Reliance AGM 2022: Jio partners with chipmaker Qualcomm

Mukesh Ambani began his formal address at the 45th Annual General Meeting on Monday. Mukesh Ambani announced a partnership with US-based chipmaker Qualcomm

“We are privileged to have the world’s leading tech cos as partners in our ‘Made in India’ 5G collaboration viz. Meta, Google, Microsoft, Ericsson, Nokia, Samsung, and Cisco. Today, I announce an exciting partnership with Qualcomm,” said Mukesh Ambani.

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The company posted a 46.3% growth in consolidated net profit to Rs 17,955 crore in Q1FY23 compared to a profit of Rs 12,273 crore in the same quarter last year. Q1 PAT climbed 10.8% from Rs 16,203 crore in the preceding quarter. The bottom-line figures are attributable to the owners of the company. Consolidated revenue from operations climbed to Rs 223,113 crore up by 54.5% in the quarter under review, from Rs 144,372 crore in Q1 last year, and recorded a single-digit growth of 5.3% from revenue of Rs 211,887 crore in Q4FY22.

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Cristian Amon, the CEO of Qualcomm, was also excited about the new collaboration. He said, “As India celebrates 75 years of Independence, with Reliance Jio, we’re committed to developing the digital infrastructure that enables the success of citizens and businesses, and achieves the New India.”

Ambani went on to claim that 5G services will be launched in multiple Indian cities by Diwali, and by Christmas, the same will be launched in every Indian town. He also said that the company has invested Rs 2 lakh crore for a pan-India rollout. 

Jio has collaborated with a number of major companies to boost its products and services. It has joined forces with Microsoft for its Azure system and its suite of business applications that are cloud-enabled. Another significant tie-up Reliance has made is with Intel. This was in lieu of edge locations for 5G and cloud-scale data centres.