RIL AGM: Reliance announces entry into 5G; Mukesh Ambani says Made-in-India Jio 5G likely to rollout by 2021
New Delhi | Jagran Tech Desk: Reliance Industries chairman Mukesh Ambani said on Tuesday that the oil-telecom-retail conglomerate's digital arm Reliance Jio was "ready with a world-class 5G solution" that may roll out by next year.
"Jio is ready with a world class 5G solution. Field deployment can happen next year. This 5G product will be available for trials as soon as spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators," said Ambani at the 43rd Annual General Meeting (AGM).
Dedicating the launch of 5G service in India to Prime Minister Narendra Modi’s Aatma Nirbhar Bharat vision, Ambani said that once it will be set up in India, the company aims to offer it to other global telecom operators.
“Once Jio’s 5G solution is proven at India’s scale, Jio Platforms would be well-positioned to be an exporter to other telecom operators globally as a complete managed service,” he said.
The announcement comes just three days after Reliance Industries US-based Qualcomm Inc said today that it will invest Rs 730 crore in Jio Platforms for a 0.15 percent stake.
Qualcomm Ventures is a global fund of Qualcomm that invests in pioneering companies across the wireless ecosystem in areas like 5G, AI, IoT, automotive, networking and enterprise.
In India, Qualcomm Ventures has invested in companies that address key domestic issues from dairy, transportation to defense, and build world class products for India and the world market.
In another big announcement at the AGM, Ambani said that Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. This is the fourteenth investment in Jio Platforms since April 22.
Reliance Industries has recently become the first Indian company to cross 12 million in terms of market capitalisation. It has also become a net debt free company, well before the scheduled date of March 31, 2021, by selling more than 25 per cent stake in Jio Platforms and unveiling a rights issue of Rs 53,124 crore.
Posted By: Abhinav Gupta