Reliance Industries (RIL) CMD Mukesh Ambani on August 12 said that Jio which has amassed over 340 million subscribers in less than three years.
Ambani also said that RIL is now ready to fire four new growth engines including Internet of Things (IoT) for the entire country, home and enterprise broadband services as well as broadband for SMEs.
"Revenue from each of these engines will kick in this fiscal itself," Reliance Industries' Chairman and Managing Director Mukesh Ambani said addressing the 42nd Annual General Meeting (AGM) here.
The investment cycle of Reliance Jio is complete, and about Rs 3.5 lakh crore has been invested in high-speed 4G network, he said.
Also read: Petro retail JV with BP to bring in Rs 7,000 crore, says Mukesh Ambani
Terming Jio's journey since 2016 as "incredible", Ambani said that India was "data dark" before the entry of Jio into the telecom market.
"Jio has made India data-shining bright. Today Jio customer base stands at over 340 million... The potential for growth is immense and half a billion customers, is now I believe well within our reach," he said.
"India because of you, Jio has not only become the largest operator in India but is the second largest operator in the world on a single platform," he said.
Also read: Mukesh Amabani announces Jio Fiber rollout in 12 months
The investment cycle of Jio is now complete, and only marginal investments would be needed in areas to grow capacity, he said adding that this gives the company strong operational leverage and superior return on investments for years to come.
"We are ready to kick start four engines of connectivity revenue for Jio...Internet of Things for entire country, home and enterprise broadband, broadband for small and medium enterprises (SME),' he added.
For LIVE updates of the RIL AGM, click here
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Also Read: Net-zero debt, listing for Jio, Retail—dominant themes of Mukesh Ambani’s speech at RIL’s 42nd AGM
Also Read: Full text: Mukesh Ambani's address at RIL's 42nd AGM
Also Read: RIL to list Jio and Reliance Retail within next five years
Also Read: RIL AGM 2019: Top announcements made by Reliance Industries CMD Mukesh Ambani
Also Read: RIL to be net zero debt company within next 18 months: Mukesh Ambani
Also Read: Aim to be among the world’s Top 20 retailers in 5 years: Mukesh Ambani
Also Read: RIL AGM 2019: Jio Fiber to be launched on Sept 5, offer new movies, 4K HD TV sets for free
Also Read: Reliance Industries AGM: Here are key takeaways from Mukesh Ambani's speech
Also Read: RIL, BP to invest Rs 35,000 crore in KG basin: Mukesh Ambani
Also Read: RIL AGM 2019: Jio to roll out set-top box in partnership with cable operators
Also Read: Jio’s IoT platform to be commercially available from January 2020: Mukesh Ambani
Also Read: RIL Chairman Mukesh Ambani announces JioFiber rollout starting from September
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
