Aug 29, 2022, 18:03 IST

MUMBAI: Reliance Industries Limited Managing D Mukesh Ambani on Monday announced a Rs 2.75 lakh crore investment plan to expand and diversify his USD 221 billion-empire by rolling out 5G services from October, adding capacity in the core oil and chemical business and taking on rival Gautam Adani with a foray into FMCG sector. Ambani, 65, also identified the businesses his three children will lead in clear signs of succession planning at India's most valuable company.
Reliance Jio Infocomm Ltd, the telecom arm of the oil-to-retail conglomerate, will deploy a "standalone 5G" version which is not dependent on the previous 4G network, to deliver ultra-fast internet connectivity beginning with four metro cities by Diwali and the entire country by December 2023, he said at company's annual shareholder meeting.

The firm is investing Rs 2 lakh crore for the 5G rollout.

RIL Chairman Mukesh Ambani while speaking at Reliance Industries' 45th annual general meeting, said Jio will roll out 5G services across India by December 2023.
"To build our pan-India true 5G network, we have committed a total investment of Rs 2 lakh crore. Jio has prepared the fastest ever and most ambitious 5G rollout plan for a country of our size. Within the next two months. That is by Diwali, we will launch Jio 5G across multiple key cities including metro cities of Delhi, Mumbai, Chennai and Kolkata," he said.

Ambani said subsequently the company plans to increase Jio 5G footprint month-on-month until December 2023, to deliver Jio 5G to every town, every 'taluka' and every 'tehsil' of the country. After buying spectrum worth Rs 88,078 crore in the auctions, Reliance Jio said earlier this month it is gearing up to roll out an advanced 5G network to make India a global leader in digital connectivity and solutions.

The company had emphasised that it is fully ready for 5G rollout in the shortest period of time, backed by nationwide fibre presence, an all-IP network with no legacy infrastructure, an indigenous 5G stack and strong global partnerships across the technology ecosystem.

Ambani during the AGM said with 5G in place, Jio will launch billions of smart sensors with connected intelligence that will trigger the Internet of Things and fuel the Fourth Industrial Revolution. "It will connect everyone, every place, and everything with the highest quality and most affordable data," he said.

At the same AGM, his daughter, Isha, who he identified as the leader of the retail business, announced the company's foray into the fast-moving consumer goods (FMCG) industry. Reliance Retail, India's largest retailer with 15,196 stores selling groceries to high-end fashion and lifestyle items, will take on a rival group headed by Gautam Adani, who has in recent months raced past Mukesh Ambani to become the nation's richest man.