Posts Tagged ‘Reliance Group’

RIL Acquires 73 Percent Stake in Embibe

June 15, 2018

The Mukesh Ambani-owned Reliance Industries Limited (RIL) has stated in a Bombay Stock Exchange (BSE) filing dated June 12, 2018, that it has completed the acquisition of nearly 73 percent stake in Embibe, an Artificial Intelligence (AI)-based education technology platform located in Bengaluru. As per the BSE filing, RIL along with Embibe and the other stakeholders have finished the formalities. The organization stated that after this transaction it would have a shareholding of 72.69 percent in Embibe. It has also stated that Aditi Avasthi, the Chief Executive Officer (CEO) of Embibe will continue her leadership responsibility of generating growth and development in the business.

The history behind RIL’s investment in Embibe

RIL has made an announcement on April 13, 2018, about buying a major stake of approximately 73 percent in Individual Learning Pvt. Ltd., a Bengaluru-based education technology company, which owns Embibe. According to the deal, RIL would make an investment of USD 180 million in Embibe, during the next three years.

About Embibe

Established in 2012 by Aditi Avaisthi, Embibe is an AI-based education platform that helps students in taking tests. It claims to improve the performance of students in competitive exams. It has 60+ education institutions on its platform. The two venture capital companies, who have backed Embibe include Lightbox and Kalaari. However, these companies are now expected to exit as the deal with RIL is completed.

How will Embibe make use of this investment?

Embibe will make use of RIL’s investment for various purposes, which include geographic expansion and business growth, strengthening its research and development towards AI in the field of education, targeting students with respect to professional skilling, higher education, K-12, curriculum categories all over India and globally, and vernacular languages.

Advisors associated in the RIL-Embibe Deal

Reputed organizations have played prominent roles as financial advisors, legal advisors, and tax advisors in the RIL-Embibe deal. Pricewaterhouse Coopers (PwC), a top advisory organization provided tax advisory and diligence services for the RIL-Embibe deal. Anand and Anand, KPMG, AZB & Partners, and Covington & Burling LLP have acted as legal advisors while Citibank was the financial advisor in this deal.

Opinions of key people

The Director of Reliance Jio, Akash Ambani, expressed delight while announcing the deal with Embibe in April 2018. Ambani had stated that RIL has the goal of connecting more than 1.9 million schools and 58,000 universities all over India with the help of technology. He added that Embibe, with its accomplished management team, would play a pivotal role in helping RIL to make its ambition for the education sector come true.

The CEO of Embibe, Aditi Avasthi, stated that her team is supercharging Embibe with the capability to deliver both content as well as results for each learning goal in the journey of every student. Avasthi stated that the objective behind this is to establish Embibe as a trendsetter in personalizing education in India and all over the globe.

Summary

Reliance Industries completes an acquisition of 73 percent in Embibe, an Artificial Intelligence (AI) based education technology platform in Bengaluru. It is set to invest USD 180 million in Embibe, during the next three years.

Advertisements

RIL Chairman Mukesh Ambani’s Annual Remuneration Remains Unchanged since the Past Ten Years

June 8, 2018

The Mukesh Ambani-owned Reliance Industries Limited (RIL) has released its latest annual report. As per the annual report, the annual remuneration of Mukesh Ambani, the Chairman and Managing Director of RIL, remains the same for the tenth consecutive year. Since 2008-09 Ambani’s annual remuneration is INR 15 crore, inclusive of salary, commission, and allowances and perquisites. Since October 2009, Ambani has voluntarily maintained his annual compensation at INR 15 crore during a debate on right-sizing on remunerations received by Chief Executive Officers (CEOs).

Key insights of RIL’s latest annual report

According to RIL’s latest annual report, Ambani has kept his annual remuneration at INR 15 crore with the objective to continue to set an example of moderation when it comes to managerial compensation levels. As per the report, the annual salary of all the other full-time directors of RIL, which include Ambani’s cousins Hital and Nikhil Meswani, witnessed a decent hike, during the end of the 2017-18 financial year.

Mukesh Ambani’s annual remuneration break-up in 2016-17 and 2017-18

During the financial year of 2016-17, Ambani’s salary and allowances were INR 4.16 crore. The amount had a marginal rise to INR 4.49 crore in the financial year of 2017-18. His perquisites have declined from INR 60 lakh in the 2016-17 financial year to INR 27 lakh during the 2017-18 fiscal year. The commission amount earned by him remains the same during both financial years at INR 9.53 crore.

Details of RIL’s full-time executive directors’ annual remuneration

Apart from Ambani and his cousins Hital Meswani and Nikhil Meswani, the other full-time directors of RIL include P.M.S. Prasad and Pawan Kumar Kapil. During the financial year of 2017-18, the annual compensation of both Hital and Nikhil Meswani increased to INR 19.99 crore. In the 2016-17 financial year, the Meswani brothers had earned an annual remuneration of INR 16.58 crore each. During the 2015-16 financial year, Hital Meswani had earned an annual compensation of INR 14.41 crore while Nikhil Meswani took home a yearly compensation of INR 14.42 crore. In the financial year of 2014-15, both the brothers received an annual remuneration of INR 12.03 crore each. P.M.S. Prasad, the Executive Director of RIL witnessed a rise in his annual remuneration from INR 7.87 crore in the financial year 2016-17 to INR 8.99 crore in 2017-18. His annual compensation was INR 7.23 crore in the 2015-16 financial year. During the 2014-15 financial year, his yearly remuneration was INR 6.03 crore. The annual compensation of Pawan Kumar Kapil, the Refinery Chief of RIL, increased from INR 2.54 crore in the 2016-17 financial year to INR 3.47 crore in the 2017-18 financial year. He earned INR 2.94 crore in the 2015-16 financial year and INR 2.41 crore during the financial year of 2014-15.

Details of commission earned by non-executive directors

All non-executive directors of RIL, including Nita Ambani, received a commission of INR 1.5 crore each, during the financial year of 2017-18. The commission amount was INR 1.3 crore for each non-executive director during the 2016-17 financial year.

Summary

Mukesh Ambani voluntarily maintains the same annual remuneration of INR 15 crore for the past ten years. However, the yearly compensation of all other executive directors has increased.

Reliance Jio Launches Multiple Offers for Prepaid Subscribers

June 1, 2018

Reliance Jio, the telecom arm of the Mukesh Ambani-led Reliance Industries Limited has launched the ‘Holiday Hungama’ offer for its prepaid subscribers. Under this offer, the company is providing the subscribers with an instant discount of INR 100 on recharging their Reliance Jio numbers with a plan of INR 399. The offer is valid from June 1, 2018, to June 15, 2018. The objective behind this offer is to ensure that subscribers recharge their mobile numbers in an easier manner, during the ongoing holiday season. Apart from this offer, Reliance Jio is also providing the subscribers with offers such as free data of 100GB, and a maximum cashback of INR 2,750 on the purchase of Samsung Galaxy J7 Duo and Samsung Galaxy J2 (2018 model).

Details of Reliance Jio’s cashback offer of INR 100

In order to claim the INR 100 cashback offer, the subscribers have to recharge their mobile numbers through the MyJio mobile application (app) via the PhonePe payment app. The cashback amount of INR 100 will be given to the subscribers in two parts. Once the subscribers initiate a recharge request of INR 399 on the MyJio mobile app, they would get an instant cashback of INR 50. The balance cashback of INR 50 will be processed after the payment is made through the Phone Pe app. Under the recharge plan of INR 399, the customers would get a total internet data of 126GB. This recharge pack is valid for a period of 84 days and offers internet data of 1.5GB on a daily basis. Along with unlimited text messages, subscribers also get a free subscription of all Reliance Jio apps, in this pack.

Samsung Galaxy J7 Duo and Samsung Galaxy J2 (2018 model) offer details

Reliance Jio is offering an instant cashback of INR 2,750 to subscribers who purchase the Samsung Galaxy J7 Duo and Samsung Galaxy J2 (2018) models. On purchase of a Samsung Galaxy J7 Duo, the subscribers will get an instant cashback of INR 2,750. This cashback offer includes 55 cashback vouchers, with each voucher being worth INR 50. This offer includes a benefit of double internet data for four recharges. In order to avail of these facilities, subscribers need to choose Reliance Jio prepaid plans of INR 198 and INR 299.

Similarly, on the purchase of a Samsung Galaxy J2 (2018 model) subscribers will get an instant cashback of INR 2,750. Just like the offer on Samsung Galaxy J7 Duo, this will also involve 55 cashback vouchers, wherein each voucher will have a value of INR 50. This offer would also involve 4G internet data of 100GB, which will include 10 extra internet data vouchers of 10GB each. In order to claim this offer, subscribers need to choose the prepaid plans of INR 198 or INR 299, offered by Reliance Jio.

Both the aforementioned offers, which are available on the purchase of Samsung Galaxy J7 Duo and Samsung Galaxy J2 (2018) are valid until September 30, 2018.

Summary

Reliance Jio introduces INR 100 cashback offer on recharge of INR 399 from June 1 to June 15, 2018. It is also providing a cashback of INR 2,750 on the purchase of Samsung Galaxy J7 Duo and Samsung Galaxy J2 (2018).

Reliance Jio’s JioPhone Emerges as a Leader in the Global Feature Phone Market

May 25, 2018

JioPhone, the 4G feature phone launched by Reliance Jio Infocomm Limited, the telecom arm of the Mukesh Ambani-owned Reliance Industries Limited (RIL) has emerged as the global leader in the feature phone market. With a market share of 15% during the quarter from January to March 2018, JioPhone has made its presence felt in the global feature phone market. This information was disclosed in a new report released by Counterpoint, a research company, on Thursday, May 24, 2018. Moreover, the report stated that the regular shipment of the JioPhone is a key factor, which has contributed towards the annual growth of the feature phone market by 38%, during the quarter from January to March 2018.

Details of the Counterpoint report

The Counterpoint report stated that every year approximately half-a-billion feature phones are sold, which cater to the needs of around two billion global feature phone users. The report further mentioned that this is still a big market with a varied customer base, which still prefers using feature phones in comparison to smartphones. As per the report, India is a huge contributor towards the growth of the global feature phone market. The report added that India has solely contributed around 43 percent of the total shipments of feature phones during the first quarter of 2018. The report concluded by stating that in the era of smartphones, the modest feature phone still has the chance to take advantage of a huge market, as it has great potential.

Features of JioPhone

The JioPhone comes with a single GSM SIM option and it accepts a Nano-SIM. It comes with a RAM of 512MB. It has an internal storage of 4GB, which can be expanded up to a maximum of 128GB, with the help of a microSD card. It operates on the KaiOS operating system and is powered by a removable battery, which has a capacity of 2000mAh. It has a screen size of 2.40 inches and a resolution of 240 X 320. The screen of JioPhone is protected by a glass that is ‘scratch resistant.’ JioPhone has two cameras, which include a 0.3-megapixel front camera to click selfies and a 2-megapixel rear camera at the back. Its key connectivity options include Bluetooth, GPS, Wi-Fi, 4G, and FM. It is powered by a dual-core processor of 1.2GHz. It supports Voice over Long-Term Evolution (VoLTE), wherein users can make voice calls on a 4G network. It comes with various pre-installed mobile applications (apps) such as JioChat, JioTV, JioCinema, JioGames, JioMusic, and JioShare, among others. It supports 22 Indian languages.

About Reliance Jio

Reliance Jio Infocomm limited, popularly known as Reliance Jio is the telecom subsidiary of RIL. It started operations by launching the Reliance Jio SIM card in September 2016. In July 2017, it launched JioPhone. The library of Reliance Jio comprises of movies, events, live and recorded music, sports, and live television shows, among others.

Summary

Reliance Jio emerges as a leader in the global feature phone market, with a market share of 15% during the quarter from January to March 2018.

Reliance Jio Announces Collaborations with Screenz and Whistling Woods International

May 18, 2018

Reliance Jio, the telecom ventures of the Mukesh Ambani-owned Reliance Industries Limited (RIL) has made an announcement of two new collaborations. The telecom entity has collaborated with Screenz, an entertainment-oriented interactivity platform, and Whistling Woods International, one of Asia’s leading creative arts, film, and communication institute. It has partnered with Screenz to add gamification while the partnership with Whistling Woods International is to support the development of virtual reality workflow in India.

Details of the Reliance Jio-Screenz collaboration

Reliance Jio had made an announcement on Thursday, May 17, 2018, about its collaboration with Screenz. The collaboration is named as ‘Jio Screenz.’ The purpose behind this collaboration is to add gamification in Reliance Jio’s existing platform. Reliance Jio stated that with Jio Screenz it would make its presence felt as an integrated provider of entertainment-oriented gamification in the country.

About the Jio Screenz platform

Jio Screenz is a platform, which enables a real-time interactive communication between the viewers and broadcasters in the form of votes, polls, and quizzes during a television show. This platform can be facilitated on any digital app with a Software Development Kit (SDK) with support on Jio Kai OS, iOS, and Android. Jio Screenz will permit publishers and broadcasters to create content, which is engaging. As an interactive platform, it is expected to provide new advertising avenues and increased user engagement. Reliance Jio stated that Jio Screenz is its second platform when it comes to brand-engagement in an innovative manner. Reliance Jio had launched ‘JioInteract,’ its first Artificial Intelligence (AI)-based brand engagement platform a few days back.

Details of the Reliance Jio-Whistling Woods International partnership

Reliance Jio has announced that it has joined hands with Whistling Woods to guide the workflow of virtual reality in India. Both the partners, Reliance Jio and Whistling Woods International are set to establish a lab for the development of virtual reality, at the campus of Whistling Woods, located at Film City, Mumbai. Many activities would take place in the lab, which would include creating a new and evolving technology for augmented workflows and virtual reality. The lab will also take part in the global virtual reality community through its involvement in global conferences and membership in the global virtual reality industry forum.

The President of Reliance Jio, Jyotindra Thacker stated that the company has a strong belief that after film, television, and digital, virtual reality will be the fourth content platform. Thacker further stated that this lab would produce virtual reality filmmakers, who will start India’s virtual reality content ecosystem. He concluded that Reliance Jio would guide the creation and distribution of virtual reality content and thereby give the customers a cutting-edge experience.

Meghna Puri, the President of Whistling Woods International expressed delight on the strategic partnership with Reliance Jio. Puri further stated that Whistling Woods has always been a leader in welcoming and introducing the latest creative and technological innovations in the creative arts, media, and film domain, and the virtual reality lab, developed in collaboration with Reliance Jio, is another move in the same direction.

Summary

Reliance Jio announces partnerships with Screenz and Whistling Woods International.

Reliance Jio All Set to Launch JioPostpaid

May 11, 2018

Reliance Jio, the telecom division of the Mukesh Ambani-owned Reliance Industries Limited (RIL) announced on Thursday, May 10, 2018, that it is set to launch ‘JioPostpaid,’ which would include a series of various postpaid plans for subscribers. The ‘JioPostpaid’ plans will start at a price of INR 199 per month. These plans will come into effect from Tuesday, May 15, 2018. The key target audience for JioPostpaid is international travelers.

Pre-activation of services under JioPostpaid

Reliance Jio has stated that all postpaid facilities such as international calling, text messages, internet, and voice-calling would be pre-activated in the JioPostpaid plans. This indicates that when customers travel overseas, they need not ask the Jio customer care for the activation of these services repeatedly.

Various offers under JioPostpaid

There are four postpaid plans under JioPostpaid, from which customers can choose any one as per their suitability and convenience. The postpaid plans are offered at varied prices of INR 199, INR 575, INR 2,875, and INR 5,751.

The monthly-postpaid plan of INR 199 provides the customers with 25GB data. Along with data, this plan also offers free voice calls and unlimited text messages. Under this plan, the activation of ISD facilities would be done without any security deposit amount. In this plan, customers would be required to do one-click activation in order to activate the international roaming service without paying any security deposit.

Reliance Jio’s JioPostpaid plan of INR 575 offers the benefits of unlimited data, voice calls, and text messages to customers. Apart from these facilities, this plan also offers local calls in foreign countries, ISD calls from overseas destinations to India, and 250MB data on a daily basis. This plan has a validity of one day.

The INR 2,875 postpaid plan offered by Reliance Jio provides the facilities of unlimited text messages, data, and voice calls. Just like the INR 575 postpaid plan, this plan also offers 250MB data per day, local calls in international locations, and calls to India from foreign destinations. This plan has a validity period of seven days.

The INR 5,751 postpaid plan has a validity of 30 days. It offers the benefits of unlimited voice calling, text messages, and data. It offers 5GB data along with local calls in international countries and ISD calls to India from foreign locations.

Countries where JioPostpaid plans can be used

Customers traveling to countries such as Ireland, New Zealand, United Kingdom, United States, Italy, Germany, Singapore, Malaysia, Thailand, Sri Lanka, United Arab Emirates, Turkey, Netherlands, Spain, Portugal, Greece, Romania, Hungary, and the Philippines can make use of these postpaid plans.

Tariffs offered in JioPostpaid

The unlimited plan starts at INR 199 on a monthly basis. International calling cost starts from INR 0.50 while the cost of international roaming starts from INR 2, which includes INR 2 per text message, INR 2 per MB for internet data, and INR 2 per minute for voice calls.

How customers can avail of the JioPostpaid plan with the existing mobile number

Customers can use the mobile number portability option to switch to a JioPostpaid plan. Reliance Jio will provide the services of SIM activation and home delivery. Customers would need to complete the process of e-KYC.

Summary

Reliance Jio announces JioPostpaid plans starting at INR 199 per month.

Reliance Jio Announces the Launch of JioInteract

May 4, 2018

Reliance Jio, the telecom venture of the Mukesh Ambani-controlled Reliance Industries Limited (RIL) has made an announcement about the launch of JioInteract, the globe’s first Artificial Intelligence (AI)-based platform for brand engagement. This announcement was made on Thursday, May 3, 2018.

About the JioInteract platform

Touted to be as the world’s very first AI platform for brand engagement, JioInteract is a video calling service wherein the users would get an opportunity to have a live interaction with the noted celebrities of India. In order to start with the launch activities, Reliance Jio has signed-up the biggest star of Bollywood, Amitabh Bachchan. The megastar will promote his upcoming flick ‘102 Not Out,’ a comedy-drama featuring himself and Rishi Kapoor. Bachchan will be seen promoting this upcoming movie in an extremely innovative manner through the JioInteract platform. Users will have the chance to interact with the superstar by asking questions related to his forthcoming film. They can also do the real-time booking of their tickets through BookMyShow, the ticketing partner of JioInteract.

Reliance Jio’s plan with the JioInteract platform

Reliance Jio has a user base of 150 million smartphone customers and more than 186 million subscribers. Its plan is to make JioInteract a key platform for brand engagement and promotion of movies. In order to enhance customer experience, Reliance Jio is set to launch services such as virtual showrooms, video catalog, and video call centers. JioInteract, as the world’s first AI platform in this aspect, will redefine what customers and brand think about the concept of engagement.

Steps to use the JioInteract platform

In order to make use of the JioInteract platform, firstly, the customers would need to download the MyJio mobile application (app). After downloading the mobile app, they need to click on the icon of JioInteract, which is in the app. After selecting the JioInteract icon, users can begin their video call and interact with Amitabh Bachchan. Moreover, users also have the option to share the experience about the video call with their friends and family by selecting the ‘Share’ option.

Key features of the JioInteract platform

JioInteract uses a strong AI-based platform, which helps to hear questions of the users and revert to these queries in the most suitable manner. Additionally, this platform features a distinctive feature of auto-learning, which helps in answering in an accurate manner. As a Video Call Bot as a Service (VCBaaS), JioInteract has multimedia capabilities to regularize the use of video calling and AI in the easiest manner. Such technology has a wide use in the ‘Business to Consumer’ (B2C) space to help businesses in brand engagement solutions.   

About Reliance Jio

Reliance Jio, apart from being the telecom entity of RIL, is also a digital ecosystem comprising of mobile apps, broadband networks, and smartphones distributed all over India. The media offerings of Reliance Jio include programs of live and recorded content related to sports, music, and events, along with television shows and movies.

Summary

Reliance Jio launches JioInteract, the globe’s first Artificial Intelligence platform for brand engagement and movie promotions.

Reliance Jio Launches ‘JioPhone Match Pass’ Offer for Its Customers

April 27, 2018

Reliance Jio, the telecom entity of the Mukesh Ambani-led Reliance Industries Limited (RIL) has launched a special offer named ‘JioPhone Match Pass’ for its customers. This offer has been launched to engage customers during the ongoing Indian Premier League (IPL) 2018. In the ‘JioPhone Match Pass’ offer, Reliance Jio is providing data worth 112GB for a maximum validity period of 56 days, wherein customers can watch all IPL matches free of cost. The company had made an announcement of this offer on its official Twitter handle on Thursday, April 26, 2018.

About the ‘JioPhone Match Pass’ offer

The ‘JioPhone Match Pass’ offer is exclusively created for the customers of Reliance Jio. Under this offer, customers can win IPL cricket packs from Reliance Jio, by asking their friends to buy a JioPhone. They can win these cricket packs for their own Reliance Jio account as well as the friends’ JioPhones. In order to avail data of 112GB, for a validity duration of 56 days, customers have to ensure that their ten friends have purchased a JioPhone. Once every friend buys a JioPhone, both the new buyer and the existing customer (referrer) would get a Jio Cricket data pack, for a four-day period. With this data pack, customers can watch live IPL matches on their JioPhones for free, during this four-day period. In addition, there is no limit on the number of family members and friends, whom the customers can refer.

Steps to get the ‘JioPhone Match Pass’ offer

The first step, which the customer needs to follow, is that he needs to tell his friends to contact on 1800-890-8900. During the telephonic call, the customer’s friends need to give the customer’s Jio contact number and the PIN code of their own area. After doing these activities, the customer’s friends are entitled to get their JioPhones either through Reliance Jio’s official website or by visiting their nearest retailer. After getting the JioPhone, the customer’s friends must make sure to give the earlier number provided on 1800-890-8900, during the e-KYC and Jio activation process.

‘JioPhone Match Pass’ benefits

From the first to fourth activation and the sixth to ninth activation, the customer would get an 8GB Jio cricket pack for four days, with a data of 2GB on a daily basis. On the fifth and tenth activation, the customer would get a 24GB data on for a period of 12 days, with a daily data of 2GB.

Along with the aforementioned benefits, two customers who referred the maximum number of family members and friends for buying the JioPhone would get a chance to appear on the ‘Jio Dhan Dhana Dhan’ show, which is being aired on the MyJio mobile app and Colors television channel.

‘JioPhone Match Pass’ offer validity

This offer is valid until May 27, 2018, the day when IPL 2018 will conclude. The benefits will be given to the customers and their family members/ friends, who get a JioPhone before May 27.

Summary

Reliance Jio launches a special ‘JioPhone Match Pass’ offer during the ongoing IPL 2018.

Reliance Jio Set to Take the Business Ahead in Other Markets

April 20, 2018

There is a huge speculation that Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL) is all set to make new inroads in the broadband internet services space, with the official launch of this service, which would most probably happen towards the end of 2018. Apart from the broadband internet space, the company is also set to make its presence felt in the payments bank and e-commerce space.

Forecast by CLSA India on Reliance Jio’s broadband service

According to a report by Bloomberg, CLSA India, a well-known brokerage firm has stated that with the objective to acquire clients and seek insights with reference to the usage patterns, Reliance Jio has already been providing high-speed broadband as a free service, in a few selected urban areas. CLSA India has estimated that the new broadband service may increase the valuation of RIL, the parent organization, by USD 5 billion. The brokerage firm has further forecasted that this new service offering would boost RIL’s earnings by INR 4,000, which is equivalent to USD 611 million, before amortization, depreciation, taxes, and interest, in three years.

Expectations from Jio Payments Bank

Jio Payments Bank, a 30:70 joint venture between the State Bank of India (SBI) and RIL; started its operations earlier in April 2018. Although there is no complete information about the services offered by the Jio Payments Bank, banking experts are of the opinion that this entity is set to have a strong foothold in the payments bank space. An analyst on the condition of anonymity told Quartz India that although Reliance Jio is a late entrant in most of the industries, it has managed to make a mark for itself. The analyst continued that the same is expected from Reliance Jio in the payments bank space, as it already has a loyal customer base through its point of sales contact and the Jio Money wallet business.

Inroads into the e-commerce market

Reliance Jio is all set to make inroads into the e-commerce market with the help if its subscribers and network. It is reported in order to develop an operational model, which would empower shoppers to purchase at the neighborhood, with the help of its digital coupons, which include text messages and/or the JioMoney platform, Reliance Jio has been working with consumer brands and kirana stores. Under this operational model, the mobile users of Jio will receive digital coupon codes for a particular brand. The users can purchase those brands at their neighborhood stores, by making use of the coupons. Stores registered with Jio will be provided with software on their tablets or phones, in order to read the digital coupons.

Mukesh Ambani featured in the ‘World’s Greatest Leaders of 2018’ list

Mukesh Ambani, the Chairman of RIL has been featured in the Fortune magazine’s list of the ‘World’s Greatest Leaders of 2018.’ The magazine stated that within two years Ambani has provided India with affordable mobile data through Reliance Jio, due to which he is ranked at number 24 on this list.

Summary

Reliance Jio is expected to move ahead in the broadband service, payments bank, and e-commerce space. Mukesh Ambani featured in the ‘World’s Greatest Leaders of 2018’ list.

Reliance Foundation to Expand its CSR Initiatives in Rural Areas

March 16, 2018

With the commitment to improve the quality of life of people from marginalized and vulnerable communities, Reliance Foundation, the philanthropic arm of Reliance Industries Limited (RIL) is all set to expand its Corporate Social Responsibility (CSR) initiatives in rural areas. The philanthropic wing has been focusing on transforming arts, heritage, culture, education, health, sports for development, disaster response, rural transformation, and urban renewal in 15 states across India, including the Telugu states of Andhra Pradesh and Telangana. The development models of Reliance Foundation help a rural population of 8.5 lakh in these states.

Wasteland development in Andhra Pradesh and Telangana

Due to the initiatives of Reliance Foundation, around 6,600 hectares of land, which included wastelands, turned operational in Andhra Pradesh and Telangana. Due to this development, farmers were able to grow two to three crops in 2,300 hectares. More than 2.3 billion liters of rainwater harvesting capacity was created to support almost 1,000 hectares of land in the villages of Telangana, wherein drinking water has been made safe in 11 villages.

Nutrition gardens and digital classrooms

With an initiative to support 2,300 people across 13 villages in Telangana, Reliance Foundation established Reliance nutrition gardens, due to which people received fresh fruits and vegetables at their doorstep. In order to help farmers get a better price, farmer producer groups were formed in Kamareddy. The foundation also set up digital classrooms in 85 schools in order to empower the youth in these states. Around 3,000 youth were educated in multiple skills and more than 2,000 of them were successfully linked to employment prospects.

Key people’s opinions

Jagannatha Kumar, the Chief Executive Officer (CEO) of Reliance Foundation and Vamsee Krishna Jasti, the Head of Rural Transformation, Reliance Foundation were of the view that the initiatives of Reliance Foundation had helped 8.5 lakh individuals in Andhra Pradesh and Telangana through different projects. They stated that the model of Reliance Foundation was to collaborate with the people, identify the needs of the communities, and draft a village development plan, which would be of aid in those areas. Kumar stated that Reliance Foundation’s attempt is to create scalable and replicable models of development with the support of direct action, innovative use of technology, and community participation. Kumar further continued that the foundation has come a long way in contributing to the upliftment of the communities.

Contribution towards focal areas and improvement in income in the Telugu states

On an average, Reliance Foundation spends INR 600 crore on an annual basis, towards its CSR activities on focal areas such as sports, education, and health, among others. Overall, Reliance Foundation has so far spent INR 3,000 crore all over India. Reliance Foundation has also claimed that the income of communities in Andhra Pradesh and Telangana increased from INR 30,000 to INR 80,000 and from INR 50,000 to INR 1 lakh.

Summary

Reliance Foundation will expand its CSR initiatives in the Telugu states of Andhra Pradesh and Telangana. Its initiatives have already made their way to 8.5 lakh people in these states.