RIL Earns INR 10,000 Crore Profit in the 3rd Quarter of Financial Year 2018-2019

January 18, 2019

Reliance Industries Limited (RIL) has earned a profit of over INR 10,000 crore in the third quarter of the current financial year. This is being considered a milestone, as it makes RIL the first Indian private organization to achieve this record. This strong performance is attributed to the retail, petrochemicals, and digital services of the company. RIL is a customer-oriented organization that offers quality services to the people of India.

The growth of RIL

RIL has seen a rise in profits for the 16th time in the October-December quarter of the current financial year. The year-on-year (YoY) increase was 8.82 percent. The consolidated profit was INR 10,251 crore. This is seen as a growth from the same quarter in the previous year when RIL posted a profit of INR 9,420 crore. On the Bombay Stock Exchange, the company’s share price is INR 1,133.

The Associate Vice President of Ashika Stock Broking, Sanjeev Jain, stated that RIL’s third-quarter earnings have been better and stronger than estimated.

Mukesh Ambani’s statement

While speaking about RIL’s recent achievement, Mukesh Ambani, the Chairman and Managing Director of RIL, stated that the company strives to constantly create more value for the stakeholders as well as the country. With its new-age consumer-centric businesses, RIL maintains a strong growth momentum across Reliance Jio and retail platforms. Ambani also stated that he is confident that RIL is well-equipped “for the next cycle of growth” and future endeavors.

RIL’s Q3 financial results

In terms of revenue, RIL has recorded a consolidated revenue from operations of INR 160,299 crore. This is a growth from the same period of last year when the revenue was INR 102,500 crore.

The Gross Refining Margin (GRM) for the quarter was USD 8.8 per barrel.

The revenue generated from the retail arm e was INR 35,577 crore, which is a growth of 89.3 percent. The segment’s Earnings Before Interest and Tax (EBIT) was INR 1,512 crore, which is a growth of 210.5 percent. As of today, Reliance Retail has 9,907 stores across more than 6,400 cities and towns in India.

On the telecom front, Reliance Jio recorded operating revenue of more than INR 10,000 crore within the second year of operations. During the quarter, the Average Revenue Per User (ARPU) stood at INR 130 per month per subscriber.

The basic Earnings Per Share (EPS) is INR 17.3. In the same quarter of the previous year, it was INR 16.

On the oil exploration front, the revenue for the gas and oil segment was INR 1,182 crore.

The cash and cash equivalents of the company was INR 77,933 crore. These are in the form of mutual funds, bank deposits, government bonds, CDs, and other marketable securities.

Lastly, the Capital Expenditure (Capex) was INR 27,274 crore. This includes the exchange rate difference.

Summary: RIL has earned a profit of over INR 10,000 crore in the third quarter of the current financial year. This is attributed to the strong performance of its retail, petrochemicals, and digital services.

Reliance JioPhone to Soon Have Wi-Fi Hotspot Capability

January 16, 2019

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), has announced that the Reliance JioPhone will soon have Wi-Fi hotspot capability. According to a report by TelecomTalk, the telecom company has been testing this functionality and will soon release this feature across all Reliance JioPhones.

How to find the hotspot feature

According to the report by TelecomTalk, to use the hotspot feature on the Reliance JioPhone, users need to open the ‘Settings’ app and look for the ‘Internet sharing’ tab containing the hotspot option. Only updated phones will have this Wi-Fi hotspot sharing option. Therefore, if the option is not visible, then the handset has not been updated yet. Once the Reliance JioPhone has been updated with the latest software, this hotspot feature will be visible.

How to use the hotspot feature

For users to enable the hotspot function on their Reliance JioPhones, they must open the ‘Settings’ app and enter the ‘Internet and Sharing’ option. This option is visible under the ‘Networks’ option. From here, users must locate the Wi-Fi hotspot sharing option by going into the connectivity menu. By default, this option is switched off. When users tap on this option, they can switch it ‘On’. After this, within the same options, users can set a password for the hotspot connection. This allows users to rename the network according to their preference.

Once the Wi-Fi hotspot sharing option has been switched on, the toggle will display it. On the notification panel, users can then see a Wi-Fi hotspot icon. Thus, users can now share their Reliance JioPhone’s     Internet with other electronic devices, like laptop tablets, smart-phones, and the like.

Specifications of the Reliance JioPhone

The telecom company launched the Reliance JioPhone in June 2017. It is India’s first 4G-enabled feature-phone. The handset features a 2.4-inch screen with a QVGA display. It has a 240 x 320 clear resolution and 167 pixels per inch (ppi). The phone runs on the KaiOS HTML5-based Firefox operating system. It also sports a 2000mAh battery, a 1.2 GHz dual-core processor, and a 512 MB RAM. This memory storage is expandable up to 4 GB. In terms of connectivity, the feature-phone has options like 3G, 4G, Wi-Fi, Near Field Communication (NFC), and Bluetooth.

Progress of the Reliance JioPhone

This 4G-enabled feature-phone had been received well by the Indian masses. In particular, due to its affordability, it has received a strong response from the tier II, tier III, and rural areas of India.

Recently, Reliance Jio also rolled out the Kumbh JioPhone app with features such as ‘lost and found,’ ‘family locator,’ and other similar services. This was released with the aim of helping the Kumbh Mela pilgrims. The Mela is being organized in Uttar Pradesh, in the district of Prayagraj.

Summary: Reliance Jio will soon roll out the Wi-Fi hotspot capability across the JioPhone platform. This will help boost the digital progress of India and effectively connect more people and devices across the country.

Reliance Jio Launches JioBrowser for Android Users

January 9, 2019

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), has launched the JioBrowser for Android users. It is available for download to all Android smart-phone users and provides a rich content experience with videos, news, and many more features.

Reliance Jio’s foray into the telecom sector

Reliance Jio first commenced operations in 2016. Since then, it has expanded into the telecom sector at a large scale. It introduced 4G Voice-over-LTE services in India. It offered free voice calls and 4G data to the masses. The services were high-quality and the prices were pocket-friendly. Many different post-paid and prepaid plans were introduced to meet the varied needs of the Indian mobile phone users. After this, the telecom company forayed into the software space and introduced a bouquet of Jio apps. JioTV and JioCinema are some such apps that have gained traction among Indian users. With the aim of providing customers more options, Reliance Jio has currently rolled out a JioBrowser, which can be downloaded from the Google PlayStore.

Details of the JioBrowser

The size of the JioBrowser application is 5 MB. This ensures that it will take up very little space on mobile phones. Thus, users of low-end devices will be able to utilize and run this app smoothly. The application also offers other innovative features such as a special download manager and an ‘Incognito’ mode. The browser has a user-interface (UI) that is minimalist and focuses on the telecom company’s own content collection.

The JioBrowser’s home-screen will display links to some of the best content websites in India. On this home-screen, users will be able to choose from a wide variety of content, like information on travel, cricket, entertainment, shopping, and the like. The JioBrowser has a news section that allows users to personalize their news feed with a customized range of content source.

In terms of accessibility, the new browser supports eight Indian languages. Therefore, people from different genres and states will be able to utilize it. Users can also share videos and news via the JioBrowser with family and friends. It also has in-built data saver features. This feature allows users to save on local data storage and data plans.

Currently, the JioBrowser can only be downloaded by Android users. The telecom company is yet to announce its release on the iOS platform. In the coming months, the JioBrowser on Android will be updated with many more features.

Reliance Jio’s foray into music

Reliance Jio app has collaborated with Saavn to launch the JioSaavn music streaming application. This application can retain a library of songs and Saavn’s playlists while providing Reliance Jio users a free 90-day premium service, which is an exclusive offer. Once this offer expires, users will be required to pay for downloading audio tracks. Using the JioSaavn application, users will be able to set JioTunes as well.

Summary: Reliance Jio has released the JioBrowser for Android users. It is available for download from the Google PlayStore.

Reliance Jio Announces ‘Happy New Year’ Cashback Offer

January 2, 2019

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), has announced a ‘Happy New Year’ cashback prepaid recharge offer, in celebration of the new year. On December 28, 2018, the telecom company announced this offer in collaboration with AJIO, which is the digital fashion extension of RIL.

Details of the cashback offer

As per the telecom company’s official website, Jio.com, under this cashback offer, is providing 100 percent cashback on the prepaid recharge plan of INR 399. This new offer is only valid till January 31, 2019, and therefore, it is a limited period offer.

The cashback will be given in the form of AJIO coupons. It is available on recharges done through every channel, be it online or Reliance Jio retailers. These coupons can be redeemed over and above the current AJIO offers.

Since the ‘Happy New Year’ offer is applicable on the INR 399 plan, which is the telecom company’s highest selling plan, a high number of customers can take full benefit of it.

Other things to note about the cashback offer

Under this new offer, subscribers, who do a recharge on or after December 28, 2018, while the offer is ongoing will be entitled to AJIO coupons. This offer is applicable to both new Reliance Jio users as well as existing ones.

Once the subscribers receive the coupon, it will be credited to the MyJio app, in the MyCoupons section. Reliance Jio has stated that the coupon can be redeemed on the AJIO website as well as the app. By using the coupon, subscribers can avail of a discount of INR 399 on the MRP of AJIO products. This is provided that the value of the products purchased by the subscribers is more than or equal to INR 1,000 in a single order, after considering all applicable discounts as well.

Reliance Jio has stated that each AJIO coupon is valid for a single transaction only. Therefore, each coupon can only be redeemed once. The coupons received by subscribers during this period can be availed of before or on March 15, 2019. However, the cashback offer cannot be clubbed with any other promotions provided by AJIO. The telecom company has also stated that all orders placed by subscribers in pursuance of the offer are subject to the availability at the time of purchase.

The success of Reliance Jio

The telecom company had acquired 252.3 million Jio subscribers as of November 1, 2018. It showed a strong performance in the quarter ending September 30, 2018. During that quarter, it crossed the 250 million subscriber mark and added approximately 37 million subscribers to its network. This is due to the popularity of its affordable and quality services. Currently, it offers a number of varied prepaid and post-paid plans to its Indian mobile phone users.

Summary: Reliance Jio has announced a ‘Happy New Year’ offer in celebration of the new year. Under this scheme, subscribers can avail of a 100 percent cashback on the prepaid recharge plan of INR 399.

Details of Reliance Jio’s Business Plans for 2019

December 26, 2018

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), will be introducing new projects every few months in 2019. Reliance Jio’s President of Devices, Sunil Dutt, stated this to The Economic Times, and he added that the telecom company’s outlook for the next year is very bright. Reliance Jio aims to maintain the momentum of 2018 and carry it forward into 2019.

Details of Reliance Jio’s collaboration with handset manufacturers

Sunil Dutt stated that Reliance Jio has collaborated with many partners across various brands. The aim of doing this is to connect millions of people in pivotal cities and even within these pivotal cities. Reliance Jio is dedicated to offering a quality experience in terms of data connectivity and high-speed internet.

Dutt also stated that Reliance Jio introduced the Reliance JioPhone to help billions of users gain access to rich content and good data support. This enabled the telecom company to offer further content services like cinema, television, and music. It was also able to introduce popular apps to the Reliance JioPhone, like Facebook, YouTube, and WhatsApp. All of these features are available at an affordable price point.

In addition to this, Dutt stated that Reliance Jio is working with partners to introduce smart-phones with larger screens at pocket-friendly prices. This will help a large mass of users experience 4G connectivity and content on the right kind of devices.

Details of Reliance Jio’s digital future

Sunil Dutt stated that, in 2019, Reliance Jio is going to undertake a larger digital adoption, as this makes life more connected and convenient. People are seeking both information and entertainment, and the telecom company aims to enhance people’s experiences with both.

He also stated that Mukesh Ambani, the Chairman and Managing Director of RIL, has announced forays into health, education, wealth management, and agriculture. Reliance Jio is going to focus more heavily on these areas. Dutt added stated that providing connectivity between these areas is of prime importance.

Details of Reliance Jio’s philosophy for 2019

Sunil Dutt stated that Reliance Jio is not focused on capturing the market. Instead, it is focused on offering the right solutions at good price points to users. To achieve this, the telecom company is collaborating with partner brands in the device space to offer affordability or experience or a blend of both factors. This is the philosophy of the telecom company.

Dutt also stated that “revolution” is in Reliance Jio’s DNA. Therefore, the telecom company will keep innovating and revolutionizing. These are goals, which the company will not rest upon. It will continue to uphold these values in the future. Every few months of 2019, Reliance Jio will introduce something new and helpful to the Indian masses, thereby helping to transform the digital landscape of India.

Summary: Reliance Jio is all set to introduce new and innovative business plans every few months of 2019. Sunil Dutt has stated that Reliance Jio’s outlook in 2019 is bright and exciting.

Details of Reliance Jio’s Prepaid Recharge Plans

December 19, 2018

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), currently offers 12 prepaid recharge packs to Jio subscribers. Among other benefits, it provides per-day high-speed data from anywhere between 1.5 GB to 5 GB. Under these data plans, the total high-speed data benefit ranges from 42 GB to 547.5 GB. Moreover, these plans have a validity of 28 days to one year. Furthermore, these 12 plans can be purchased for INR 149 to INR 1,699. This is in an effort to offer the Indian masses varied subscription plans at affordable prices.

Details of 1.5 GB per day plan

Under this category, Reliance Jio provides five recharge plans. They are priced at INR 149, INR 349, INR 399, INR 449, and INR 1,699. These plans have a validity period of 28 days, 70 days, 84 days, 91 days, and 365 days respectively. According to the telecom company’s website, these plans provide subscribers with 1.5 GB high-speed data benefit per day. Subscribers, therefore, get a total high-speed data benefit of 42 GB to 547.5 GB.

Details of the 2 GB per day plan

Under this category, the telecom company provides four recharge plans. These plans provide 2 GB of high-speed data per day. According to the Reliance Jio website, these packs cost INR 198, INR 398, INR 448, and INR 498. These plans are valid for 28 days, 70 days, 84 days, and 91 days respectively. The subscribers, therefore, have the option to choose high-speed data benefits ranging from 56 GB to 182 GB.

Details of the Reliance Jio 3 GB, 4 GB, and 5 GB per day plans

The 3 GB per day recharge plan offered by Reliance Jio is valid for 28 days. It is priced at INR 299 and provides subscribers with a total high-speed data benefit of 84 GB. The other benefits include unlimited voice calls, unlimited text messages, and a complimentary Jio Apps subscription.

The 4GB per day recharge plan offered by the telecom company is valid for 28 days. It is priced at INR 509 and provides subscribers with a total high-speed data benefit of 112 GB. The other benefits of this plan include unlimited text messages, unlimited voice calls, and a complimentary Jio Apps subscription.

The 5 GB per day recharge plan offered by Reliance Jio is valid for 28 days. It costs INR 799 and provides subscribers with unlimited voice calls across the country, unlimited text messages, and a complimentary Jio Apps subscription. The total high-speed data benefit is 140 GB.

About Reliance Jio

Launched in 2016, after two and a half years of operations, Reliance Jio has acquired 200 million plus wireless customers by offering high-speed internet connection and an engaging digital ecosystem. It offers a variety of post-paid and pre-paid data plans at affordable prices.

Summary: Reliance Jio currently offers 12 recharge packs to subscribers with high-speed data benefits. This is in an effort to meet the varied needs of Indian mobile phone users.

Reliance Jio to Segregate its Tower and Fiber Assets into Two Distinct Units

December 14, 2018

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL) has decided to segregate its tower and fiber assets into two distinct units. This decision was taken by the Board of Directors of the telecom company. This move will enable Reliance Jio to monetize on the segregated assets in the future in a competitive market.

Details of the segregation

On December 12, 2018, Reliance Jio’s Board of Directors held a meeting to discuss the segregation. In the meeting, they approved of a scheme on an on-going basis, in which its tower undertaking would be transferred to a separate company. It also approved of a second ongoing scheme, in which there would be a transfer of its fiber undertaking. Reliance Jio confirmed this in a notice issued to the stock exchange. Mukesh Ambani, the Chairman and Managing Director of RIL, stated that these decisions will be undergoing a mandatory process of regulatory approval.

Details of Reliance Jio’s growing infrastructure

Reliance Jio currently has an extensive fiber infrastructure, which measures more than three lakh route kilometer. It also uses approximately 2.2 lakh towers. As of now, the telecom company’s towers will be transferred to the new unit being created.

Reliance Jio has been heavily investing to expand their 4G infrastructure in an increasingly competitive arena. The telecom company has already acquired more than 252 million subscribers and will soon become a market leader based on revenue market share and subscriber base.

Views of industry analysts

According to many industry analysts, this segregation will help Reliance Jio in many different ways. One senior industry executive stated that by segregating its units, the operating company asset will become light. In addition to this, it will open up the units for monetization and enhance its ability to leverage. Another analyst, on the condition of anonymity, stated that the opportunities of monetization may involve selling stakes in the units and also renting out the assets to other companies. Going forward, this segregation may increase Reliance Jio’s profitability.

About Reliance Jio

Reliance Jio is the telecom wing of RIL, which began operations in 2016.

Reliance Jio has three pillars, with the aim of transforming the country’s digital atmosphere. The first pillar is a strong network coverage across the country. The second pillar is quality services for its Reliance Jio subscribers, with HD quality voice, video streaming, and high-speed internet speeds. The third pillar is affordable and accessible services.

Mukesh Ambani’s views on India’s digital progress

Mukesh Ambani stated that by 2020, every Indian citizen would have access to 4G connectivity. India has risen from its 155th position in mobile broadband penetration. Currently, it is the number one country in the world in mobile data consumption. India has achieved this feat in less than two years. Ambani stated that this is the fastest transition globally from 2G and 3G to 4G.

Summary: Reliance Jio is all set to segregate its fiber assets and towers into two separate units. This will enable the telecom company to leverage and monetize on them.

Reliance Jio and Facebook Collaborate to Boost User Base in India

December 5, 2018

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), and Facebook are collaborating to attract new customers. They aim to achieve this by offering affordable rates, cheap phones, and useful messaging services. The two companies have a goal of boosting their user base by creating strong foundations for businesses like digital payments, online retail, and food delivery.

Views of industry analysts

According to Nandan Nilekani, who is the Co-Founder of Infosys Limited and a technology investor, the Facebook-owned WhatsApp can gain access to millions of new users via the Reliance Jio network. In return, Reliance Jio can get a boost with millions of neophytes who view the messaging app as their first entry into the World Wide Web.

Currently, there are 480 million Internet users in India. This number is only second to China and approximately 75 percent more than the United States’ user base. According to Forrester Research Inc., by 2022, this number is expected to grow to 737 million users. A forecast analyst, Satish Meena, stated that the “next 500 million users are yet to be captured”. Most of Facebook’s recent momentum in India is attributed to its collaboration with Mukesh Ambani.

Reliance Jio’s inception

Mukesh Ambani, the Chairman and Managing Director of RIL, set up Reliance Jio, the telecom arm of his company, with an investment of USD 35 million in 2016. The Reliance Jio network aimed to be the most advanced wireless network in India. The telecom company offered pocket-friendly digital connectivity and free voice calls through affordable features phones across India. This appealed to users who were not comfortable with using smartphones. It enabled millions of middle- and lower-class Indian citizens to step into the digital age very quickly.

More than two years later, Reliance Jio has gained a network of over 250 million subscribers. Mukesh Ambani aspires to utilize this extensive base to build a digital ecosystem in India. He aims to populate this ecosystem with digital payments bank, shifting into movies and television, and undertaking e-commerce projects.

The impact of Reliance Jio

 The word ’Jio’ means ’to live’. It was with this in mind that Mukesh Ambani launched the telecom wing of his oil-to-telecom conglomerate. Not only urban areas, but many rural and impoverished areas of the country have also benefitted from the Reliance Jio network. The introduction of the Reliance JioPhone and JioPhone 2 have enabled this to happen. These are 4G–enabled feature phones, which are available on exchange of an old feature phone. They come with affordable recharge plans as well. This has empowered the agricultural sector and farmers in particular to live a digital life.

Similarly, the Reliance Jio network has transformed the digital landscape of the country. It has helped connect millions of individuals and businesses, enabling them to utilize the Internet more efficiently.

Summary: Reliance Jio and Facebook are collaborating to attract new customers in the coming years. They aim to achieve this by offering cheap phones, affordable rates, and useful messaging services.

Reliance Jio to Introduce Unified Payments Interface in the JioMoney App by February 2019

November 28, 2018

Reliance Jio, the telecom wing of the Mukesh Ambani-led Reliance Industries Limited (RIL), is planning to introduce a Unified Payments Interface (UPI) via its JioMoney app by February 2019. This is being done with the objective to diversify the features of the wallet and payments app offered by the telecom company.

About UPI

Recently, UPI has been powering payment gateways and methods over various applications. It is an easy digital transaction method owned by the National Payments Corporation of India (NPCI). It has managed to gain popularity and gather volumes of heavy usage through apps like Google Pay, PhonePe, and BHIM. The UPI technology, according to a report, had approximately 482.36 million transactions in October 2018.

Details of Reliance Jio’s planned foray into UPI

Reliance Jio’s current payments and wallet app is JioMoney. Two sources with knowledge on this development have stated that the telecom company has started the approaching banks like Axis Bank, ICICI Bank, and State Bank of India to empower the JioMoney app with the UPI-enabled payments facility. Reliance Jio’s ongoing collaboration with the State Bank of India for the payments bank with JioMoney can help facilitate this.

The sources have also stated that with the increased adoption of UPI in modern times, the telecom company is looking to capitalize on the current trend. It expects to introduce the UPI payment method in the first quarter of 2019.

The sources have also stated that Reliance Jio is currently seeking approval from the NPCI for the integration of UPI. Some officials at the NPCI also confirmed this. In addition to this, according to a new report, the telecom company has also started to decide on a few people who would be heading the UPI segment of Reliance Jio.

Details of the current UPI market in India

At present, a key player in the UPI market in India is Paytm, which is backed by SoftBank. According to a report published by the company in October 2018, it has a 37 percent share of the UPI transactions in India. Other players in this space include Google Pay and PhonePe.

In addition to the above, Facebook-owned WhatsApp is also in the midst of developing its own UPI-based payments system, which it will be called WhatsApp Pay.

About Reliance Jio

Mukesh Ambani, the Chairman and Managing Director of RIL, incepted Reliance Jio with the objective of connecting everything and everyone, everywhere in the country. The mission was to achieve this with affordable pricing and good quality services. Since Reliance Jio has acquired more than 250 million users within 26 months of commencement of operations, the progress of the mission is strong. Reliance Jio users are now able to adopt a digital life, by using quality digital services for high data consumption.

Summary: Reliance Jio plans to introduce a UPI in the JioMoney app by February 2019. This is to help diversify and enhance the digital features of the wallet and payments app.

RIL to Introduce Additional Land to the INR 10,000 Crore Jio Institute in Karjat

November 14, 2018

Reliance Industries Limited (RIL), the oil-to-telecom conglomerate, has plans in place to add more land to the INR 10,000 crore Jio Institute in Karjat. The company has already commenced work on its institute, which will be a center for liberal arts, medicine, and sports. The Reliance Foundation Institution of Education and Research (RFIER) will operate the Jio Institute.

Views of key players

An official close to the development of the Jio Institute stated that RIL is setting it up in Raigad, which spans 800 acres. The company plans to add more land to it. This is essential, as parcels of land are required to set up a top-class institute. He also stated that the institute would have a mix of international faculty and students. The institute will have sufficient land and academic, financial, and administrative authority. It may even feature in the top 500 QS World University Rankings and Times Higher Education list.

Another official, on the condition of anonymity, stated that RIL is putting in place all available resources to complete the first phase of the Jio Institute within three to four years. Within ten years, it may qualify in international rankings.

Details of the Jio Institute

Mukesh Ambani, the Managing Director and Chairman of RIL, will be the first member of the Jio Institute’s governing council. The second member of the council will be his wife, Nita Ambani. Their daughter, Isha Ambani, is currently the director at Reliance Foundation Institution of Education and Research.

The institute’s governing council will include a vice chancellor, a chancellor, and six maximum members who are experts in industry and academia. There will also be permanent members and seven maximum members nominated by Reliance Foundation.

RIL has been setting up the Jio Institute for almost ten years. In 2011, at RIL’s 37th Annual General Meeting (AGM), Mukesh Ambani announced a plan to build an institute in Maharashtra. He described it as a multi-disciplinary and world-class university. In addition to this, he announced that Reliance Foundation would be set up. He also announced that RIL would contribute INR 500 crore to help set it up.

Jio Institute also has plans in place to invest surplus funds of the RFIER in various securities such as bonds, debenture-stocks, debentures, and any other money market instrument. These investments will be subject to the provisions of the Companies Act, 2013.

Details of the “institute of eminence” tag

The Ministry of Human Resource Development bestowed the tag of “institute of eminence” on the Jio Institute. Only three private and three public institutes were recipients of this tag. These include the Indian Institutes of Technology in Mumbai and Delhi, Manipal Academy of Higher Education, Birla Institute of Technology and Science in Pilani, and Indian Institute of Science in Bangalore.

Summary: RIL has plans in place to add more land to the INR 10,000 crore Jio Institute in Karjat. This is in addition to the existing 800 acres of land belonging to the institute.