The Indian mobile telecom industry has been “creatively destroyed” to an oligopoly, and is moving towards a duopoly or even a monopoly, said Chairman of the group, Anil Ambani, to RCom’s shareholders.

The company is exiting from the sector and will only keep the Indian enterprise business, the international data business, the submarine cable business and the long-distance voice business, he said. “About 60 percent of the revenue will come from outside India,” he added.

India’s telecom industry has gone through a wave of consolidation over the last two years after elder brother Mukesh Ambani’s Reliance Jio entered the market with free and discounted services.

Here are the other highlights from the RCom AGM: