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Reliance Industries to sell stake in US-based shale gas operations for $1.07 billion

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Mumbai: Oil refiner-to-retail major Reliance Industries on Monday said it has entered into a deal to sell its stake in its US-based shale gas operations for $1.07 billion.

According to the company, Reliance Holding USA, a subsidiary of Reliance Industries, has entered into a definitive agreements for the sale of its entire holding of 49.9 percent interest in EFS Midstream to an affiliate of Enterprise Products Partners.

“EFS has succeeded in its objective of building the gathering and midstream infrastructure in a timely manner to support ramp-up of the ‘Reliance-Pioneer Eagle Ford Upstream’ joint development operations,” Walter Van de Vijver, president and chief executive of Reliance Holding USA was quoted in a statement.

“EFS has now transitioned from a ‘development’ mode to ‘stable operations’ mode, generating free cash flows since 2013. EFS monetization thus provides a significant opportunity for unlocking value for our shareholders.”

EFS provides gathering, treating and compression services and condensate stabilisation operations in the ‘Eagle Ford Shale’ for the Reliance-Pioneer upstream joint development and to third parties.

Since inception in 2010, EFS has built significant midstream infrastructure, which now comprises of 10 central gathering points, 460 miles of gathering pipelines, 119 Mboepd (thousand barrels of oil equivalents per day) of condensate stabilisation capacity and 780 MMcfd (millions of cubic feet per day) of natural gas treating capacity. (IANS)

 

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Reliance Jio Launches AI Based Platform – JioInteract

Jio launches AI-based JioInteract brand engagement platform

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Jio’s sharp discount postpaid offer may hit ARPU of other players.
Jio’s Sharp Discount Postpaid Offer May Hit ARPU of Other Players. IANS

Reliance Jio Infocomm on Thursday announced the launch of JioInteract, a unique Artificial Intelligence (AI)-based brand engagement platform.

“The first of many services to be launched on this platform is the Live Video Call that features India’s favourite celebrities. To kick-start, Jio has on-boarded none other than Bollywood’s biggest star, Amitabh Bachchan, who will promote his upcoming comedy-drama film ‘102 Not Out’ in the most innovative way,” a company statement said here.

With Jio’s over 186 million subscriber base and another 150 million smartphone users, the sattement said: “JioInteract is poised to become the largest platform for movie-promotion and brand engagement. Over the next few weeks, Jio will introduce services such as video call centres, video catalogue, and virtual showrooms to the forefront redefining customer experience.”

Such use of artificial intelligence is a first across the world and will reposition the way brands and customers think of engagement, the company claimed.

Reliance Jio
Reliance Jio (Wikimedia Commons)

JioInteract’s first service “Live Video Call” will allow all Jio and other smartphone subscribers to make a video call with superstar, Amitabh Bachchan anytime during the day, starting on May 4, 2018.

Users can ask questions related to his upcoming comedy drama film, 102 Not Out and even book their movie tickets in real-time through the ticketing-partner BookMyShow.

Also Read: Jio And Airtel Are Bringing Apple Watch Series 3 to India

“This unique and innovative service uses a powerful artificial intelligence based platform to listen to user questions and respond to them in the most appropriate way. In addition, the platform has a unique auto-learning feature that helps improve the answering accuracy,” the statement said.

It also said: “Positioned as VCBaaS (Video Call Bot as a Service), JioInteract with its full scale multimedia capabilities attempts to democratise Artificial Intelligence & Video Call technologies in a simplified way for effective brand engagement. This technology has wide scale applications across B2C space. Using it, Jio is also tapping developer ecosystem to create innovative applications like virtual showrooms, product demonstrations, ordering cart for e-commerce, etc.”  (IANS)

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