Reliance Jio to roll out 5G in 4 key cities by Diwali

Billionaire Mukesh Ambani on Monday announced that Reliance Jio will roll out 5G in four key cities - Delhi, Mumbai, Kolkata and Chennai - by this Diwali, and promised to cover the entire country by December 2023.

"Using 5G, we can accelerate the roll-out of top quality, highly affordable fixed broadband services," Mukesh Ambani said at Reliance Industries's 45th annual shareholders meeting, adding that "Jio 5G will be the world's most advanced 5G".

Addressing investors, Ambani said there is uncertainty due to heightened geopolitical tensions and global risks and India stands as a beacon of growth and stability amid this crisis.

There is severe economic stress in many parts of the world, he said.

The company has committed Rs 2 lakh crore ($25 billion) to roll out the 5G services, Chairman Mukesh Ambani said. "Jio 5G services will connect everyone, every place and everything with the highest quality and affordability. We are committed to making India a data-powered economy even ahead of China and the US," said Muksesh Ambani.

Earlier this month, Jio emerged as the biggest spender in India's $19 billion 5G spectrum auction, winning airwaves worth $11 billion.

The government aims to begin the roll out of 5G - which it says can provide data speeds about 10 times faster than 4G - by October this year. Globally, the next generation network is seen as vital for emerging technologies like self-driving cars and artificial intelligence.

($1 = Rs 79.9550)