Reliance Jio to Soon Enter the Online Retail Market

January 10, 2018

In India, phones and data are becoming cheaper but e-retailers are still waiting to capture a larger market wherein a majority of Indians buy stuff online from them. Eyeing on this untapped market, Mukesh Ambani is trying to take the e-commerce market to the brick-and-mortar model and change the way how people buy basic grocery items or advanced electronic items.

Reliance Jio’s strategy

Reliance Jio is entering the online retail market by roping in neighborhood stores, while incumbent e-commerce platforms are fighting against the brick-and-mortar retail.

A pilot project has been running by the telecom company in Mumbai, Ahmedabad, and Chennai. After getting a sharp insight of the pilot project, Reliance Jio is expected to roll out the business, this year.

As per the model, Reliance Jio subscribers get digital coupons from a variety of brands through the JioMoney platform or through SMS. The customers may buy discounted products of all the respective brands through their neighborhood stores.

The brands will be charged a fee by Jio for using its platform for ‘below the line marketing.’ This is a money-saving option of advertising for companies that involve the distribution of leaflets and any other promotional material.

Reliance Jio’s model

Jio is linking the brands, consumers, and kirana shops through its network. The brick-and-mortar retail might have died in the West but that is not going to be the immediate future in India. E-commerce will still take a decade to become the biggest share of retail in the country. It will take time to spread to the villages and small towns. However, Indian locals are using phones for commercial transactions. And this is why Ambani has chosen the traditional retail stores to shape his plan.

Ambani’s competition to others

Ambani has stumped the offline e-retailers by his online to offline play. With its easy and quick digital coupons, the company will capture a big chunk of traditional retail. Ambani has spontaneous understanding of the Indian market that has driven his venture to the leadership status.

Reliance Industries Limited (RIL) has a large offline footprint because of its Reliance Retail. Other e-retailers won’t be able to match the reach of Jio. A major disruption is expected similar to what Jio created in the telecom market.

JioMoney might also be a major challenge for other mobile wallets like PhonePe and Paytm as it will be the platform used for digital coupons.

If the company rolls in with its plans in 2018, then it is surely going to change the way things are bought. It will cause a major disruption in the online retail market.

Reliance Jio’s disruption in the telecom market

Jio entered the telecom market in the year 2016. It started with giving away freebies. This lead to a disruption in the telecom market and many were forced to turn to mergers or buyouts and shutdowns. Jio has now captured 15 percent of the revenue market share of the telecom industry.


Mukesh Ambani Reliance Jio to enter the online retail market and change how people buy things.


RIL’s Petrochemical Business Completes an Expansion Plan of USD 16 Billion

January 3, 2018

Reliance Industries Limited (RIL) has completed its giant project, which was a massive petchem capex program. Mukesh Ambani, Chairman of RIL, said that this progress marks a paradigm shift in the business of petrochemical in terms of profitability.

Commissioning of the ROGC

Refinery off-gas cracker (ROGC) unit was commissioned, which lead to the completion of the largest capex of USD 16 billion in the RIL’s petrochemical business. This may double the revenue of the business. The refinery has a capacity of 1.5 million tons per annum (mtpa). This ROGC is world’s first downstream plan and marks a shift in sustainability and profitability of petrochemical business by RIL.

As input or feedstock, off-gases from two refineries at Jamnagar are used in this ROGC complex. This makes the cost of the raw materials nominal and boosts the profit margin of the company. It also allows them to compete with the low-cost producers of North America and the Middle East.

This ROGC plant will act as a link between the petrochemical units and refinery units run by RIL. To deliver high-value polymer, it will make propylene and ethylene from the off-gas refinery and this will go for further value addition.

Analysts have predicted that this unit’s commission is value accretive and the full impact can be seen in the next few quarters. RIL also has the capability to produce a range of PE grades that covers all end-uses in the market of India.

RIL said that the ROGC was built in record time with a capital cost that was approximately 40 percent lower as compared to other similar projects. It is also the latest addition to the cracker portfolio of RIL. The other cracker facilities of RIL are at Vadodara, Hazira, and Dahej in Gujarat and Nagothane in Maharashtra.

Ethylene plants and petrochemical business of RIL

Globally, there are 270 ethylene plants, according to RIL. The combined capacity is over 170 mtpa. After the commission of this unit, the total capacity of ethylene of RIL is 4 mtpa across five sites.

After doubling the ethylene capacity, RIL joins the league of top petrochemical producers in the world. With imported ethane and ROGC, RIL has one of the most flexible and competitive cracker portfolios.

The petchem division of RIL clocked revenue of INR 92, 472 crore in the year 2016-2017 with the operating profit of INR 12,990 crore. Industry watchers believed that the revenue and profits could surpass its core in refinery business due to the newly commissioned petchem units. 

Jamnagar manufacturing division

Mukesh Ambani led RIL’s Jamnagar manufacturing division is the world’s largest refining hub. It has a crude processing capacity of 1.24 million Barrels Per Stream Day (BPSD). It has also won several awards and is a trendsetter. This refinery exports fuels across the world to many countries and is ready for the future as it can produce petrol and gasoline of any grade.


RIL to complete the petchem expansion plan of USD 16 billion.

RIL Celebrates 40 Years and the Company Owes it All to Dhirubhai Ambani

December 27, 2017

Mukesh Ambani said that the progress of Reliance Industries Limited (RIL) owes to his father and the founder, Dhirubhai Ambani.

Mukesh Ambani talks about his father

On the Reliance Family Day (RDF) and also the 40th anniversary of RIL, Ambani addressed his father as a timeless legend and an iconic Indian inspiration for all the generations. Ambani said that whatever RIL is today is because of his father. He stated that the company will remain true to his visions, principles, and ideals forever. He added that because of Dhirubhai Ambani, RIL has grown from a single employee to 2,50,000,  from a single city to 28,000 towns and cities and four lakh villages, and from an INR 1,000 company to over INR six lakh crore company.

Ambani’s message to the employees of RIL

Ambani talked about the employees who worked with his father and called them as the great pioneers of RIL. He said that these employees worked against the impossible and that too with meager resources. But still, these employees had the passion, ambition, humility, dedication, and the desire and dream to make the company the pride of India, he added.

RIL aims at being among the top 20 in the world

Ambani targets at being among the top 20 companies in the world. He said that the company aspires to become a global player in all the businesses it operates and become a leader in the clean and affordable energy.

The chairman said that the company is customer obsessed and Jio and Retail have captured the leadership positions in India. Jio has around 150 million customers and aims at transforming different sectors.

Other people speak about Dhirubhai Ambani and RIL

At the celebration, Nita Ambani said that the sons of the company will color the skies, the daughters will reach the stars, and the women will conquer new horizons.

Kokilaben Ambani was also present at the event and while congratulating his son, she wished a long life to the Reliance family.

Isha Ambani, daughter of Mukesh Ambani, said that Dhirubhai Ambani was the father of all the startups and in 1977 at the time of the start of RIL, he went to the common Indian man and said that the profit will be of the people and he will take the loss. This is wisdom that no one will ever teach, she added.

Amitabh Bachchan, the megastar of Bollywood was also present at the event. When talking about Dhirubhai Ambani, he said that he had no luxuries and was not the third or fourth generation of a businessman; he was the first and came among the top. He was a person that invented his own opportunities with his dreams.

About the event

The event was attended by over 50,000 people in Navi Mumbai at the Reliance Corporate Park. Over 2,00,000 employees joined the celebration via live video conferencing from more than 1,000 locations across the nation including the retail stores, Jio points, and manufacturing sites.

RDF has a tagline, “A family that works together celebrates together.” The celebration is going to last for a week and will end on 29th December.


RIL celebrates the 40th anniversary of the company as Reliance Family Day and Mukesh Ambani aims to be among the top 20 companies in the world.

RIL Plans to Expand its Retail Business

December 20, 2017

Mukesh Ambani led Reliance Industries Limited (RIL) is looking forward to expand its business-to-business play in the retail market by the distribution of white goods, Fast Moving Consumer Goods (FMCG), and apparel directly to kirana outlets and neighborhood as the company aims to capture a larger part of the market.

Reliance Retail’s expansion plan

Reliance Retail is planning to start the trail distribution of apparel from early next year and the vendors are already informed about it. This will be expanded into white goods and FMCG by April, next year.

Currently, organized retail in India has a total market share of 8 percent. Two of the senior executives of the industry said that the company wants to tap on the remaining 92 percent and it cannot achieve quick growth by only betting on the retail business, which is consumer-facing. An executive also said that although Reliance Retail will be starting with the private brands, it will soon expand into the mainstream brands, too. Another executive informed that the potential is huge as the distributors’ reach in small towns is limited.

Distribution for the retail market

RIL is planning to use the Jio network for Reliance Retail, wherein local shops and kiranas will receive the payments through JioMoney platform. It is also planning to offer additional help to small stores with financial support, merchandising operations, GST solutions, and also managing an efficient supply chain. The company plans to roll out the business of distribution in 10,000 towns and cities, where Jio is already present.

RIL’s distribution of smartphones

Mukesh Ambani led RIL has a good experience in distribution of smartphones. The first example can be of LYF smartphone, which was a successful business model. It started with its own brand and eventually did that for other brands as well. The private brands have witnessed success in its own outlets. An executive revealed that 23 percent sale in FMCG is of private brands.

During the July to September quarter in the business of distribution of smartphones, Reliance Retail joined hands with over 7.5 lakh retailers across the nation and sold over three million accessories and devices. This business gained such a large scale that the contribution of smartphones and electronics increased in the company’s turnover from 34 percent to 52 percent.

About Reliance Retail

Reliance Retail is a consumer-centric initiative, which has adopted a multi-prong strategy that operates supermarkets, neighborhood stores, wholesale cash and carry stores, online stores, and specialty stores. This has democratized access to a variety of services and products for different segments of consumers in India.

Reliance Retail operates Reliance Market stores, Reliance Fresh, and Reliance Smart in its grocery and food category. The consumer electronics category operates the Jio stores, Reliance Digital and Reliance Digital Express Mini stores. Reliance Retail also has a fashion category, which operates Trends Women, Reliance Footprint,, Reliance Jewels, Reliance Trends, and Project Eve.

There are 3,679 stores that are operated by Reliance Retail across 750 cities. In the financial year of 2016-2017, it reported a turnover of INR 33,765 crore.


Reliance Retail to expand its business-to-business distribution in white goods, FMCG, and apparel.

Jio Adds 7.34 Million Subscribers while Data Speeds Increase by 50%

December 13, 2017

The data speed of Mukesh Ambani owned Reliance Jio increased by 50 percent after the phase of providing free services. In October, the telecom company added 7.34 million subscribers.

Jio’s data speed

Reliance Industries Limited’s (RIL) telecom service Jio was started in September 2016. At first, the services were distributed for free. Later in April 2017, Jio started charging for its services. Post this, it has been reported that the company has seen a 50 percent increase in the network performance. The report by OpenSignal says that the reason behind the sudden increase in speed is due to the unclogging of the network.

How the telecom company’s speeds increased

When Reliance Jio was launched, it offered free voice calls and unlimited 4G data to users. This led to over 100 million subscribers joining Jio. The huge increase in subscribers began to clog the network and eventually reduce the speed of data resulting in calling issues. In April 2017, Jio ended its free plans and customers started paying for their services. This has resulted in a fall in subscribers and an increase in data speed.

However, the report went on to say that the increase in speed cannot be entirely attributed to the unclogging of the Jio network. Other factors such as the upgradation of Jio’s network or users having to spend paid data more consciously may have given rise to this increase.

Mukesh Ambani led Reliance Jio’s speed in five months

Five test periods consisting of three months each were organized and it has been noticed that there is a steady rise in the average 4G download speed. After a small increase in February, Jio’s speed dropped to around 4.2 Mbps in March-April. After this, the free offers ended and the rise started and continued on until the end of July. Jio has seen a steady rise in its speed in the last six months. It went up to 5.8 Mbps from 3.9 Mbps, which is an almost 50 percent increase in speed.

Adding up subscribers in October

In spite of the reduction in customers during the introduction of its paid services, the Jio customer base has been steadily increasing. In October, it added 7.34 million subscribers resulting in a 12.39 percent market share. According to the data released by the Telecom Regulatory Authority of India (TRAI), Jio had 11.72 percent market share in September, in August it was 11.19 percent, and in July it was 10.83 percent. By the end of October, the Jio customer base had grown to almost 146 million.

Jio Data plans

Some popular data plans by the company are as follows:

  • INR 98 plan

This Jio data plan has a validity of 14 days. It has a daily limit of 0.15GB data. This plan also has free voice calls and 140 SMS.

  • INR 149 plan

This plan has a validity of 28 days. It has a daily limit of 0.15 GB data. Customers get free voice calls and 300 SMS.

  • INR 309 plan

The INR 309 plan has a validity of 49 days with unlimited voice calls and SMS. It has a daily limit of 1GB data.


Jio has experienced an increase in the data speed after ending its free services while at the same time adding 7.34 million subscribers in October.

Data is the New Soil: Mukesh Ambani

December 6, 2017

At the HT Leadership Summit 2017, Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, spoke about how data connectivity and artificial intelligence will lead to a new industrial revolution; and how India offers the greatest investment opportunity in the world today.

Digital green revolution according to Ambani

Mukesh Ambani said that data is not only the new oil but also the new soil. According to him, there is a need and also an opportunity to create a digital green revolution using data.

Ambani’s definition of this digital green revolution covered the following points:

  • Mechanical services that are enabled digitally, which will benefit the farmers, regardless of their landholding
  • Fertilizers or pesticides enabled digitally to rejuvenate soil
  • Digitally enabled seed-to-crop process to get the best yield and increased income for farmers
  • Digitally enabled water management; and supply chain with full traceability, so that waste is removed at every stage and quality is assured

Mobile data and Jio

Further, Ambani spoke about Jio Infocomm and data consumption in the summit. Since its launch in September 2016, Jio posed tough competition in the telecom industry after offering free data and voice call offers. According to Ambani, the consumption of data has increased after this launch; catapulting India to the no. 1 rank for mobile broadband in the world, as compared to its earlier150th one.

Ambani believes that if Jio dons the mantle of leader then 19 lakh colleges, 700 universities, and 58,000 colleges in India will become digital.

India offers world’s greatest investment opportunity

Ambani believes that India offers the greatest investment opportunity across the globe. RIL backed his belief by investing USD 60 billion in the country when most other companies were investing abroad.

He expressed his conviction about data connectivity and artificial intelligence forming the base of the next industrial revolution; and how these could enable India to overtake even USA and China to become the largest economy in the world.

Further views on related topics

A few other notable points that Mukesh Ambani covered in his speech were:

  • Jio and artificial intelligence could serve to connect students from remote villages to faculty members from universities to deliver lectures
  • Data connectivity could help improve delivery of healthcare services remotely
  • Big data would prove to be a game-changer in the way business is done. Billions of data points would help anticipate and supply fulfillment of needs.
  • The Aadhar card has catapulted India decades ahead of even many advanced economies
  • Technology would provide an equitable and inclusive developmental model, based on good governance and a culture of empathy


Mukesh Ambani’s speech at the HT Leadership Summit 2017 emphasised how data connectivity and artificial intelligence would form the base of an industrial revolution and how India offered the greatest investment opportunity in the world.

Reliance Jio to extend the Triple Cashback Offer

November 29, 2017

Mukesh Ambani owned Reliance Jio has started with a new offer of triple cashback of up to INR 2,599 for its customers.

About the Triple Cashback offer by Reliance Jio

The cashback will be valid on a recharge of INR 399 and above. The offer started from November 10th. When it was first announced, it was valid until November 25th. However, now it has been extended until December 15th. The offer will give 100 percent cashback to Jio customers. Customers will get a cashback in the form of recharge vouchers worth INR 400, shopping vouchers worth INR 1,899, and a cashback of INR 300 on select e-wallets. This triple cashback is valid only for Jio Prime members who opt for the prepaid recharge plans.

Cashback categories

The cashback is offered in three categories.

  • First category

This category offers eight cashback vouchers whose value is worth INR 400 i.e. eight vouchers worth INR 50 each. The vouchers will be given instantly on the MyJio app and can be redeemed from November 15th, 2017.

  • Second Category

The second category offers instant cashback of up to INR 300. This is done through Jio’s partner digital wallet services. These include online wallets like AxisPay, PayTM, AmazonPay, FreeCharge, PhonePe, and Mobikwik. The cashback will be credited instantly to the user wallets

  • Third category

The third category by Jio is offering vouchers worth INR 1,899 per recharge. This is a collaboration between Jio with its e-commerce partners. According to the Jio website, the e-commerce vouchers will be offered from November 20th, 2017.

This offer also provides INR 399 off on apparels on a minimum purchase of INR 1,500 at AJio (an e-commerce company owned by Reliance Industries Limited). The offer will also give users a discount of INR 1,000 for every round-trip domestic flight booked via, a travel portal. In addition, even Reliance Trends is offering INR 500 off to customers on purchases of INR 1,999.

Where can you get the triple recharge offer?

Customers of Reliance Jio can get a recharge of INR 399 or above from November 10th to December 15th. They can get the triple cashback from recharge channels like the MyJio app, Jio stores, partner retail stores, JioMoney, Reliance Digital, AmazonPay, MobiKwik, and PhonePe.

According to the Jio website, the cashback offer will be available instantly after the recharge. Users can check the status of their vouchers in the ‘My Vouchers’ section in the MyJio app.

Reliance Jio’s paid prime service

The paid Prime service by Mukesh Ambani led Reliance Jio was launched from April 1st, 2017. Customers had to pay the one-time fee of INR 99 to get a Jio Prime membership. Reliance Jio also offered 4G data and voice calls free of cost for the first six months after the commercial launch of its telecom service in September 2016. It has started charging its customers since April 1st, 2017.


Reliance Jio to offer triple cashback on its recharge plans of INR 399 and above.

Mukesh Ambani Said that India is the Best Option to Bet your Money

November 22, 2017

Mukesh Ambani said that it is the best to invest your money in India as even his investment of INR 3.5 lakh crore paid off.

Ambani talks about making investments in India

At the Economic Times Awards, Mukesh Ambani, Chairman of Reliance Industries Limited (RIL) told people via his speech that India is soon going to treble in size when it comes to its economy. The economy has gone to USD 7 trillion from USD 2.5 trillion. This will make the nation rank among the top three economies of the world in the coming decade. India represents the biggest opportunity for investment according to Ambani.

Ambani won the ET Award for Business Leader of the Year for the second time and while giving his acceptance speech, he said, a few years ago, in India, it was a trend to invest abroad. People who didn’t invest abroad were left out. But RIL took a contrarian bet and had invested INR 3.5 lakh crore, of which a significant portion is in Jio.

About Jio

Reliance Jio was launched in September last year, and it disrupted the entire market by providing free voice calls for life and mobile data at cheap prices. Ambani mentioned the rivalry with other telecom companies which was sparked by Jio’s entry but is still in friendly.

Jio has 140 million customers, which has made India the world’s no. 1 in the mobile data market. Mukesh Ambani said that he believes that the world will go through more major changes in the coming 20 years than the changes it has gone through in the last 300 years.

Jio has provided the critical infrastructure that India requires to participate in the global economy as a first class citizen and at par with every other country. Ambani also praised the vision of the Prime Minister by saying that it is backed up by concrete action and is open and transparent.

Ambani talks about making India digital

The Chairman of RIL, Mukesh Ambani believes that data is the new oil and India has it in abundance so it doesn’t have to be imported. He said that it is our duty to ensure that every Indian has access to it. Ambani also thinks that data is the oxygen of the digital economy and Indians should not be deprived of this life-sustaining resource and they should be provided with access to high-speed Internet.

India is experiencing a major growth in mobile data market which is incomparable to the world. In the coming next 12 months, the 4G coverage in India will be larger than the 2G coverage.

As part of the audience for the awards ceremony were other eminent businessmen and rivals like Sunil Mittal, the Chairman of the Bharti Group, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, and Sunil Sood, CEO of Vodafone India.


Mukesh Ambani talks about the investing in India as the best option, as he believes that India is going to be one of the top three economies of the world in the next 10 years.

Jio to Enter E-commerce Market After Disrupting the Telecom Market

November 15, 2017

Mukesh Ambani owned Reliance Jio is preparing to enter the e-commerce market after disrupting the telecom market successfully.

Jio entering the e-commerce market

Reliance Jio is planning to enter the e-commerce market by leveraging its millions of customers and its vast network. The company has started working with corner stores and consumer brands that will enable shoppers to buy from their neighborhood shops via digital coupons through platforms such as JioMoney or text messages.

Mumbai, Chennai, and Hyderabad are part of the ongoing pilot project that involves several stores and many leading brands as well, though the major rollout will start from next year. The business model is not yet finalized and it has also been said that there will be some changes based on the inputs the company gets from the pilot project.

Pilot project by Jio

ITC, Dabur, Wipro, Godrej Consumer products, Tata Beverages, and Amul have been roped in for the pilot project. 15 to 20 brands are tied up for this pilot project. Initially, the company is going to tie up with consumer brands and simultaneously with corner stores through its distribution network.

How the project works

It has been reported that Jio will be sending digital coupon codes for a product of a particular brand to its users. These coupons can be used in the neighborhood stores to buy those products. The stores that will be enrolled by Jio will be equipped with software to read the coupons.

Mukesh Ambani led Reliance Jio is planning to allow the usage of its platform for stock clearance to its partner stores and send promotional offers to Jio and non-Jio customers. One of the Jio executives said that because of this there will be seamless connectivity between retailers and manufacturers which also allows scaling up better offers on product sale.

The Jio executive also said that there will be Geo-tagging as well so that the sales of leftover stocks will be pushed to a particular geographical area. This will allow brands to spur retailers to be pro-active in clearing stocks. Jio is also planning to introduce a missed-call facility that will communicate the promotional offers to shoppers in a specific area.

Reliance Jio said that it will be charging a fee to the brands for using the Jio platform for ‘below the line marketing’. This is a money-saving advertising option for the companies that use leaflets and other promotional offers. A company official said that Jio won’t be using any of its money on discounts and offers.

Indian retail industry

Being a new digital entrant, Reliance Jio has surprised the industry with its strategic online-to-offline business model. The retail industry is worth USD 650 billion of which 3-4 percent is e-commerce and organized retailers like Shoppers Stop and Big Bazaar control the other 8 percent. The other smaller entities like corner stores control the remaining 88-89 percent of the market.


Jio planning to get into the e-commerce market after successfully disrupting the telecom industry.

Reliance Jio Offers a Buyback Offer for Apple iPhone X

November 8, 2017

Reliance Jio is offering a 70 percent buyback amount on iPhone X by Apple.

Buyback offer by Jio

Mukesh Ambani owned Reliance Jio is offering a buyback offer of 70 percent on the amount of the Apple iPhone X. The iPhone can be pre-ordered from the Reliance Retail store, MyJio app,, or Amazon for INR 1,999. This offer will be valid on from September 29th to December 31st. It is also being said that users who use Citi credit and World debit cards will get an additional cash back.

The offer will give a 70 percent buyback amount on the MRP of iPhone X on returning it after 1 year of using the phone. To become eligible for the offer, the user will have to recharge a plan of INR 799 or higher. This offer is also available for the iPhone 8 plus and iPhone 8.

On return of the iPhone X, it should be fully functional and in a working condition without any damages. It should be returned with the gift box and accessories that come with the phone.

To enroll for this offer

To enroll for Mukesh Ambani led Reliance Jio’s offer, users will have to buy the iPhone X from any of the above-mentioned places and download the MyJio app. The app will give certain instructions and a set of steps that users will have to follow for getting enrolled for this offer.

Terms and conditions of the offer

  • To be eligible for the offer, users will have to do a recharge of INR 799 or more every month. For prepaid users, this plan has a validity of 28 days and for postpaid users, it is valid until the billing cycle ends.
  • The INR 799 plan offers 3GB of 4G data per day with free voice calls and unlimited SMS.
  • If users do the recharge of the INR 799 plan for 12 months each, then the cost will be INR 9,588 in total. This means that users will have to pay almost 10,000 for the year to be eligible for the buyback
  • People who are eligible for the buyback offer will get a return of 70 percent of the amount of the iPhone X i.e. 62,300 for the 64GB variant (original price INR 89,000).
  • Citi card users are going to get additional cash back of INR 10,000.

About the iPhone X

The iPhone X is powered by the A11 Bionic processor and new neural engine which is designed to carry heavy duty functions related to Artificial Intelligence (AI). It supports Qi wireless charging. It comes with an edge-to-edge OLED display and has Face ID to unlock the device by recognizing the face of the owner. The iPhone X has two 12MP image sensors and comes with optical image stabilization in both the cameras and Quad-LED True Tone flash. The front-facing camera is 7MP and it supports Apple’s portrait mode.


Reliance Jio to give a 70 percent buyback offer for new iPhone buyers.