Earlier yesterday, Reliance Industries Ltd
(RIL) had the 43rd Annual General Meeting (AGM) held virtually for the first
time with RIL's chatbot assistant. At the meeting, Mr.Mukesh Ambani announced
that “Jio has created a complete 5G solution from scratch, that will enable us
to launch a world-class 5G service in India, using 100 percent homegrown
technologies and solutions.” The 5G network will replace the entire 4G LTE and
other bands as it will provide enormous upload and download speed with zero
latency support. 5G will be ready for trials soon as soon as the 5G spectrum is
available at the auction which is about to happen soon.
Jio entered the telecommunications
industry in 2016 with 4G network solutions to give data and VOLTE support for
the fellow Indians at a reliable cost. Also, Jio announced its Fiber
connections for broadband and it is scaling its business at a remarkable rate.
Mr.Mukesh Ambani has been selling RIL's
stake at a consecutive speed. The total investment is Rs.1,52,056 crores. More
than 20 companies have acquired their stake in the company. Jio has sold almost
a 25% share of the company. At AGM, Google CEO Sundar Pichai also announced
their partnership with Jio and has bought a 7.7% share in the company at a rate
of Rs.33,737 crore. Reliance sold its shares to become a debt-free company by
partnering with world-class companies. RIL had a debt of Rs.2.17 lakh crore
before the investment and now after the investment, they have a debt of
Rs.21,900 crore. Jio will have a valuation of $100 billion within years as
calculated by the analysts.
Mr.Mukesh Ambani was the 19th richest
person in the world in April. After the valuation has hit hard. He is the sixth
richest person in the world and has become richer than Warren Buffet, Larry
Page, and Sergey Brin. RIL has put everything into the gamble and let’s hope a
better future for the RIL.
Also
read:
India to be the next big global investment hub
Get 1 million subscribers in 100minutes
iPhone 12 might not include a charger
Do
follow us on all our social media platforms:
Comments
Post a Comment