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Ambani announces to set up world’s ‘Largest blockchain network’ in India

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  Mukesh Ambani, Chairman, Reliance Industries on Monday announced to set up “World’s largest blockchain network” in India. Ambani was addressing the 42nd annual general meeting of the Reliance Industries.

Allaying the fears of economic slowdown, India’s richest person said that the slowdown in some sectors of the economy is temporary and he sees India growing into a USD 10 trillion economy by the year 2030.

Mr Ambani said that Jio will use blockchain across all industries. The company will also invest in mixed and virtual reality. Aiming at the new transforming India, Ambani also revealed a partnership with Microsoft under which Jio will set up cutting edge data centres across India and Microsoft will bring the cloud platform.

“As India is getting transformed into New India, Reliance will also transform itself into New Reliance” ­­­­ Ambani said.

Announcing biggest foreign investment for Reliance, Ambani said Saudi oil giant Aramco has agreed to take a 20% stake in his flagship Reliance Industries’ oil refinery and chemical business at an enterprise value of USD 75 billion estimated around Rs 5,32,466 crore.

As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance’s twin refineries at Jamnagar in Gujarat.

We stand committed to the needs of the people of Jammu and Kashmir and Ladakh. You will see several announcements for the Jammu and Kashmir and Ladakh in the coming days, Ambani said.

The statement of Ambani’s could be seen as an intense development initiative for Jammu and Kashmir where the reputation of the central government led by Prime Minister Narendra Modi is on the anvil.

The top announcements by Mukesh Ambani

·  Reliance Industries will sell 20% stake in its oil and chemicals business to Saudi oil giant Aramco for Rs 1.06 lakh crore and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore.

· Aim to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP.

· Commercial launch of Jio Fiber on September 5 with base plan starting at a speed of 100 MBPS and going up to 1 GBPS with prices ranging from Rs 700 to 10,000 per month.

· Voice calls from Jio Fibre fixed-line phones to anywhere in the country will be free for life.

· Free for start-ups, cloud and connectivity infrastructure from January 2020.

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