Broadband prices to fall drastically: Mukesh Ambani

NEW DELHI: With its telecom business arm Reliance Jio, RIL is betting big on the Indian telecom space, said Mukesh Ambani at the company's AGM. "We are bullish on India's digital markets," he said. 

With the company's telecom foray, Ambani hoped that data services would be more widely available. "Broadband prices will fall drastically with this telecom foray," he said. 

According to Ambani, Reliance Jio will radically transform lives of people. 

The company will increase staff in its telecommunications business unit to 10,000 next year from 3,000 currently, Ambani told shareholders. 

The unit, Reliance Jio Infocomm, is the only company to have nationwide permits for 4G broadband services, but is yet to start commercial services. Ambani sees greenfield opportunities in the telecom space. He also said that digital currency is not a distant future. 

At the group's AGM, Ambani said that RIL plans to invest Rs 1.5 lakh crore in the next three years. "RIL is making huge investments at a time of global economic slowdown," Ambani said. "Investment in manufacturing and retail will spur growth," he added. 

Even as the global economy is facing a major challenge, margins in core businesses are on the upswing, he said. Ambani said that most of the company's expansion will come when global economy recovers. 

Stating that Reliance Industries' business impacts several sectors of national importance, Ambani, said that the company's investments will help boost India's growth.