For this, consumers can thank Mukesh Ambani, a 61-year-old petrochemicals titan who is the country’s richest man. From his perch overseeing Reliance Industries Ltd., one of India’s largest conglomerates, Ambani has plowed more than $38 billion into his wireless entry, Reliance Jio Infocomm Ltd.
It’s a classic business disruption. Jio has quickly garnered 14 percent of a market that is expanding rapidly, putting pressure on other mobile phone providers.
Along the way, virtually every promise Ambani made about the company’s performance in the marketplace has held up, from inexpensive Jio handsets to state-of-the-art wireless connections.
But one claim merits a closer look: that Jio has been profitable virtually from its commercial launch. And it’s a worthwhile exercise, given talk of a possible initial public offering for the unit or even an acquisition.
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