In On October 15th, Reliance Industries Ltd (RIL) reported a 15.8 per cent increase in net profit at Rs 5,703 crore in the second quarter ended September 30. This is in line with Street expectations. The oil refining giant had earned a net profit of Rs 4,923 crore in the same quarter a year ago.
The company also had some good news for those who are waiting for RILs high-speed 4G services to take off. The company is in process of finalising agreements with global technology players and service providers to offer high-speed broadband wireless services in the country.
In a statement, while announcing the second quarter results, RIL said, ...Is in the process of setting up a world class broadband wireless network using state-of-art technologies and finalising the arrangement with leading global technology players, service providers and infrastructure providers, application developers, device manufacturers and others to help usher the 4G revolution into India.
RIL had made a foray into the telecom arena last year with the acquisition of Infotel, which had emerged as the sole winner of pan-India broadband spectrum, for Rs 4,800 crore.
At the time of Infotel acquisition Mukesh Ambani had said, Reliance also made a substantial commitment to being a leader in the evolution of India's digital economy by acquiring control of a nationwide broadband wireless access licence. We are fully geared to participate in India's growth and continued global recovery in the coming years.
Many analysts are of the opinion that RIL could be earning considerable revenues through broadband and broadband-enabled digital services in times to come.
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