It would be safe to say that the 4G network in India is in a nascent stage, with only Airtel currently offering 4G services in select circles. But Reliance Industries Limited (RIL) Chairman and CEO Mukesh Ambani is feeling bullish about the future of broadband and data services in India.
Reliance Jio Infocomm, the telecom business division of RIL, is the only company to secure an India-wide permit for 4G services. Speaking at the company’s Annual General Meeting, Ambani said “We are bullish on India's digital markets.”
Searching for high-speed Internet (Image credit: Getty Images)
Ambani added that data services will be more widely available and, more importantly, prices for high-speed connectivity will soon fall. “Broadband prices will fall drastically with this telecom foray,” he said.
Reliance’s telecom business currently employs 3,000 individuals and Ambani told shareholders that there will be a huge rise in recruitment for the telecom arm. The company is set to increase staff in the telecom division to 10,000 in 2014. That would be right on time for the big 4G launch. Reliance’s 4G services are said to start at the end of the year and Ambani believes there is a huge opportunity in the telecom market for building business from the ground up. Speaking about the possible benefits of widespread high-speed connectivity, the CEO mentioned that it could usher in the era of digital currency to India.
Ambani added that Reliance will be investing Rs 1,50,000 crore in the next three years into its various divisions. “RIL is making huge investments at a time of global economic slowdown. Investment in manufacturing and retail will spur growth,” he told shareholders.
Disclosure: The Reliance Group has funded the promoter of Network18, which owns and publishes tech2.com