Reliance Foundation to Expand its CSR Initiatives in Rural Areas

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.

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JioFi Devices Gain 85% Data Cards Market Share While Reliance Trends Partners with Flormar Cosmetics

As per a recent report by CyberMedia Research (CMR), the MiFi and USB data card market in India saw a 151 percent increase in 2017, when compared with its performance the year before. JioFi devices by Mukesh Ambani owned Reliance Retail accounted for 85 percent of the market share in 2017, which was a major increase from 38 percent in 2016. The JioFi models occupied top five spots in the data cards market overall.

With a significant annual growth of 255 percent, the market of Long Term Evolution (LTE)/4G data cards made a 99 percent contribution in 2017. Shipra Sinha, a Lead Analyst at CMR, said that MiFi devices working on LTE/4G technology can provide superfast internet at a smaller price. They also offer multiple user support. All these factors raise it to the leadership position.

Why MiFi devices are becoming popular

Sinha noted that the increasing popularity of MiFi devices, especially those offered by Reliance Retail in cities belonging to Tier I and Tier II categories, will pave the path for this device category to grow in the country’s major parts. The year 2018’s first quarter will see good sales, thanks to the new JioFi models by Reliance Retail that are being introduced in the market. Sinha has a strong belief that the introduction of new models along with the low-cost internet plans will boost sales.

The home router market was hit after the launch of the JioFi devices, said the CMR report. Sinha pointed out that MiFi devices provided a great alternative to Wi-Fi routers, due to the former’s inbuilt battery and portability features. Limited coverage and continuous power supply requirements are some of the limitations of Wi-Fi routers. MiFi devices do not have these shortcomings.

The entry of Reliance Jio in the telecom market also put other service providers under severe pressure, the CMR report further noted. With multiple, low-budget internet plans, paired with the availability of MiFi devices at reasonable prices, Jio has grown significantly in the latter part of 2017, especially during the festive season.

Reliance Retail ties up with Flormar

Recently, Mukesh Ambani led Reliance Retail joined hands with Flormar, a popular cosmetics brand headquartered in Turkey, to launch its beauty products in India. With products selling in more than 100 countries, Flormar will now make its presence felt in India through this exclusive partnership with Reliance Retail. To begin with, around 300 cosmetics products from Flormar’s product range will be sold at Reliance Trends.

Cem Şenbay, CEO at Flormar, said that the company’s journey in India has started with Trends. Sticking to their global philosophy, Flormar strives to add color and beauty to India’s incredible ladies. Akhilesh Prasad, CEO of Reliance Trends, also spoke about this new development, saying that Trends is happy to display Flormar’s products and it is a win-win relationship for both the companies.

Summary

JioFi devices from Reliance Retail acquired an 85 percent market share in 2017. Reliance Retail also tied up with cosmetics company Flormar to launch about 300 beauty products at Reliance Trends.

RIL to Acquire 5% Stake in Eros International

With the ambition to boost the content strategy of Reliance Jio, the Mukesh Ambani-led Reliance Industries Limited (RIL) is set to buy a stake of 5 percent in the New York Stock Exchange (NYSE)-listed Eros International, Eros International Media (Eros India’s) holding company.

Deal between RIL and Eros

As per the deal, RIL’s overseas subsidiary will buy the shares of Eros for USD 15 per piece at a premium of 18 percent to the last closing price at the NYSE. The two renowned conglomerates stated that the transaction is subject to regulatory, customary, and other approvals. Eros India and RIL will have a joint collaboration to produce and consolidate content across India. Both the companies will have an equal investment of up to INR 1,000 crore in total to acquire and produce original digital series and Indian films across various languages.

Transition of a leader

After having worked for over 17 years at Eros, Jyoti Deshpande, the Group CEO of Eros India is set to resign from her duties and go ahead to lead RIL’s media and entertainment business in the capacity of President at the Chairman’s Office. Deshpande will begin her journey at RIL from the month of April 2018. However, she will be retained on the board of directors at Eros as a non-executive director.

At RIL, Deshpande’s core responsibility will be to head the media and entertainment endeavors in order to build and grow businesses in an organic manner around the content verticals, which include sports, music, films, broadcasting, animation, digital, and gaming. In her new responsibility, Deshpande will play a significant part in integration and consolidation of Balaji Telefilms, Viacom 18, and RIL’s other existing media investments. Speaking about this opportunity, Deshpande stated that this new role would help her push boundaries, build a young and energetic world-class leadership team, set new standards of excellence, and lastly adopt a collaborative approach and plan and execute this aspiration in complete RIL tradition.

Views of key people

Experts are of the opinion that this deal will be a win-win situation for both RIL as well as Eros. This is because the deal gives RIL more opportunities related to content, while it gives Eros a new platform to help distribute the content. Business tycoon Mukesh Ambani, the Chairman and Managing Director (MD) of RIL expressed his delightfulness about joining hands with Eros. According to Mukesh Ambani, this collaboration would bring further alliances into future projects. He also expressed happiness by welcoming Deshpande into the RIL family stating that this would not only give wings to the company’s plans but also play a predominant role in transforming the sector.

Kishore Lulla, the Executive Chairman of Eros expressed his gladness about the company collaborating with RIL in several synergies across content, technology, and digital (Eros Now). This will give a strong breakthrough to the entertainment journey of Eros. Lulla further added that Eros and RIL together could make a meaningful difference by collaborating and making new strides in the content and digital forefronts.

Summary

RIL is set to buy 5 percent stake in Eros International to boost Reliance Jio’s content strategy.

Mukesh Ambani Discusses State Development Strategies with Andhra Pradesh CM

Business tycoon Mukesh Ambani, the Chairman of Reliance Industries Limited (RIL), visited N Chandrababu Naidu, the Chief Minister of Andhra Pradesh on Tuesday, February 13. They had a formal meeting at the Secretariat, Amaravati to discuss how RIL would contribute towards further growth and advancement of Andhra Pradesh.

RIL’s proposal for setting up submarine cable landing station

During the two-hour meeting between Mr. Ambani and Mr. Naidu, the former, on behalf of RIL, proposed to set up an international submarine cable landing station (CLS) in the coastal city of Visakhapatnam. The proposed CLS is set to link the east coast to Myanmar, Andaman and Nicobar Islands, and South-East Asia. However, as per a reliable source, no other details have been shared. The source further stated that to add to RIL’s delight, the Andhra Pradesh CM has approved and supported the proposal of setting up a CLS.

Proposal for setting up information technology and telecom infrastructure 

With an ambition to transform Andhra Pradesh into a data superpower state, RIL has proposed to build a modern information technology and telecom infrastructure on a 10-acre land.

Setting up of an electronic manufacturing cluster near Tirupati 

It is a known fact that Tirupati has been a major mobile manufacturing hub with various key domestic players such as Karbonn, Lava, Celkon, and Micromax having their facilities in this town. Realizing the potential Tirupati has, RIL has the vision of creating an end-to-end ecosystem in the field of electronics. RIL, under the brand name of Reliance Jio, will manufacture various devices like televisions, set-up boxes, batteries, and mobile phones, under the RIL electronics facility. This facility would be located in the Chittoor district near Tirupati on a 150-acre site.

Promotion of education and employment opportunities 

With the thought of generating employment opportunities right after completion of education, RIL has offered to promote a chunk of diploma colleges in the locality. RIL is also planning to develop a workmen-housing corridor in Tirupati Growth Corridor’s vicinity to provide housing and shelter for working professionals.

Setting up of a solar power plant 

RIL is set to build a 150MW solar power plant and data center on its site close to Samalkot in the East Godavari district.

Development of Amaravati

In an extended support to develop the capital city of Amaravati, the RIL chief has put down several points, which need to be implemented. He was of the view that apart from public capital, Amaravati also requires adequate private capital in order to attract international investments and attention. This, in turn, would help contribute towards the growth and development of the capital city to a great extent. 

Explanations by the Andhra Pradesh Chief Minister 

Apart from the multiple aforementioned proposals by RIL, there were many points of explanation made by the Andhra Pradesh CM too. He explained to Mr. Ambani about the Swiss challenge, construction, capital designs, and various other accomplishments in the state. Mr. Naidu emphasized on the importance of ‘fibergrid’ and ‘Real Time Governance’ center in the Chief Minister’s Office (CMO) and its interconnectivity from districts to villages. Mukesh Ambani truly appreciated the CM’s efforts towards the state’s welfare.

Summary

Mukesh Ambani visits Andhra Pradesh Chief Minister to discuss RIL’s contribution towards the state.

JioTV to Stream Olympic Games 2018 on its Mobile and Desktop Version

Live television app of Mukesh Ambani owned Reliance Jio, JioTV has bagged the digital rights of the Olympic Winter Games 2018. It will broadcast the PyeongChang Olympic Games live for the Indian audiences.

JioTV’s deal

JioTV has entered into a deal with the International Olympic Committee. As per the deal, the app will allow its users to enjoy live as well as catch-up content of the games on their mobile devices.

Reliance Jio revealed that it will create a number of exclusive channels so that the users may watch the tournament live 24×7. It will also offer content through its seven-day catch-up feature.

Apart from this, Reliance Jio was also among one of the highest bidders to bid for the digital rights of the Indian Premier League (IPL) tournament.

2018 Olympic Games

The 2018 Olympic tournament will have 102 events covering 15 sports. The tournament will be conducted at PyeongChang County in South Korea from 9^th February to 25^th February. Over 90 countries have participated in the tournament. The sports in the tournament include skating, snowboarding, skiing, ski jumping, luge, and ice hockey, among others.

The International Olympic Committee stated that the Olympic Channel will stream the tournament live on its website, YouTube channel, and mobile app. The events will be streamed across the Indian sub-continent in countries like India, Pakistan, Nepal, Bangladesh, Sri Lanka, Maldives, and Bhutan, among others.

JioTV’s desktop version

In December 2017, JioTV launched its desktop version. Subscribers may log in with their IDs and enjoy live television shows and channels on their laptops or Personal Computers (PCs).

The JioTV website is compatible with any browser. It allows users to watch content for free without the dependency on apps. Users may directly watch the programs on their desktop browsers.

To watch the content on JioTV desktop version, users need to visit JioTV’s official website. The URL for the same is www.jiotv.com. Users will need to sign in to the website with their Jio SIM numbers. After the user enters the password to sign in, he may enjoy watching uninterrupted shows.

Jio users create a password for their Jio numbers on the MyJio app. The same password needs to be entered on the JioTV website. 

JioTV app

The JioTV app operates on iOS and Android smartphones and tablets. iOS users require a version that is 7.0 or higher. Android users require a version that is 4.1 or higher.

At present, JioTV has more than 425 channels and over 60 HD channels. The company will continue to add more to these.

Mukesh Ambani led Reliance Jio offers a suite of apps to its users. Apart from JioTV, the package consists of JioMusic and JioCinema, among others. All the apps are exclusively free for Jio Prime members. These apps also work on Reliance Jio’s 4G feature phone, JioPhone.

Summary

Reliance Jio’s JioTV has secured the digital rights to live stream PyeongChang Olympic Winter Games 2018. Users may watch the games on JioTV’s mobile app as well as its desktop version.

TV18 to Increase its Stake in Viacom18

TV18 Broadcast has planned to increase its shareholding in the United States (US)-based Viacom18 Media and is all set to take the operational control.

About the deal

At present, TV18 holds 50 percent stakes in the Viacom Inc. joint venture. The company is planning to buy another 1 percent at around USD 20 million. Viacom18 Media has been valued at USD 2 billion.

TV18 is a Mukesh Ambani -owned company. This move will boost the performance of the conglomerate’s telecom arm, Reliance Jio, which is now entering its next growth phase.

Viacom will hold the remaining 49 percent stakes. It will share a vision of scalability and enhanced efficiency with TV18. Apart from this, both Viacom and Viacom18 have renewed the content and brands license agreement for another ten years.

Views of the officials

Viacom18 Group Chief Executive Officer (CEO) Sudhanshu Vats termed their growth journey as exciting. He stated that this growth would not have been possible without the commitment and support of both their partners.

Both partners issued a joint statement and said that TV18 has the capability to drive synergies and add value to the multi-platform group in the fast-growing media and entertainment industry. The varied platforms consist of filmed and experiential entertainment, broadcast, digital, and media businesses.

Network18 Chairman Adil Zainulbhai said that the transaction further allows the company to enable Viacom18 focus on delivering excellence in the broadcast and digital industry. The entertainment giant is strengthened by the global expertise of Viacom in the areas of content creation and curation. Apart from this, Network18 Group and its affiliates across the media and telecom value-chain further strengthen the entertainment powerhouse.

Viacom International Media Networks CEO David Lynn stated that Viacom18 is among the fastest growing companies in the media and technology sector in India. He believes that this transaction will result in accelerated growth via closer integration and alignment with the Network 18 Group and its affiliates, which include the fastest growing mobile network in India, Jio. He further stated that Viacom is strongly committed to the joint venture and is holding the majority of ownership stake in the company.

Viacom18 joint venture

In 2007, Mukesh Ambani led TV18 entered into a joint venture with Viacom. Raghav Bahl was the then owner of TV18. Three channels of Viacom—MTV, Vh1, and Nickelodeon came under Viacom18, the newly formed joint venture. Viacom18 launched Colors, its flagship Hindi general entertainment channel, the following year.

At present, Viacom18 runs 44 TV channels in six varied languages. These channels are broadcasted across 80 countries. They are diversified into five business lines namely broadcast, films, digital, live events, and merchandise.

In the financial year ending in March 2017, Viacom18 reported total revenue of INR 3,040.7 crore. TV18 reported revenue of INR 277.3 crore in the December quarter.

TV18 and Viacom18 also own IndiaCast, another joint venture for distribution of TV channels.

Summary

TV18 Broadcast will be increasing its stake to 51 percent in the joint venture Viacom18 Media.

Reliance Jio to Record a Profit this Quarter

Mukesh Ambani owned Reliance Jio to announce a report of its December quarter performance and is expecting to record its first-ever quarterly profit.

Reliance Jio’s profits of this quarter

The October to December quarter is going to be Reliance Jio’s first profitable quarter. This important financial milestone of the company is coming in less than 18 months of its launch. Jio entered the telecom market of India with free services provided to the customers, which triggered a tariff war in the sector.

According to some analysts, the reason behind Jio being closer to seeing profits is because of the shakeout in the telecom industry. This has brought down a number of serious players in the industry.

At the Hindustan Times Leadership Summit, last year, Mukesh Ambani, ame out with a warning for its rivals. He had announced that Reliance Jio is on its way to making profits.

July to September quarter of Jio

A pre-tax profit was reported in the July to September quarter by Reliance Jio. The profit was of INR 261 crore, which was its first-ever operating profit on standalone revenues of almost INR 6,147 crore. Though for the three months till September, Reliance Jio also faced a net loss of INR 270.5 crore.

Last year in September, the Telecom Regulatory Authority of India (TRAI) reduced the interconnect charges for mobile calls to 6 paise from 14 paise. This led to a big blow for the older telecom companies and resulted in a potential boost for Reliance Jio.

Launch of Jio

It has been more than a year now when Ambani launched the fourth-generation wireless service, Jio. It disrupted the telecom market by offering data at cheap dirt prices and free calls on mobile phones. The older players of the telecom market were forced to cut down the prices of their data. Jio offered free voice calls and SMS, which were still not free on other telecom operators. This has helped the company to attract 160 million customers.

Mobile data consumption

The mobile data consumption in India has gone beyond the data consumption of the United States and China combined, in 2017. According to Ambani, the data consumed by Jio users is nearly more than the entire data consumption of the United States and 50 percent more than China. India has become the top country in the world for the usage of mobile data. He also said that it is with Jio that Indian customers are consuming 100 crore GB data monthly, which is more than 3.3 crore GB data daily.

2017 was a year of alteration and bitter competition in the telecom industry. With the demand of data fuelling the digital economy, 2018 might be the growth year for the telecom sector. According to reports from the Press Trust of India, it is estimated that an investment of around INR 3 lakh crore will be made in the coming two years.

Summary
Mukesh Ambani led Reliance Jio is set to announce its first-ever quarterly profit for the October to December quarter.

Reliance Retail to Expand its Electronic Arm under Reconnect

The retail arm of Mukesh Ambani owned Reliance Industries Limited (RIL), Reliance Retail is extending its arm into the electronics segment. The new devices will be launched under the Reconnect brand.

Reliance Retail’s Reconnect

Reliance Retail has witnessed success for products like television sets, blenders, mixers, and computer mouse. Post this, the company is now planning to launch devices like tablets, dongles, cameras, and electronic wearables under the same Reconnect brand. The company will sell these products through its Reliance Digital and online stores.

As per a report, the tablets are in pilot phase. The employees of the company are testing its usability.

Industry chamber, Assocham and NEC Technologies released a combined study in June 2017. This study revealed that the electronics market in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 41 percent for three years. According to the report, the market will cross USD 400 billion by 2020.

Reliance Retail’s business-to-business expansion

In December 2017, the company announced that it is looking forward to expanding its business-to-business foray in the retail market by the distribution of white goods, Fast Moving Consumer Goods (FMCG), and apparel directly to grocery stores and neighborhood. With this, RIL is aiming to capture a larger share of the market.

Reliance Retail has already informed the vendors that it will begin the trail distribution of apparel from early 2018. By April, it will expand this into white goods and FMCG. According to an executive, the company will begin distribution with its private brands and eventually expand into mainstream brands.

The company will utilize the Jio network for facilitating the expansion. Local shops and grocery stores will receive payments through the platform of JioMoney. The company will also offer extra help to small stores in the form of financial support, GST solutions, merchandising operations, and managing an efficient supply chain. An executive informed that Reliance Retail will initiate the distribution business in 10,000 towns and cities where Jio has already marked its presence.

RIL’s mobile phones

RIL sells smartphones under its LYF brand and the JioPhone under its Jio brand. It began the sale of LYF phones in January 2017. These phones are available on Reliance Digital outlets, Digital Xpress stores, and its official website—mylyf.com

The LYF phones have four variants—Earth, Water, Flame, and Wind. It is expected that the company may introduce more variants in the coming time.

In August 2017, the Mukesh Ambani led company introduced JioPhone, the only 4G feature phone in India. This phone is available at a refunded amount of INR 1,500. The company will refund this money when the user returns this phone after three years. This feature phone has a large screen. It lets users enjoy 4G data and make 4G VoLTE calls. It also allows access to a number of Jio apps.

The monthly plan for the JioPhone is priced at INR 153. It offers free voice calls and 500MB 4G data per day. A weekly plan of INR 54 and a two-day plan of INR 24 are also available.

Summary

Reliance Retail will expand into electronics segment by selling cameras, dongles, tablets, and wearables under its Reconnect brand.

Reliance Jio to buy Wireless Assets of Reliance Communications

Mukesh Ambani Reliance Jio (RJio) has inked a pact with Anil Ambani’s Reliance Communications (RCom) to buy a majority of the latter’s wireless assets. Both the companies announced this in separate statements on 28^th December, the day of the 85^th birth anniversary of their father, Late Dhirubhai Ambani.

Wireless assets pact

RCom had received non-binding offers from around 15 companies for its wireless assets deal. RJio turned out to be the highest bidder and inked binding agreements with RCom. The wireless assets of RCom comprise all spectrum, fiber optic network, tower, and other components of the telecom infrastructure. The deal includes 122.4 MHz of 4G spectrum in four bands of 2,100, 1,800, 900, and 800; 43,000 towers; 248 media convergence nodes that cover an area of five million square feet; and 1.78 lakh route kilometer (RKM) fiber with countrywide footprint.

The sale is subject to approval from the government and other regulatory bodies, the release of all encumbrances on the assets, consent from all lenders, and other conditions. RJio will pay the consideration after the completion subject to adjustments given in the agreement. The consideration primarily consists of cash payment and includes the transfer of deferred spectrum installments, which needs to be paid to the Department of Telecommunications (DoT).

The two companies had earlier entered into agreements for sharing spectrum, tower infrastructure, and fiber network.

Win-win deal

The assets deal is said to be a win-win for both the companies. RJio will gain access to RCom’s valuable 4G spectrum and other wireless assets. This will give an additional firepower to the company in its telecom business. RJio mentioned in its statement that these assets are strategic in nature and they will significantly contribute to the company’s large-scale rollout of Fiber to Home and Enterprise and wireless services. On the other hand, RCom will be able to reduce its debt substantially. The company owed INR 45,000 crore at the end of October. Its statement mentioned that RCom will use the cash deal for pre-payment of its debt to the lenders.

Mahesh Uppal, Director at telecom consultant ComFirst India, stated that the deal would surely help RCom address its debts. He said that RJio understands the current value and history of these assets better than anyone else does and hence the deal will help RJio too.

RCom’s assets

RCom is looking to sell its assets and reduce its debt by INR 39,000 crore. Post the deal with RJio, the company will be left with its real estate assets and 134 MHz spectrum. It is understood that the company has already found bidders for the spectrum.

Impact of Reliance Jio

The launch of Mukesh Ambani owned Reliance Jio in September 2016 shook the telecom industry in India. Its cut-price data and free voice affected other incumbent players. The strategy pushed RCom into a debt spiral. Bharti Airtel bought assets of other smaller telecom companies like Tikona Digital, Telenor India, and Tata group’s consumer mobile business. Besides, Vodafone India and Idea Cellular entered into a merger, which was announced during early 2017.

Summary

Reliance Jio signs a deal with Reliance Communications to buy the latter’s wireless assets.

Mukesh Ambani Talks About Success, Business, Family and Much More

Mukesh Ambani, Chairman of Reliance Industries Limited (RIL) openly discussed topics such as money, family, success, business, and competition at the Hindustan Times Leadership Summit.

Huge investments made in Jio

Ambani talked about the result of the huge investments made in Jio. He said that these results are declared every quarter, and people will get to know more about it soon. He thinks that the returns RIL is getting from Jio is ahead of schedule and the company doesn’t want to predict anything now. He has advised to keep an eye on the next three quarters to know more.

He continued on to say that India will have to participate in the new world, so it needs to have data infrastructure that should be ahead of the United States by 2019. The DNA of RIL is very focused and he believes in the principle of focusing on the goal of being the best and combating all other obstacles. He mentioned how under his father, RIL became the best in the polyester industry. In the same way, while Jio does look like it is competing, all it is trying to do is be the best.

While discussing business

Mukesh Ambani spoke about how his father started RIL and taught them that a business must solve problems. He pointed out the history of RIL and how it started with clothing and textiles. The next step it took was starting a refinery and helping solve the problem of India not importing petrol and diesel.

RIL’s entry into retail was also linked to the need for creating employment and the company looks forward to solving more problems and creating societal value. He said that RIL is ready to take challenges of solving much bigger problems and face risks.

Ambani believes that healthcare, education, and agriculture need attention. He thinks that these sectors have problems that need to be solved and India holds the potential to solve these problems. If we can solve it here then we can solve it anywhere in the world, says Ambani.

Ambani talks about rivalry

When asked about his business rivals, Mukesh Ambani said that he doesn’t think of business in that way. Everyone in the industry has their profits and losses because of the risks that they take. The most important thing to him is what moves the country forward and the gains of the consumers. If the country and consumers benefit then it is worth taking on losses as big companies like RIL can afford it.

What money means to him

When asked about the role money plays in his life, Ambani said that it has never been important to him. Money is important from a company’s point of view as it allows for risks and flexibility but personally, he doesn’t even carry credit cards or cash.

Ambani talks about his family and his reading habits

Ambani expressed that this generation is quite different from his own, as unlike this generation, he could never tell his father ‘you don’t get it’. Talking about his reading habits he said that he reads fiction, technical, and non-fiction at the same time.

Ambani defines success in his own words

Ambani said that for him, fulfillment is important; the feeling of trying your best and giving everything you have even if you don’t get the expected outcome.

Summary

In an interview at the Hindustan Times Leadership Summit, Mukesh Ambani talks about business, family, competition, and much more.