Reliance Jio has tied-up with Luxembourg-based satellite and telecom services provider SES to provide satellite-based broadband communication services in India. Mukesh Ambani-controlled Jio Platforms Ltd. will set up a joint venture to provide satellite-based broadband services across India as it joins the race with SpaceX and OneWeb to offer reliable, high-speed internet everywhere. Under the agreement, Jio Platforms has formed a joint venture with SES, named Jio Space Technology Ltd.
The joint venture will deliver the next generation scalable and affordable broadband services in India, leveraging satellite technology. The holding company for digital and telecom assets of Reliance Industries Ltd. and Luxembourg-based SES SA will own 51% and 49% equity stake, respectively, in the joint venture, Jio Space Technology, according to an exchange filing. The total value of the contract is around $100 million.