MUMBAI: Indian billionaire Mukesh Ambani on Monday announced a $25 billion investment to roll out a 5G network in India, strengthening its position in one of the world’s fastest growing smartphone markets Did.
In his annual virtually delivered speech to shareholders of Reliance Industries, Asia’s second richest person, he believes that ‘digital freedom is the birthright of every Indian’ said.
Ambani’s multi-billion dollar empire was built on petroleum and petrochemicals, but in recent years has diversified into new areas such as telecommunications, retail and renewable energy.
The 2016 launch of Jio, a telecommunications division offering fast and super-cheap data, sparked a brutal price war that forced competitors into years of losses.
Earlier this month, Jio auctioned off more than a third of his available spectrum in India’s first 5G radio auction, bidding for 881 billion rupees ($11 billion).
Ambani has announced his 2 trillion rupee ($25 billion) investment and Jio will launch his 5G services in major cities such as Delhi, Mumbai, Kolkata and Chennai in time for India’s Diwali festival at the end of October. said to expand. Ambani said it plans to roll out across India, aiming to cover all districts of the country (an area of 3.3 million square kilometers) by December 2023.
“We are committed to making India the world’s largest data-driven economy, ahead of China and the United States. Jio 5G will be the world’s largest and most advanced 5G network,” he said. says Ambani.
Global tech giants such as Google, Facebook owner Meta, Intel and Qualcomm have invested billions of dollars in Reliance’s Jio his platform digital unit over the past few years.
A newly launched collaboration between Meta and Jio will allow users to instantly buy groceries via his WhatsApp on his messaging app, Ambani said. Facebook founder and Meta CEO Mark Zuckerberg said in a Facebook post, “This is the first end-to-end shopping experience on WhatsApp. People can buy groceries from JioMart directly in chat. Now
In June, Ambani’s 30-year-old son Akash was named chairman of Geo Infocom, a subsidiary of Geo Platform, sparking speculation about his succession arrangements.
Ambani did not fall short of announcing the management change at Monday’s shareholder meeting, instead asking shareholders to give their blessings to his three children, Isha, Akash and Anant.