RIL AGM: What Mukesh Ambani did with 5G is a big announcement, find out the details
The 43rd AGM of Reliance Industries was held online this time in view of the Corona crisis. Millions of Reliance shareholders attended the meeting through various virtual platforms.
Addressing the AGM, Mukesh Ambani said that more than one million homes have been connected to Geo Fiber. Geo has developed a 5G solution. There will be more than 50 crore Geo customers in three years.
"We will provide world class 5G services in India," said Mukesh Ambani. We will also provide 5G solutions to global telecom operators. Geo's 5G solution is dedicated to Prime Minister Modi. As soon as we get 5G spectrum we will start the trial. The technology could be ready for use in the field by next year.
Recent months have seen a huge surge in data traffic due to the Corona epidemic. Geo's mobile broadband network is huge and delivered 500 crore GB of data last month, Ambani said.
Other key points of Mukesh Ambani's speech
- During the meeting, Mukesh Ambani said, Corona virus has become a big challenge but India and the world will come out of it quickly and grow well.
- Mukesh Ambani said, there are opportunities in times of crisis. RIL's market cap has crossed 150 150 billion.
Announcing the deal with Google, Ambani said Google would buy a 7.7 per cent stake in Geo. For this, Google will invest Rs 33,737 crore in Geo.
- We have kept our promise to get out of debt ahead of time.
Ambani, addressing the primary ever virtual Annual General Meeting of RIL, laid the longer term roadmap for the corporate and announced Google's investment in Jio, and plans to launch a homegrown 5G service.
This will enable Jio to launch a “world-class 5G service in India”. Ambani stated that this 5G solution are going to be ready for trials as soon as 5G spectrum is out there and be ready for field deployment next year.
Here’s the complete text of the RIL Chairman’s Address:
My Dear Shareowners,
A very warm afternoon to every and each one among you.
It gives me great pleasure to welcome you to the 43rd Annual General Meeting of Reliance Industries Limited.
Dear shareholders, the corona crisis is that the most disruptive event in modern human history. The resultant depression has compounded the worldwide community's hardships.
However, I even have little question India and therefore the world will achieve faster progress, greater prosperity and a replacement quality of development post the Covid crisis. And, I also strongly believe that each adversity presents multiple new opportunities. Take this AGM itself.
All folks are participating in it through our brand-new digital product – called JioMeet.
JioMeet, since its release a couple of days ago has already been downloaded by quite 5 million users. it's India's first and only cloud-based video-conferencing app. And you'll be proud to understand that it's been built by a young Jio Platforms team in only two months.