Mukesh Ambani began his formal address at the 45th Annual General Meeting on Monday. He said that Reliance Jio’s high-quality, redundant and always-available fibre-optic network is the backbone of data traffic from India’s every corner. Jio’s pan-India fibre-optic network is over 11 lakh km in length – enough to go around planet Earth 27 times.

The next generation of Indians is set to achieve more than all the post-Independence generations have collectively achieved so far. And RIL is set to make a far greater contribution to India’s prosperity and progress than we have done so far, he added.

Reliance Industries shares were trading 0.20% higher at Rs 2623.90 apiece on the BSE at 14:20 PM.

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Reliance Industries Limited 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.

The 65-year-old industrialist added “Jio will deploy the latest version of ‘stand-alone 5G'”, noting that the initial rollout would include key cities like Delhi, Mumbai, Chennai, and Kolkata. Part of their fastest 5G rollout plan includes ensuring that Jio delivers the same net speed to every corner of the country by December 2023. 

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“Jio 5G gives ultra-high fiber-like speed over the air without any wires. We are calling it Jio AirFiber. With JioAirFiber, it will be real easy to quickly connect your home or office to Gigabit-speed Internet”, added Akash Ambani, Mukesh’s son.