Ambani in RIL’s AGM said the company will induct global partners in the next few quarters. RIL’s two subsidiaries Reliance Jio and Reliance Retail will also be listed on bourses in the next five years, added Ambani. He also announced the roll-out of Jio Fiber broadband services during the AGM which can be availed by the general public September 5 onwards. “Sceptics used to say that Reliance cannot succeed in consumer businesses. Jio and Reliance Retail have proved them wrong. If these two consumer businesses had been separately listed companies, each would be ranked among the top 10 in India today, in terms of value,” Mukesh Ambani said.

Bharti Airtel posted net losses of Rs 2,866 crore for the first quarter of FY20 on account of an ongoing tariff war with Reliance Jio. In the comparable period of last year, Sunil Mittal’s telecom company had reported a net profit of Rs 97.3 crore and Rs 107.2 crore in the previous quarter. While Vodafone Idea registered a consolidated net loss of Rs 4,873.9 crore during the first quarter of FY20.

On BSE, at 11:18 AM, RIL’s shares were seen trading at Rs 1,286.50 per share, up 10.71 per cent from the previous close. The shares posted their highest intraday gain since February 2017. The stock rally helped RIL in reclaiming Rs 8 lakh crore market capitalisation.