Mukesh Ambani beats Elon Musk, Jeff Bezos, gets approval to launch...

Mukesh Ambani beats Elon Musk, Jeff Bezos, gets approval to launch...
Reliance Industries chairman Mukesh Ambani continues to expand his business. The 67-year-old has partnered with several international companies to launch services in different sectors. Ambani's Reliance is one of the largest companies in India with a market cap of around Rs 2000000 crore. Now, its subsidiary Jio Platforms, headed by his son Anant Ambani, has got approval from India's space regulator to launch satellite internet in the country, Reuters reported. Several global companies are in a race to connect rural areas of the world via satellite-based internet.

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A joint venture (JV) of Jio Platforms and Luxembourg's SES, Orbit Connect India, got the approval. It aims to provide high-speed internet via satellite. According to a government official, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) gave three approvals to Orbit Connect in April and June, allowing it to position satellites above India. However, more approvals, including from the Department of Telecommunication, are needed to begin operations.

Apart from Reliance, Amazon.com's Kuiper and Elon Musk's Starlink are waiting for approval to launch satellite communication services in India. Another company, Inmarsat, has also gotten approval to operate satellites over India, IN-SPACe chairman Pawan Goenka told Reuters. According to Deloitte, India's satellite broadband service market is expected to grow 36 per cent over the next five years. It may reach USD 1.9 billion by 2030.