Reliance Industries said it would launch super-fast internet in India next month...
MUMBAI - Reliance Industries said it would launch super-fast internet in India next month, stressing that partnerships would be its path to growth as it announced a tie up with Microsoft and a stake sale in its oil unit to Saudi Aramco.
The tech push and the planned stake sale comes as Reliance - India’s second-biggest company by market value - looks to bolster its consumer businesses and diversify from its core oil and petrochemicals operations. “We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years,” he said.
Microsoft and Jio will launch cloud data centres in India, the two executives said. Jio will provide free cloud services for startups for as little as 1,500 rupees a month, which Ambani said was less than one-tenth of global rates. Jio, which has over 340 million subscribers, said its GigaFiber broadband services will include access to television channels, fixed-line telephone calling and video conferencing with prices starting at 700 rupees per month.Ambani, Asia’s richest man, said on Monday Reliance is planning to sell a fifth of its oil-to-chemicals business to Aramco in what would be one of the largest foreign investments in the country.
FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave
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