Quick Take
- Reliance Shares Climb as Jio partners with SpaceX for Starlink.
- RIL Stock Rises Over 1% before trimming early gains.
- Jio-Starlink Deal Fuels Optimism amid market fluctuations.
Shares of Reliance Industries Limited (RIL) jumped in early trade on Wednesday after Jio Platforms announced a partnership with Elon Musk’s SpaceX to bring Starlink’s satellite internet to India.
While RIL shares gained over 1% initially, market volatility led to some profit booking. By 10 AM, the stock was trading 0.35% higher at ₹1,251.50.
Jio has partnered with SpaceX to bring Starlink’s satellite broadband to India, pending regulatory approvals. If approved, Jio will offer Starlink connections through its stores and online platforms.
Jio CEO Mathew Oommen emphasized the company’s commitment to delivering high-speed internet across India, calling the Starlink partnership a key step toward better connectivity. Jio will manage installations, sales, and customer support for Starlink users.
The deal comes just a day after Airtel also announced a tie-up with SpaceX, setting the stage for intense competition in India’s satellite broadband market. Both Jio and Airtel are exploring further collaborations with SpaceX to enhance digital infrastructure.
SpaceX President Gwynne Shotwell praised Jio’s efforts to expand internet access and confirmed that SpaceX is awaiting regulatory approval to roll out Starlink services in India.
However, despite the excitement, Starlink still lacks the necessary licenses to operate in India. SpaceX has been seeking spectrum approvals for a while but hasn’t succeeded yet. With both Jio and Airtel now backing the initiative, the regulatory process could accelerate. If approved, Starlink could disrupt India’s broadband market, providing an alternative to traditional fiber and mobile networks.
