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RIL’s action-packed AGM announces free JioPhone, 1:1 bonus shares

Prime News, National (Mumbai), July 21:- In an action-packed Annual General Meeting of Reliance Industries Limited on Friday, its Chairman and Managing Director Mukesh Ambani announced the launch of zero cost ‘intelligent smartphone’ as well as recommended bonus shares in the ratio of 1:1 for the company’s shareholders.
The JioPhone will be available for beta testing from August 15.
“The JioPhone will be available to all Indians for an effective price of Rs zero,” Ambani told the company’s 40th Annual General Meeting (AGM) here. The phone will be available from Jio Infocomm, a fully-owned subsidiary of RIL.

The much-awaited phone was launched by Ambani’s son and daughter Akash and Isha Ambani. The phone will support 22 Indian languages. To protect against misuse, customers have to pay a fully refundable Rs 1,500 security deposit while taking a JioPhone.
He also said: “The launch of the JioPhone will fulfill the dream of our Founder, Dhirubhai Ambani, and the Digital India vision of our Prime Minister Narendra Modi.”
Charting out the long journey of the RIL since it was founded by his father Dhirubhai Ambani in 1977, Ambani said its net profit index had jumped 10,000 times during the last 40 years.
Describing how from its beginning as a textiles start-up, RIL has now created “multiple growth engines”, he told shareholders at the 40th AGM here that the company’s “net profit went from Rs 3 crore to Rs 30,000 crore” during the period.
“RIL’s market capitalisation has grown from Rs 10 crore in 1977, to over Rs 5 lakh crore now, at a compound annual growth rate of 32 per cent,” he said.
Ambani dedicated the 40 years to the founder Chairman and his father, Dhirubhai Ambani. (MR, Inputs: Agencies).

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