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Jio Platforms (JPL) and SES will own 51% and 49% equity stake in the joint venture respectively.
JPL, India's leading digital service provider, and SES, a leading global satellite-based content connectivity solutions provider, today announced the formation of a joint venture - Jio Space Technology - to deliver the next generation scalable and affordable broadband services in India leveraging satellite technology.
The joint venture will use multi-orbit space networks that is a combination of geostationary (GEO) and medium earth orbit (MEO) satellite constellations capable of delivering multi-gigabit links and capacity to enterprises, mobile backhaul and retail customers across the length and breadth of India and neighbouring regions.
It will have availability of up to 100 GBPS capacity from SES and will leverage Jio's position and sales reach in India to unlock this market opportunity.
As part of investment plan, the joint venture will develop extensive gateway infrastructure in India to provide services within the country.
Jio, as an anchor customer of the joint venture, has entered into a multi-year capacity purchase agreement, based on certain milestones along with gateways and equipment purchase with total contract value of circa $100 million.
This joint venture will be a catalyst for connecting the unconnected areas within India and the region to the full range of digital services, offering access to remote health, government services, and distance learning opportunities.
SES operates the world's only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially-proven, low-latency Medium Earth Orbit O3b system. SES is listed on Paris and Luxembourg stock exchanges.
Jio Platforms (Jio), a wholly-owned subsidiary of Reliance Industries (RIL), has built a world-class all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm). It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology. It is future ready and can be easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.
RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
On a consolidated basis, RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21.
Shares of RIL were down 1.70% to Rs 2336.40 on the BSE.
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