indias reliance announces launch
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Of 4G mobile services

India's Reliance announces launch

Egypt Today, egypt today

Egypt Today, egypt today India's Reliance announces launch

India's Reliance Industries chairman Mukesh Ambani (C)
Mumbai - Arab Today

India's richest man Mukesh Ambani announced on Thursday that his Reliance Industries' long-awaited 4G mobile services would finally launch this month, sending shares of rival Bharti Airtel plummeting almost seven percent.

Ambani told shareholders at the Mumbai-based company's annual general meeting that the multi-billion-dollar telecommunications network, called Reliance Jio Infocomm, would be rolled out from September 5 following repeated delays.

The Reliance Industries chairman said it would cover 90 percent of India's 1.25 billion population by March 2017.

The launch has been hotly anticipated in India whose notoriously patchy mobile network is known for bad reception and irregular pricing structures.

Stocks in Bharti Airtel, which has already launched 4G, slumped 6.83 percent on the Bombay Stock Exchange in late morning trade after the announcement.

"We can transform India from a high price data market to one with the lowest data rates anywhere in the world," said Ambani, promising cheaper tariffs and free calls within India and no roaming charges. 

Reliance Industries has spent billions of dollars purchasing wireless spectrum at auction from the government in recent years as it looks to dominate India's cut-throat mobile market of an estimated 952 million users.

It was initially due to offer 4G mobile services from the end of 2015 but pushed the date back several times without explaining why, as Bharti Airtel snapped up millions of customers.

Market leader Bharti Airtel cut its prices for mobile data services earlier this week ahead of Reliance's AGM in a bid to stop users switching to Jio in coming months.

But experts believe the estimated $15-billion Jio launch will be a game-changer for the Ambani-led Reliance group.

Reliance derives most of its earnings from its massive energy operations and is trying to diversify its business. 

Billionaire industrialist Ambani said Jio's tariff plans would start from around 150 rupees a month ($2.24) and would cost up to 5000 rupees for high-speed data services.

Reliance investors appeared unimpressed by the announcement with shares slipping 0.90 percent.

Source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indias reliance announces launch indias reliance announces launch



GMT 15:49 2011 Friday ,10 June

Oil firm wins injunction against Greenpeace

GMT 10:27 2015 Monday ,06 July

Mini to launch ‘Clubman’ in 2016

GMT 17:21 2011 Wednesday ,23 February

Lampard Desperate To Win The Champions League

GMT 10:13 2018 Tuesday ,09 January

Barcelona to unveil 160m Coutinho

GMT 23:03 2017 Monday ,16 January

Bank of Korea: Money Production Cost Rise in 2016

GMT 20:33 2011 Friday ,06 May

Asad\'s army arrests all men over 15 in Daraa

GMT 11:55 2011 Tuesday ,29 November

Ultrabooks could save the PC

GMT 13:02 2012 Saturday ,01 September

Zombies and Morons compete

GMT 07:31 2017 Tuesday ,20 June

Sisi keen on attaining unity

GMT 11:50 2015 Saturday ,26 September

The Library of Fragrance announces January launches

GMT 06:28 2014 Saturday ,18 October

Asian Junior Volleyball tourney kicks off in Bahrain
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday