Intellectual property to be pillar of RIL's value creation journey, says Mukesh Ambani

The RIL chairman also announced that his group''s digital arm Jio is developing a homegrown 5G telecom solution.

FP Staff July 15, 2020 21:56:34 IST
Intellectual property to be pillar of RIL's value creation journey, says Mukesh Ambani

Reliance Industries Limited chairman Mukesh Ambani told shareholders at the company's Annual General Meeting that intellectual property will be an important pillar of the conglomerate's value creation journey.

"Jio Platforms has been conceived with vision of developing original, captive intellectual property, using which we can demonstrate transformative power of technology across multiple ecosystems – first in India, and then rest of world," Ambani said.

The RIL chairman also announced that his group''s digital arm Jio is developing a homegrown 5G telecom solution.

"Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting.

Ambani on Wednesday addressed the conglomerate's first virtual annual general meeting (AGM). In his address, he made major announcements — from Google buying a 7.7 percent stake in exchange for an investment of over Rs 33,000 crore to the progress on indigenous 5G network and expansion of JioMart.

Ambani said RIL has become the first Indian company to exceed market cap of $150 billion. Consumer business continued to deliver EBITDA (earnings before interest, taxes depreciation and amortization) growth of 49 percent this year, he added.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

 

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