New Delhi : After having put India on the cusp of becoming the world’s largest data network through his last venture Reliance Jio Infocomm Ltd, India’s richest man Mukesh Ambani on Friday said that he will look at areas such as agriculture, education, healthcare as the next avenues of growth for his company Reliance Industries Ltd.
“As we move forward, we will look at issues that create more and more value for all Indians. I think agriculture is difficult; education is important; healthcare is the most difficult. We can only think about what we can do in each of these areas,” Mukesh Ambani, chairman of the Mumbai-based company, said at the Hindustan Times Leadership Summit in New Delhi.
“What we did with Jio, not many in the world had backed us but… India in terms of the data infra will be ahead of the US by 2019,” he added.According to him, Jio is on course to turn profitable, as the company is already ahead of its schedule in terms of the returns that it is generating.
Mukesh Ambani and Jio are often accused of having disrupted India’s telecom sector with their ultra cheap offerings that made data available to millions of Indians and made India the largest consumer of data in the world, ahead of even the US and China.
India now ranks number one in broadband connectivity index as against 150th before Jio’s launch. Yet, Indian telecom czar Sunil Mittal, in an interview , he said that Jio has made industry write off as much as $50 billion since its launch.
Airtel, of course, is locked in a fierce turf war with Reliance Jio, which has sought to disrupt the market leader’s dominance through a series of ultra-cheap services and now affordable handsets. The companies have also sparred over the so-called IUC, or interconnection usage charges.
Mukesh Ambani has a different take and continues to consider Mittal his “friend” but believes that the industry should not be dependent upon regulations or policies for their profits.
“For all of us within industry, profits and losses are risks that we take. I don’t think that we can rely on regulators or governments to make profits. For us, the most important (thing) is: do we really move the country forward and does the consumer gain? So, even if there are profits and losses, who gains and who loses? If the consumer gains and the country moves forward, it is worth taking those losses. Some of us as big boys, we can afford that,” he said.
Source : https://goo.gl/dXhgNJ