RIL AGM 2019: Reliance Jio subscriber base at over 340 mn, ready to kick-start four new growth engines, says Mukesh Ambani

Mumbai: Mukesh Ambani on Monday said that Jio which has amassed over 340 million subscribers in less than three years, 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 the high-speed 4G network, he said. [caption id=“attachment_4402725” align=“alignleft” width=“380”] Representational image. Reuters. [/caption] 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. 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 a 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 the entire country, home and enterprise broadband, broadband for small and medium enterprises (SME),’ he added. (Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)