Mukesh Ambani’s new record: Reliance Jio now world’s 2nd biggest telecom firm

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Published: August 12, 2019 12:14:29 PM

Just under three years of its operations, Reliance Jio has become the second-largest telecom company in the world, Chairman and Managing Director Mukesh Ambani said at RIL’s 42nd Annual General Meeting.

Jio GigaFiber, Jio GigaFiber launch, Jio GigaFiber plans, Jio GigaFiber price, Jio GigaFiber recharge, ril agm, Reliance Industries, ril share, ril stock, ril  nse, ril bseReliance Jio is the telecom arm of RIL. (File Photo/ Agencies)

Just under three years of its operations, Reliance Jio has become the second-largest telecom company in the world, Chairman and Managing Director Mukesh Ambani said at RIL’s 42nd Annual General Meeting on Monday. Almost one-third the size of China Mobile Communications Corporation, Reliance Jio has also pipped Vodafone-Idea and Bharti Airtel to become the biggest telecom company in the country by revenue and subscriber base. Reliance Jio had over 340 million subscribers at the end of June 2019. RIL’s telecom arm is signing up 10 million users every month, Mukesh Ambani said. China Mobile Communications Corporation has over 900 million subscribers.

Reliance Jio today also announced its much-awaited Jio Fiber plan which will be launched on the third anniversary of Reliance Jio, ie, 5 September 2019, Mukesh Ambani said. “We have plans to get the Jio Fiber to operate at 1 GB per second while the same is at 90 MBPS in the US. Pricing it at one-tenth the global rate. Jio Fiber will be priced at Rs 700-10,000 per month, he added.

Reliance Jio has already brought disruption in the Indian telecom industry. The company now stares at getting a significant chunk of the Indian telecom potential which is pegged at Rs 5 lakh crore annually, Mukesh Ambani said. “We expect Jio to earn a significant proportion of this number,” he added. Talking about Jio, Mukesh Ambani said that “India was data-dark before Reliance Jio, now India is shining bright.”

Mukesh Ambani has also revealed four more growth engine plans for Reliance Jio, going ahead. He said that the company will soon roll-out Internet of Things, Home broadband, Enterprise broadband service and Broadband for small and medium enterprises. With Jio Fiber, the company plans to empower 2.4 million small and medium businesses as “in their success lies the recipe for large-scale employment,” Mukesh Ambani said.

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