Jio disruption feature phone to cost rs 0 with rs 1,500 refundable deposit

Jio disruption: Feature phone to cost Rs 0 with Rs 1,500 refundable deposit

Reliance Industries Limited (RIL) on Friday held its 40th AGM or annual general meeting for shareholders today, at Birla Matushri Sabhagar in Mumbai. During the event, Reliance announced the launch of its 4G feature phone. Along with that the telco has announced its cable TV device.

The JioPhone will be available for free but buyers will have to deposit a fee of Rs 1500 which will be refundable after three years.

This means the phone will be available at an effective price of zero.

On Thursday, Reliance Industries reported its highest quarterly consolidated net profit of Rs 9,108 crore in three-months to 30 June on the back of higher petrochemical margins and one-time gain from sale of African asset.

Net profit in the April-June quarter at Rs 9,108 crore (Rs 30.8 per share) was 28 percent higher than Rs 7,113 crore (Rs 24.1 a share) in the same period of the last financial year, RIL said in a statement.

"Strong refining and petrochemicals margin environment contributed to higher operating profits for the quarter," it said.

Here are the highlights * Mukesh Ambani says a person who invested Rs 1,000 in 1977 has earned Rs 16.5 lakh in 40 years. * In less than 170 days, Jio hit 100 million, 7 customer per second. * After the initial launch of Jio data consumption increased to 120 crores GB every month. * India's data consumption since the launch of Jio is over 125GB per month * In just 4 decades, Reliance has grown from a small startup to one of the largest companies in the world: Mukesh Ambani at RIL AGM 2017

ARTICLE SOURCE – BUSINESS STANDARD