A woman rides a scooter past an advertisement for the Jio communications division of Reliance Industries in Ahmedabad, India, July 5, 2018. REUTERS/Amit Dave
New Delhi: Reliance Industries Ltd. to invest 2 trillion rupees ($25 billion) to roll out 5G services across India, says the company’s billionaire and chairman Mukesh Ambani, on a $220 billion empire. said it continues to expand and diversify.
Reliance Jio Infocomm Ltd., the telecommunications arm of a retail-to-refinery conglomerate, will roll out a “standalone 5G” version that does not rely on its previous 4G network and offers faster connections, Ambani said at its annual shareholder meeting. told investors. Monday.
Reliance Jio 5G will be launched during the Hindu celebration of Diwali in October and will be rolled out nationwide by December 2023, he said, adding that the service will connect 100 million households. and added that it could accelerate fixed adoption. broadband service.
Ambani’s 5G strategy comes after he emerged as the largest buyer at an Indian spectrum auction earlier this year. Despite the technology not yet being particularly profitable for other Asian wireless operators investing billions of dollars, the powerhouse tycoon will attract high-end users and boost Reliance’s e-commerce and media I hope that I can strengthen my ambitions.
“Digital freedom is a birthright every Indian has. So 5G cannot remain an exclusive service available only to a privileged minority or people in big cities. We plan to expand our Jio 5G footprint every month.
Reliance’s stock fell 0.8% at the close of trading on Monday, taking it to a 9.7% gain this year.
Ambani, Asia’s second richest man, has built Reliance into India’s largest company by market capitalization, seeking to diversify a powerful conglomerate beyond fossil fuel-driven businesses towards technology and renewable energy. I have tried. Reliance Jio is now India’s largest wireless operator after entering the market in 2016 and inciting a ruthless price war to cut down rivals.
Reliance’s 5G service will “connect everyone, everywhere and everything with the highest quality and affordable data. It will be the world’s largest and most advanced 5G network,” said Ambani. says. He did not share tariff details.
Ambani said the new standalone 5G service will help Reliance Jio deliver “new and powerful services such as low-latency, large-scale machine-to-machine communication, 5G voice, edge computing and network slicing, and the metaverse.” I was.
The wireless carrier also said it has worked with Qualcomm to develop a 5G solution for India.
Ambani’s annual investor speech has evolved into a much-needed platform for announcing grand new initiatives, akin to Warren Buffett’s annual letter to Berkshire Hathaway shareholders.