Jio Platforms announces joint venture with SEC
The firm, founded by Asia’s richest man, Mukesh Ambani, is pursuing satellite broadband, a market where billionaires Sunil Mittal’s OneWeb and Elon Musk’s SpaceX have big plans.
The joint venture will use satellites in geostationary and medium earth orbits
According to a release from the SEC, Jio Platforms Itd. has formed a joint venture with the exchange to provide next-generation services in India utilizing satellite technology.
Jio Platforms will own 51% of Jio Space Technology Ltd., while the SEC will own the remaining 49%.
According to the announcement, the joint company would deploy multi-orbit space networks, which combine satellite constellations in geostationary and medium earth orbits to provide a multi-gigabit Internet channel to businesses, retail users, and wireless service networks across India and nearby countries, according to the announcement.
With a multi-year capacity purchase agreement worth $100 million, Jio Platforms will be the joint venture consumer.