Reliance Jio set to construct largest submarine cable system; Stock value touches sky

On Monday, Mukesh Ambani owned Reliance Jio Infocomm made an announcement that the company is planning to construct the largest international submarine cable system in India. On Tuesday, as a result of this announcement, the share price of the Reliance industries gained two percent and the value raised higher. The company opened BSE at Rs. 1978 and ended the day with the high of Rs. 2002.65.

The company will execute its plan for the submarine cable system with various key global partners and world-class submarine cable supplier SubCom. Reliance is currently deploying two next generation cables to aid he extraordinary growth in terms of data demand across the region.

In the visionary project, for the first time ever in the history of fiber optics submarine telecommunication, the systems will place the country India at the center of the international network market. This project is a step towards development of India in the sector increasing the importance of India in the data use.

On the NSE, Reliance Industries opened at Rs. 1981 and witnessed an intra day high of Rs.2002.60.

Share prices of Reliance ended at 1.55 and 1.53 percent higher on the NSE and BSE respectively.

by Tapasya Iyer | Tue, May 18 - 06:11 PM

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