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. 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.

Jio feature phone price The JioPhone is "effectively free," announced Mukesh Ambani. However, the company will charge Rs. 1,500 as a refundable sum for the device from users. This sum can be claimed back by the customer at the end of 36 months of purchase.

*Jio phone will be available to all Indians for an effective price of – Rs 0: Mukesh Ambani

• To protect against misuse of the free Jio phone offer we plan to collect a fully refundable, one-time, security deposit of Rs 1,500 with every Jio phone: Mukesh Ambani.

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

ALSO READ: LIVE: RIL launches new phone at 40th AGM; stock slips from day's high

• India was 155th in terms of mobile data consumption before Jio, now ranked 1.
• Kokilaben Ambani breaks down as Mukesh Ambani pays tribute to Dhirubhai Ambani at 40th AGM of Reliance.
• India has overtaken the US and China in terms of mobile data usage
• Jio adoption even faster than WhatsApp, Skype, Facebook
• Jio has more than 100 million paying Jio Prime customers. Most have recharged on Jio's Rs 309 or higher plans: Mukesh Ambani

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