Reliance Jio’s Prudent Financial Management Helps Reduce Operating Costs

New Delhi, August 8: Reliance Jio Infocomm Limited has prepaid all deferred liabilities relating to spectrum acquired in the auctions of the years 2014, 2015, 2016 and spectrum acquired in 2021 through the exchange of rights of use with Bharti Airtel Limited totaling 30,791 crores of rupees (including accrued interest) in the financial year 2021 -22.

This was refinanced by a combination of loans and INR debentures. The Company expects this early repayment to result in interest savings of around Rs 1,200 crore per annum.

Reliance, a responsible organization, has used its intellectual capital to contribute to the country’s fight against Covid-19. Reliance scientists have analyzed more than 1,000 genomes of the virus.

The knowledge base has been used to develop new cost-effective diagnostic kits called “R-Green” and “R-Green pro one”. These kits have received ICMR approval and have shown a high degree of precision and specificity in validation studies. Reliance has also collaborated with IIIM-CSIR (Jammu) to develop an RT-LAMP kit to aid in point-of-care diagnosis of Covid-19. Mukesh Ambani earns zero pay for the second consecutive year from Reliance Industries.

The R&D team actively contributes the technical wisdom of the company to facilitate innovation on a global scale by publishing research articles on diagnosis and treatment. The application of natural astaxanthin for the management of COVID-19 published in the journal “Biomedicine and Pharmacotherapy” is recognized as one of the top 100 research papers. The document is listed in the WHO global repository.

PSA-based oxygen concentrators can produce oxygen with a purity of 93% (+- 3%). The unit is an excellent solution in a hospitalization situation due to Covid-19 to maintain a patient’s SpO2 level. Reliance R&D has designed a 90-95% purity oxygen generator with 5 LPM of oxygen by leveraging its expertise in adsorption technology.

Reliance has collaborated with India’s CSIR-National Chemical Laboratory (CSIR-NCL) to recycle waste Covid-19 PPE. Useful products such as automotive components and flower pots are made from the recycled PPE.

Reliance Industries Limited released its annual report for FY22 on August 6th. The company will hold its annual general meeting on August 29. Among other things, RIL’s annual report mentions the progress made by all its business areas, viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the field of green energy.

(The above story first appeared on LatestLY on August 08, 2022 at 1:57 PM IST. For more news and updates on Politics, World, Sports, Entertainment and Fashion of life, log on to our website latestly.com).