From the well-known Shrinathji temple in the Nathdwara town of Rajsamand, Reliance Jio Infocomm Chairman Akash Ambani announced the beginning of 5G services in Rajasthan on Saturday.
Following his appointment as Chairman by the RIL board, according to a regulatory filing on June 28, this is largely seen as 30-year-old Akash Ambani’s first significant statement as Jio’s CEO. Along with the revelation that Mukesh Ambani would no longer be leading Jio, his promotion was also made public.
Mukesh Ambani, the chairman of Reliance Industries, vowed to launch the services in the state from the temple during a visit to the temple last month. Before the introduction of 4G services in 2015, Mukesh Ambani also went to the Shrinathji Temple.
On October 1, after Prime Minister Narendra Modi introduced the 5G telephony services that promise to deliver ultra-high-speed internet on mobile devices, Mukesh Ambani stated that Reliance Jio, the nation’s largest telecom company, will expand 5G services to every region of the country by December 2023.
In India, 5G data rates are anticipated to be roughly ten times faster than those of 4G, with the network being essential for new technologies like self-driving cars and artificial intelligence, as well as for industries like healthcare, education, agriculture, and disaster monitoring. By December 2023, according to Jio, and by March 2024, according to Bharti Airtel, the country would gradually be covered by 5G services.
In its standalone net profit for the September quarter, Reliance Jio Infocomm, a division of RIL’s digital business Jio Platforms, showed year-over-year (YoY) growth of 28% at Rs 4,518 crore. According to a study from moneycontrol.com, the profit increased by 4% sequentially.
In a multi-year agreement, Nokia will provide Reliance Jio, which has more than 42 crore users, with 5G radio access network (RAN) hardware.
In an August 5G spectrum auction, Reliance won airwaves worth Rs 90,000 crore ($11 billion), and the company has since started offering 5G services in a few towns. It is also collaborating with Google to produce a low-cost 5G smartphone.