New Delhi: Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani said Monday that telecom arm Jio has prepared “the world’s fastest 5G rollout plan” and would reach every tehsil of India by December 2023.
Addressing the 45th Annual General Meeting (AGM) of investors Monday, Ambani said the rollout would be launched by Diwali 2022, including in metros Delhi, Mumbai, Chennai and Kolkata. “By December 2023, we will deliver Jio 5G to every town, taluka and tehsil of India,” the oil-telco-retail conglomerate chief said.
Ambani added: “Jio 5G services will connect everyone, every place and everything with the highest quality and affordability. We are committed to making India a data-powered economy even ahead of China and the US.”
Jio will deploy the latest version of the high-speed 5G called “standalone 5G”.
Reliance Jio Infocomm acquired spectrum in 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands in the recently-concluded 5G auctions by the government.
Jio was launched six years ago and has created several world records during its last rollout of the 4G network in the shortest period of time.
Ambani also told shareholders that Reliance Retail had achieved a record of Rs 2 lakh crore turnover and an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of Rs 12,000 crore. “Today, Reliance Retail is among the top-10 retailers in Asia,” he added.
In another sign that the 65-year-old billionaire was pushing ahead with a succession plan for his empire, Ambani introduced daughter Isha as leader of the group’s retail business.
Isha Ambani said at the virtual event that Reliance Retail would launch the FMCG (Fast Moving Consumer Goods) business.
She added: “We served over 200 million registered customers, equivalent to the collective population of the UK, France and Italy, at Reliance Retail’s physical stores and digital platforms. We welcomed 520 million walk-ins to our stores, a growth of 18% YoY, and 4.5 billion visits to our digital platforms, up 2.3x YoY.”
Digital commerce platforms continued growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year, the company said.
Isha said the retail arm had opened over 2,500 stores in the year to take the store count to over 15,000, spanning an operational area of 42 million sq-ft. “We launched Freshpik, a gourmet format, and rolled out 7-Eleven for on-the-go customers,” she added.
Mukesh Ambani also said Reliance would invest Rs 75,000 crore in petrochemicals and textile.
Ambani said: “There is uncertainty due to heightened geopolitical tensions, and global risks. Amid the global crisis, India stands as a beacon of growth and stability. The aim is for RIL to more than double its value by the end of the golden decade in 2027.”