Mukesh Ambani chairman of Reliance Industries, made significant statements at the 45th annual general meeting of the oil-to-telecom behemoth, including the debut of 5G telephony by Diwali and revealing clear signals about his succession plan.

Ambani disclosed a Rs 2 lakh crore investment plan for the implementation of 5G telephony by Diwali in major cities. By Diwali, he claimed, 5G services would be made available in a number of significant cities, including Mumbai, Delhi, Chennai, and Kolkata. The company’s ultimate goal is to link every town, taluka, and tehsil by December 2023.

In order to provide ultra-high speed internet, Reliance Jio, India’s largest telecom provider, has installed a separate 5G stack rather than updating the current 4G network, he added.