Reliance Jio, the wireless telephony and data services subsidiary of Reliance Industries will launch its commercial services by December this year, Chairman of RIL, Mukesh Ambani said here today at its 41st annual general meeting of shareholders. Jio will begin beta services with select consumers in the next few months before the commercial launch in december.

Ambani said FY 2016-17 will be the first full year of commercial operations for Reliance Jio and contribute to Reliance’s top line. Giving details of Jio’s services, in which RIL has already invested Rs 60,000 crore, Ambani said RIL has set up a new generation of broadband services which would cover 80% of India’s population by year-end.

Reliance Gas Transportation Infrastructure Ltd (RGTIL), an unlisted company owned by India's richest man, Mukesh Ambani, has received a generous loan-restructuring package from Indian banks after the company incurred huge losses in the past few years.

This is be the first time any company owned by Ambani has sought loan rescheduling from banks.

Mukesh Ambani, chairman and managing director of Reliance Industries, could use the company's 41st annual general meeting to announce plans for telecom subsidiary Reliance Jio Infocomm.

Sources said Ambani could use the platform to announce an official launch date for the venture. The group's investment in Reliance Jio Infocomm increased to Rs 29,700 crore in 2014-15 from Rs 22,700 crore in the prior financial year.

NEW DELHI: As Reliance Industries nears completion of a significant capex cycle over next 12 months, return ratios are likely to improve in the medium term, driven by strong earnings accretion from core business and a rational strategy in telecom business, a brokerage said.

"RIL generated a dismal 7 per cent RoACE (Return on average capital employed) in FY2015 at the consolidated level, with an effective capital of $69 billion employed as of end-FY2015, including creditors for capital expenditure.

Benchmark indices are trading firm amid choppy trades aided by metal, capital goods and defensive sectors like pharma and FMCG. However, the upside is capped due to selling pressure among financials and index heavyweight shares like ITC and RIL.

At 13:08 PM, the 30-share Sensex was up 139 points at 26,949 and the 50-share Nifty gained 40 points at 8,171.

Reliance Industries' return on equity from the sale of its Eagle Ford (EFS) Midstream joint venture with Pioneer Natural Resources in the US is five times of what it invested in the asset. RIL's realisation from the sale was $1 billion. It had spent $46 million in acquiring the 49.9 per cent stake in EFS and invested another $208 million over the years.

Reliance and Pioneer announced the sale of their joint venture to Enterprise Product Partners (EPD) for $2.15 billion. In June 2010, RIL had invested in the US shale gas business, where it bought a 45 per cent stake in the Eagle Ford shale gas fields, owned by Pioneer, for $1.315 billion. As part of the deal, RIL received a 49.9 per cent stake in the venture. Reliance has invested $8.2 billion in three shale assets so far and investments in the Eagle Ford shale acreage (including Midstream) stand at $4.3 billion.

NEW DELHI: Mukesh Ambani's Reliance Industries Ltd has sold its entire 49.9% interest in a US shale oil and gas pipeline joint venture to New York-listed Enterprise Products Partners for more than $1 billion in an all-cash deal.

Reliance and Pioneer Natural Resources Co, its partner in the US shale gas business, sold Eagle Ford (EFS) Midstream venture to Enterprise Products Partners for $2.15 billion. Eagle Ford (EFS) Midstream owns a 460-mile pipeline network. Pioneer held 50.1% in the venture.

India’s largest corporate entity, Reliance Industries Ltd (RIL), is set to sell its 45 per cent stake in a shale gas joint venture with Pioneer Natural Resources at Eagle Ford, US, by next week at a far lower valuation than its initial expectation of $4.5 billion. The drop in valuation is largely due to the fall in prices of crude oil since the sale process began last year, as well as concern about damage to the environment due to fracking in the US.

Now, RIL’s stake is likely to be valued at about $4 billion.

Reliance Infrastructure, the infra arm of the Reliance Group, has posted a 26% year-on-year decline in consolidated net profit for the quarter ended March 31, 2015 at Rs 459 crore on account of flat operating income and higher finance costs.

The company’s consolidated total operating income decreased nearly 2% year-on-year to Rs 4,618 crore as the income from power business declined 13.5%, while income from EPC and contract business fell by 5% during the quarter.

Tata Motors has closed the revenue gap with Reliance Industries Ltd (RIL). While RIL remains the country’s largest private sector company by revenue (including other income), Tata Motors topped the chart by core revenue (net sales) in the fourth quarter ended March. The country’s top automobile maker reported net sales of Rs 67,576 crore in the quarter, against RIL’s consolidated net sales of Rs 67,470 crore.

With total revenue of Rs 69,642 crore, however, RIL remains ahead of the auto maker. In the quarter, RIL reported other income of Rs 2,172 crore, far higher than Tata Motors' other income of Rs 245 crore. RIL is also more profitable than Tata Motors.

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