Mukesh Ambani: India tycoon launches $25bn 5G rollout plan
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The country will have 5G mobile internet services in two months thanks to a $25 billion (£21.3 billion) proposal unveiled by Indian tycoon Mukesh Ambani.
The introduction of the high-speed network would start in key cities like New Delhi and Mumbai, according to Mr. Ambani, the head of the telecom-to-retail firm Reliance Industries. He said that by December 2023, it would be extended to the whole of India.
The company is also collaborating with Google in order to create a low-cost 5G smartphone.
The largest mobile carrier in India and a subsidiary of Reliance, Jio, will be responsible for rolling out the service.
In addition, Mr. Ambani stated that Reliance and US technology behemoth Google were collaborating on the creation of an “ultra-affordable” 5G smartphone, but he did not provide any additional information regarding its cost or anticipated release date.
At the moment, the cheapest 5G-capable smartphones are $150 in India.
The announcements came as competition to control India’s digital future was intensifying.
An unprecedented $19 billion auction for airwaves, including 5G airwaves, was just completed by the Indian government earlier this month, with Jio coming out on top.
Other significant businesses, including Vodafone Idea, Bharti Airtel, and a fourth newcomer, Adani Data Networks, also submitted proposals.
The fifth generation of high-speed mobile internet service, or 5G, enables emerging technologies such as artificial intelligence and driverless cars.
According to the prime minister, 5G will “not only increase internet speed but also enhance development and employment,” he said in May.
During the lengthy talk with investors, Mr. Ambani presented a comprehensive strategy for his corporate empire’s succession.
In June of this year, he named his eldest son Akash to lead Jio. The Bloomberg Billionaires Index ranks Mr. Ambani as the eleventh richest person in the world and the second richest person in Asia, with an estimated net worth of $91.9 billion.
Reliance Industries, which was later formed by his late father, Dhirubhai Ambani, began as a textile company.
With operations in petrochemicals, oil and gas, telecoms, and retail, it is currently India’s largest conglomerate by market value.
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