Reliance Industries chairman Mukesh Ambani on Monday in a rare interview organised by The Print, a digital media outfit owned by senior journalists Shekhar Gupta and Barkha Dutt, explained how his new telecom venture, Reliance Jio is not a “punt” but a well-engineered business.
However, speaking to Shekhar Gupta, Ambani did take a shot at his competitors as he termed the trouble with inter connectivity as similar to a meritorious student "getting ragged".
The interview on the sets of “Off the Cuff” lasted for close to 2 hours and touched on numerous issues. But his comments on Reliance Jio made for the most interesting bytes in the interview.
Jio a Well Thought Out Business
Replying to a question about how he can he justify investment of Rs 1.5 trillion on the new entrepreneurial "punt" he had taken, Mukesh Ambani said his new telecom venture Jio is not a gamble but a well thought-out and well-engineered business, while terming the trouble with interconnectivity as similar to a meritorious student "getting ragged".
It is no punt. It is a well thought-out, well executed, well engineered ecosystem. It is a Rs 2,50,000 crore investment.Mukesh Ambani, Chairman, Reliance Industries
When quizzed about the troubles Jio had with the regulator and the incumbents, he said, "Yes we had troubles" and compared it to a bright student getting admission into prestigious institute on merit but getting ragged in the hostel for being meritorious.”
You have to take it in the right spirit. There is a principal and there is an ecosystem so there is a governance system...I’ve no problem as long as I or Reliance get ragged, you are the big boys and you can take it but the consumer should not suffer and I think that is what Jio is doing.
At the much-delayed launch last month, Ambani had said the company had invested Rs 1.5 trillion into his new venture. But on Monday he said the group had already pumped in Rs 2.5 trillion into his second attempt at telecom, offering highspeed 4G services with focus on data.
Stating that Jio meets all the criteria of investment that Reliance has set out openly, Ambani said:
Reliance at this scale and size will not do anything that does not create huge societal value. At the end of the day I strongly believe that the society gives the licence to operate and making only money is not the licence.
He reiterated that Reliance's consumer businesses, which consist of digital services, media and entertainment and retail, in the next few years will be as big as its energy business.
Reliance Jio has Brought the Opportunity for a Digital Revolution in India
When asked if Jio had disrupted the telecom market with low data tariffs, Ambani said, "What I really don't understand is that you progress from generations of technology. It is not new as we had announced it in 2010-11.
"We didn't do anything on stealth. In all my AGMs we have said we are going to bring the Internet to the masses because I firmly believe that the benefits of technology should go to the end-consumer," he said.
Jio had brought about an opportunity for all incumbent operators to work together and take the nation to the next level of digital revolution, Ambani added.
Nation First, Not Art Says Mukesh Ambani
Speaking on matters more political, Ambani said those opposing the ban on Pakistan artistes in India were correct, adding that the nation should come first and not arts and culture.
I am absolutely clear about one thing - that for me it is always country first. I am not an intellectual so I don’t understand all these. But undoubtedly like for all Indians, India is first for me.Mukesh Ambani, Chairman, Reliance Industries
The statement from the richest Indian, a known movie buff, comes amid criticism from some quarters of the demand for a ban on Pakistan actors in the wake of Uri terror attack, blamed on the militants operating from the neighbouring country.
India Lucky to Have a PM Like Narendra Modi
Asked whether he will join politics, Ambani replied in the negative, saying "I am not made for politics."
However, did say put his faith behind the men running the country currently, adding that he feels the country is lucky to have a Prime Minister like Narendra Modi.
I think India is fortunate to have Narendrabhai as Prime Minister,” said India’s richest man, thereafter deftly sidestepping Gupta’s question on allegations such as ‘ye Ambani Adani ki sarkar hai
(With PTI Inpts)
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