RIL 43rd AGM: Jio is 5G ready, to be deployed next year

Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Wednesday announced a launch of 5G solution. The product developed by Reliance Jio will be ready for field deployment by next year. It will start 5G trials once the spectrum is available. Ambani said, "Jio has completed a complete 5G solution from scratch. It will enable us to launch a world class 5G service in India." The Jio Platforms will be positioned with 5G solutions with other telecom providers, Ambani added.

Using these technologies, Jio can create compelling solutions that span multiple industry verticals and ecosystems like media, financial services, new commerce, education, healthcare, agriculture, others, Ambani added.

Mukesh Ambani also announced that Google would invest Rs 33,737 crore in Jio Platforms. "We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crore for a 7.7% stake in Jio Platforms," he said. Mukesh Ambani said this at RIL's 43rd annual general meeting (AGM) online on Wednesday. It is RIL's first virtual AGM in the wake of COVID-19 pandemic.

At the last AGM on August 12, 2019, Ambani announced a roadmap for Reliance to become a net-debt free company before March 31, 2021.

But the oil-to-telecom conglomerate achieved net-debt free status last week itself on the back of a record Rs 1.69 lakh crore fund raising from stake sales and rights issue.

RIL secured over Rs 1.15 lakh crore from global tech investors including Facebook by selling a little less than a quarter of its digital business and raised Rs 53,124 crore by selling shares to existing investors in the past 58 days.Also read: Trump rescinds F1 visa order; international students can now take online classes

Also read: Yes Bank raises Rs 4,098.46 crore from anchor investors ahead of FPO today