With a clever mix of cutting-edge technology, competitive pricing and attractive content, Reliance Jio seems all set to strike gold
Mukesh Ambani's stake in oil is extensive. It contributes the bulk of his business empire's earnings, and he recently completed another round of capital expenditure, commissioning a few big-ticket refinery projects this year. But it is not oil that India's richest man is betting his future on—he is convinced that data is the new oil.
In 2016, Ambani, the chairman of Reliance Industries Ltd, launched a telecom venture, Jio, which disrupted the market, bringing down call and data charges and triggering a wave of consolidation. It turned profitable in two years, seizing a 22 per cent market share. More importantly, Jio changed the way Indians used mobile phones. In 2016, the average mobile data consumption in India was about 1GB a month. Now the average data consumption of a Jio user is 11GB a month. “We are by far the world's largest mobile data network and the largest VOLTE [voice over LTE] network, and we continue to be so with the lowest call drop rate,” said Anshuman Thakur, head of strategy at Reliance Jio.
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