1.5L Crore Capex For Reliance Jio

In a move that would surprise and excite many telecom honchos , Reliance Jio announced a total CAPEX of 1.5 Lakh Crore. The companies group Chairman Mukesh Ambani made an announcement while reporting the highest operating profit for Reliance Insdustries in 8 years. ¬†According to group’s deputy CFO “Our capex in the reporting fiscal year stood at Rs 1.20 trillion and this will go up to Rs 1.5 trillion in the ongoing fiscal year. The money will be spent to complete the ongoing expansion projects at Jamnagar and the rollout of the telecom network.”

The announcement would push the oil major’s telecom initiative to the next level. ¬†According to the Deputy CFO 50,000 to 60,000 crore will be used to expand the Jamnagar refinery while 60,000 crore will be used for Reliance Jio and rest will be used for company’s retail arm. ¬†Around $150 million which is around 1,000 crore will be used for US shale gas operations

It is interesting to see that with a record decrease in crude oil price , Reliance industries has seen the highest increase in profit in eight years.

 

 

 

 

 

 

LG to launch two 4G smartphones via Relaince Retail

With 4g services launched in India , LG has decided to tap the market by launching two 4g smartphone models Spirit LTE and G4 stylus. The devices will be enabled with voice over LTE and voice over Wifi. The models will launched exclusively on reliance retail.The devices will be the first in their class enabling faster data and voice transmission.The same will be available on Reliance store from Novemeber 10th.

Speaking to Economic Times Amit Gujral, Head Marketing LG Mobiles India said, “With Reliance Retail as our partner, and given its extensive network across the country we are sure that existing LG loyalists and potential LG customers who want the best, will be able to own these futuristic gadgets in outlets near them.” It is learnt that Reliance retail has a strong retail presence with 1200 distributors and 1,50,000 retail outlets in the country.

The launch comes at a time when Reliance Industry is set to launch their 4G Telecom venture under Reliance Jio. Reliance is also planning to lauch their brand of 4g devices under brand name lyf.