broadband from September. It won’t be free, as much of Jio was at first, but that reflects less to disrupt, with just 18 million existing fixed-line internet connections. The tycoon dazzled with a touch of 3D home shopping too.
Ambani has given shareholders new reason to cheer, however. He plans to list the telecom and retail business within five years. With most of the big spending out of the way, he promises the group will hit zero net debt within 18 months. Implied proceeds of $15 billion from the Aramco deal will be one leap, helping the Saudis secure a lucrative market for their crude too. Ambani agreed last month to offload telecom towers to Canada’s Brookfield Asset Management in a $3.6 billion deal.
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Aramco Looks to Diversify With 20% Stake in India’s Reliance Energy BusinessSaudi Aramco is buying a stake in Reliance’s energy business, worth some $15 billion including debt, a move that would help match its enormous crude production with refining capacity, as it gears back up for a planned IPO. I told you you little brat. I was never married to that man.
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Source: Reuters - 🏆 2. / 97 Read more »
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Source: Reuters - 🏆 2. / 97 Read more »