After WB and Maharashtra, Mukesh Ambani commits Rs 10K Cr in UP

Reliance Industries Limited (RIL) Chairman Mukesh Ambani has announced to invest Rs. 10,000 crore in Uttar Pradesh over the next three years.

“Jio will invest another Rs 10,000 crore in Uttar Pradesh over the next three years. We aim to bring Jio to every village in the state by the end of this year,” Ambani said while making four commitments at the Uttar Pradesh Investors’ Summit for the state.

Ambani said he wants the youths of the state to be smart using Jio Phone, which is available for a nominal deposit of Rs 1500.

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Jio feature phone, in the quarter to December by shipments claimed to have a 27 per cent share in the feature phone segment.

Ambani further said that his firm will make available over two crore JioPhones in UP within the next two months on a priority basis. Through the investment, he claimed to create over one lakh sustainable livelihood opportunities in the State.

UP CM Yogi Adityanath claimed that over 1,045 MoUs have been signed in this Investors Summit, whose worth is equivalent to Rs 4.28 lakh, which is the budget estimate of the state.

On Sunday, during ongoing Magnetic Maharashtra summit, Ambani-led RIL had signed 25 MoUs at the ongoing 'Magnetic Maharashtra: Convergence Summit 2018' with its global partners including Cisco, Siemens, HP, and Nvidia to invest around Rs 60,000 crore over 10 years to create 100,000 jobs.

Earlier in January, Ambani had announced Rs 5,000 crore investment in West Bengal to start manufacturing mobile phones and set-top boxes. RIL has invested around Rs 15,000 crore in the state during the past three years.

RIL is also planning to go public by next year-end. So far, the company has invested $31 billion in its telecom venture, which was launched in September 2016. The company’s subscribers base stands at 160.1 million users.

Ambani had in his earlier speech emphasised that RIL will invest over Rs 250,000 crore across the Digital India pillars. He eyes to set up digital infrastructure across all the 29 states in India.