Reliance Jio 4G From 2015; RIL Aims To Be Fortune 50 Company: Mukesh Ambani At AGM
Jun 18, 2014, 15:32 IST
NEW DELHI: Stating that Reliance Jio will cover around 5,000 towns and 2.5 lakh villages in the initial phase, RIL Chairman Mukhesh Ambani on Wednesday said, "Reliance Jio will be RIL's most transformational business."
Ambani said that the company may rollout 4G broadband services in the coming months. "Limited field trials for broadband are already ongoing. We plan to have a phased launch of broadband operations from 2015." "Rs 70,000 crore is being invested in 4G broadband," he added.
Addressing RIL's 40th AGM, Ambani said that the company aims to become a Fortune 50 company in the next 2-3 years. "Reliance Industries will invest Rs 1,80,000 crore in next three years," he said.
"Market-based gas prices are key to developing RIL's energy resources," he said. "We are looking to expand international presence beyond US. We are evaluating opportunities to expand presence in Venezuela," he added.
On the issue of gas price hike, Ambani said, "RIL is facing ill-informed campaign against gas price hike. We will endeavour to work with government to resolve issues of KG-D6 production." "Efforts being made to maximise production from KG-D6 wells. We are assessing the potential of new gas discoveries in India," Ambani added.
Speaking about RIL's retail business, Ambani said, "We are confident of doubling retail business every 3-4 years. Retail will emerge as a major growth engine for consumer business." "Reliance Retail is India's largest retailer by revenues. We have 1,691 Reliance Retail stores across 146 cities in India," he said.
Ambani said that Jio, a Rs 70,000-crore investment business, will be one of the largest job and wealth creators. He added that the company already directly employed over 10,000 staff, and some 30,000 from partners and vendors.
Another 100,000 people from digital infrastructure vendors to Jio are engaged in laying down the digital back bone, or fibre optic network, country wide.
Advertisement
Ambani said that the company may rollout 4G broadband services in the coming months. "Limited field trials for broadband are already ongoing. We plan to have a phased launch of broadband operations from 2015." "Rs 70,000 crore is being invested in 4G broadband," he added.
Addressing RIL's 40th AGM, Ambani said that the company aims to become a Fortune 50 company in the next 2-3 years. "Reliance Industries will invest Rs 1,80,000 crore in next three years," he said.
"Market-based gas prices are key to developing RIL's energy resources," he said. "We are looking to expand international presence beyond US. We are evaluating opportunities to expand presence in Venezuela," he added.
On the issue of gas price hike, Ambani said, "RIL is facing ill-informed campaign against gas price hike. We will endeavour to work with government to resolve issues of KG-D6 production." "Efforts being made to maximise production from KG-D6 wells. We are assessing the potential of new gas discoveries in India," Ambani added.
Advertisement
Ambani said that Jio, a Rs 70,000-crore investment business, will be one of the largest job and wealth creators. He added that the company already directly employed over 10,000 staff, and some 30,000 from partners and vendors.
Another 100,000 people from digital infrastructure vendors to Jio are engaged in laying down the digital back bone, or fibre optic network, country wide.