India's Ambani announces a $25 billion 5G deployment plan.
Mukesh Ambani, an Indian billionaire, has disclosed a $25 billion (£21.3 billion) plan to introduce 5G mobile internet services in the nation within two months.
The high-speed network will be launched in big cities first, including New Delhi and Mumbai, according to Mr. Ambani, the CEO of the telecom-to-retail company Reliance Industries.
By December 2023, he claimed, it would be extended to the whole of India.
The business is also collaborating with Google to create a low-cost 5G smartphone.
At Reliance's annual general meeting on Monday, Mr. Ambani claimed the company's 5G network will be the largest in the world once it was completely operational.The service will be offered by Jio, the biggest mobile network in India and a subsidiary of Reliance.
Without providing any information on the cost or anticipated release date of the device, Mr. Ambani also said that Reliance was collaborating with US technology giant Google to create a "ultra-affordable" 5G smartphone.
In India, the least expensive 5G-capable smartphones presently cost about $150.
The statements were made at a time when competition for control of India's digital future is intensifying.
In an unprecedented $19 billion auction earlier this month for airwaves, including 5G airwaves, Jio emerged as the top bidder.
Additionally, it attracted offers from Vodafone Idea, Bharti Airtel, and a fourth newcomer, Adani Data Networks.
Emerging technologies like driverless cars and artificial intelligence are supported by the fifth generation of high-speed mobile internet, or 5G.
It is thought to be crucial to India's aspirations to develop a $1 trillion digital economy.
As of May, 5G would "not only increase internet speed but also enhance growth and jobs," according to Prime Minister Narendra Modi.
Mr. Ambani also outlined a succession plan for his corporate empire during the lengthy talk to investors.
The 65-year-old official said that his youngest son Anant would join Reliance's new energy division, while his daughter Isha would oversee the company's retail initiatives.
In June of this year, Akash, his eldest son, was named chairman of Jio.
According to the Bloomberg Billionaires Index, Mr. Ambani has an estimated net worth of $91.9 billion, ranking him as the 11th richest person in the world and the second richest person in Asia.
Reliance Industries, which his late father Dhirubhai Ambani began as a textile producer, was born from the company he started.