The shares of the Telecommunication-Service provider companies Bharti Airtel and Jio Platforms are in focus upon announcing an agreement with SpaceX to bring Starlink’s High-Speed internet to its customers in India.
Price Action
With a market capitalization of Rs. 9,36,456.76 Crores on Wednesday, the shares of Bharti Airtel Ltd jumped upto 3.37 percent making a high of Rs. 1717.25 compared to its previous closing price of Rs. 1661.20.
With a market capitalization of Rs. 16,87,148.59 Crores on Wednesday, the shares of Reliance Industries Ltd jumped upto 1.13 percent making a high of Rs. 1261.55 compared to its previous closing price of Rs. 1247.40.
What Happened
The Telecommunication-Service provider companies Bharti Airtel and Reliance Industries Ltd’s subsidiary Jio Platforms Limited, have announced an agreement with SpaceX to bring Starlink’s High-Speed Internet to its Customers in India.
Bharti Airtel Ltd
The agreement with SpaceX aims to bring Starlink’s High-Speed Internet, and they also have plans to sell Starlink equipment in its stores and offer Starlink services to businesses, as well as connect rural communities, schools, and health centers.
Furthermore, the partnership will also explore how Starlink can improve Airtel’s network and how Airtel’s infrastructure can support SpaceX, and along with Airtel’s existing partnership with Eutelsat, OneWeb, will help Airtel expand its connectivity and provide better services to areas with limited access.
Jio Platforms Limited (JPL) has partnered with SpaceX to bring Starlink’s high-speed internet services to India. The goal is to improve Jio’s broadband services and provide better connectivity, especially in rural and remote areas.
The company will sell Starlink equipment in its stores and online, offering installation and customer support. This partnership will ensure reliable internet for businesses and communities, working alongside Jio’s existing services like JioAirFiber and JioFiber. Both companies are also looking at other ways to work together to boost India’s digital growth.
Management Commentary
Gopal Vittal, Managing Director and Vice Chairman, Bharti Airtel Ltd said “Working with SpaceX to offer Starlink to Airtel customers in India is a significant milestone and further demonstrates our commitment to next-generation satellite connectivity and this collaboration enhances our ability to bring world-class high-speed broadband to even the most remote parts of India, ensuring that every individual, business, and community has reliable internet. Starlink will complement and enhance Airtel’s suite of products to ensure reliable and affordable broadband for our Indian customers – wherever they live and work”
Mathew Oommen, Group CEO, Reliance Jio said, “ Ensuring that every Indian, no matter where they live, has access to affordable and high-speed broadband remains Jio’s top priority. Our collaboration with SpaceX to bring Starlink to India strengthens our commitment and marks a transformative step toward seamless broadband connectivity for all.
By integrating Starlink into Jio’s broadband ecosystem, we are expanding our reach and enhancing the reliability and accessibility of high-speed broadband in this AI-driven era, empowering communities and businesses across the country”
About the company
Airtel is a global communications solutions provider with over 550 million customers in 15 countries across India and Africa. The company ranks amongst the top three mobile operators globally and its networks cover over two billion people. Airtel’s retail portfolio includes high speed 4G/5G mobile broadband, Airtel Xstream Fiber that promises speeds up to 1 Gbps with convergence across linear and on-demand entertainment.
Jio Platforms Limited, a subsidiary of Reliance Industries Limited, has built a world-class all-IP data strong future proof network with the latest 5G and 4G LTE technology. It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology.
Written by Sridhar J
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