Mukesh Ambani, an Indian billionaire, has disclosed a $25 billion (£21.3 billion) plan to introduce 5G mobile internet services in the nation within two months.
The high-speed network will be launched in big cities first, including New Delhi and Mumbai, according to Mr. Ambani, the CEO of the telecom-to-retail company Reliance Industries.
By December 2023, he claimed, it would be extended to the whole of India.
The business is also collaborating with Google to create a low-cost 5G smartphone.
At Reliance’s annual general meeting on Monday, Mr. Ambani said the company’s 5G network will be the largest in the world once it was completely operational.
The service will be offered by Jio, the biggest mobile network in India and a subsidiary of Reliance.
Without providing any information on the cost or anticipated release date of the device, Mr. Ambani also said that Reliance was collaborating with US technology giant Google to create a “ultra-affordable” 5G smartphone.
In India, the least expensive 5G-capable smartphones presently cost about $150.
The statements were made at a time when competition for control of India’s digital future is intensifying.
In an unprecedented $19 billion auction earlier this month for airwaves, including 5G airwaves, Jio emerged as the top bidder.
Additionally, it attracted offers from Vodafone Idea, Bharti Airtel, and a fourth newcomer, Adani Data Networks.
Emerging technologies like driverless cars and artificial intelligence are supported by the fifth generation of high-speed mobile internet, or 5G.
It is thought to be crucial to India’s plans to develop a $1 trillion digital economy.
The 5G network will “not only accelerate internet speed but also stimulate development and employment,” according to Prime Minister Narendra Modi in May.
Mr. Ambani also outlined a succession plan for his business empire during the lengthy talk to investors.
The 65-year-old official announced that his youngest son Anant would join Reliance’s new energy division, while his daughter Isha would oversee the company’s retail initiatives.
In June of this year, Akash, his eldest son, was named chairman of Jio.
According to the Bloomberg Billionaires Index, Mr. Ambani has an estimated net worth of $91.9 billion, ranking him as the 11th richest person in the world and the second richest person in Asia.
Reliance Industries, which his late father Dhirubhai Ambani began as a textile producer, was born from the company he started.
By market value, it is now India’s biggest conglomerate, with operations in petrochemicals, oil and gas, telecoms, and retail.
How Ambani is collaborating with Zuckerberg
Analysis by India business journalist Arunoday Mukharji
With his $25 billion commitment, Mukesh Ambani hopes to further erode competition in both the retail and telecommunications sectors.
In the second phase of that strategy, Mr. Ambani’s Reliance and the US technology behemoth Meta, formerly known as Facebook, will join together.
Nearly 500 million people use Meta’s WhatsApp platform in a nation of 1.4 billion, a user base Mr. Ambani is attempting to attract with his online retail venture.
Additionally, India is WhatsApp’s biggest market. Mark Zuckerberg, CEO of Meta, has been working to promote WhatsApp Business, a platform that enables commerce on the messaging platform, for more than a year.
Reliance will be able to expand its presence in the online retail market thanks to this partnership. Additionally, Meta now has a stronger foothold in India thanks to its partnership with Reliance, a major player, and the availability of its services to all WhatsApp users.
There is a nearly $700 billion retail industry in India, and major corporations are vying for control of it.
With over 12,000 outlets nationwide, Reliance Retail runs India’s fastest expanding and most lucrative retail sector.
They also intend to compete with and defeat online retail behemoths like Amazon and Walmart-owned Flipkart using their combined strength.
