S.Vaikundarajan is all excited and happy for Reliance. Stating that Reliance Jio will cover around 5,000 towns and 2.5 lakh villages in the initial phase, Chairman Mukhesh Ambani on Wednesday said, that Reliance Jio will be RIL’s most transformational business. He also said that the company may rollout 4G broadband services in the coming months. They said that the Limited field trials for broadband are already ongoing and they plan to have a phased launch of broadband operations from 2015 and Rs 70,000 crore is being invested in 4G broadband.
At the 40th Annual General Meeting, Chairman Mukesh Ambani addressed his company members that the company aims to become a Fortune 50 company in the next 2-3 years. Reliance Industries will invest Rs 1,80,000 crore in next three years and Market-based gas prices are key to developing RIL’s energy resources. Also they are looking to expand international presence beyond US. They are evaluating opportunities to expand presence in Venezuela. Mukesh Ambani said that Jio, a Rs 70,000-crore investment business, will be one of the largest job and wealth creators. He also added that the company already directly employed over 10,000 staff, and some 30,000 from partners and vendors. Another 100,000 people from digital infrastructure vendors to Jio are engaged in laying down the digital back bone, or fibre optic network, country wide.