Mukesh Ambani, the Indian multi-billionaire, has revealed a $25 billion (£21.3 billion) plan to launch 5G mobile internet services in India within two months.
Mr. Ambani, CEO of Reliance Industries, says the high-speed network will be launched first in big cities such as New Delhi and Mumbai.
He further stated that it will be expanded to the rest of India by December 2023. In addition, the business is collaborating with Google to produce a low-cost 5G smartphone.
Mr. Ambani stated at Reliance’s annual general meeting on Monday that once fully operational, the firm’s 5G network will be the largest in the world.
Reliance Jio, India’s largest mobile network, will offer the service.
Mr. Ambani also stated that Reliance was collaborating with US technology giant Google to create an “ultra-affordable” 5G smartphone without specifying a price or a launch date.
In India, the most affordable 5G-ready smartphones presently cost roughly $150. The announcements come as competition for dominance in India’s digital future heats up.
Earlier this month, the Indian government finished a record $19 billion auction for airwaves, including 5G airwaves, with Jio emerging as the biggest buyer. Other significant operators, including Vodafone Idea and Bharti Airtel, as well as a fourth new entrant, Adani Data Networks, submitted proposals.
The fifth generation of high-speed mobile internet, or 5G, enables new technologies such as driverless cars and artificial intelligence. It is regarded as crucial to India’s plans to develop the country into a $1 trillion digital economy.
Prime Minister Narendra Modi stated in May that 5G will “not only accelerate internet speed but also boost development and employment.”
During his broad talk to investors, Mr. Ambani also sketched out a succession plan for his business empire.
The 65-year-old announced that his daughter Isha would lead Reliance’s retail efforts, while his youngest son Anant will join the company’s new energy endeavor. In June of this year, his eldest son Akash was appointed Chairman of Jio.
According to the Bloomberg Billionaires Index, Mr. Ambani has a net worth of $91.9 billion, ranking him twelfth in the world and second in Asia.
Dhirubhai Ambani, his late father, built a textile manufacturer that became Reliance Industries. It is India’s largest conglomerate in market capitalization, with operations in petrochemicals, oil and gas, telecommunications, and retail.
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Mukesh Ambani’s $25 billion plan to create 5G services is geared at further edging out competition in telecoms and retail.
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Mr. Ambani’s Reliance and the US technological giant Meta, formerly known as Facebook, will join together in the second half of that plan.
In a country of 1.4 billion people, Meta’s WhatsApp platform has roughly 500 million users, a user base Mr. Ambani hopes to attract with his online retail business.
India is also WhatsApp’s largest market, and Meta CEO Mark Zuckerberg has been working for over a year to push the company’s WhatsApp business platform, which permits commerce on the messaging platform.
Reliance will be able to expand its presence in the online retail sector as a result of this agreement. And for Meta, collaborating with a major business like Reliance and making its services available to all WhatsApp users strengthens its position in India.
India has a nearly $700 billion retail industry, and major corporations are vying for dominance.
With over 12,000 outlets across the country, Reliance Retail is India’s fastest-growing and most lucrative retail enterprise.
They expect to compete with and defeat online retail giants such as Amazon and Walmart-owned Flipkart with their combined might.
