Telecom sector is in focus now and the BSE Telecom Index is now down 2%. Key industry majors like Bharti Aitel are Jio are grabbing headlines on the back of individual deals signed with Elon Musk’s SpaceX to bring Starlink’s satellite-based high speed broadband services to the country.
Let’s break down the latest updates and how they could impact telecom stocks in the days ahead.
Bharti Airtel joins hands with SpaceX
In a major announcement, Sunil Mittal-led Bharti Airtel announced on March 11 that it has signed an agreement with SpaceX to bring Starlink’s high-speed satellite internet to India. The deal will also position Airtel as a key player in satellite broadband.
“Airtel and SpaceX will explore offering Starlink equipment in Airtel’s retail stores, Starlink services via Airtel to business customers, opportunities to connect communities, schools, and health centers, among many others, in even the most rural parts of India,” added the company in the exchange filing on March 11.
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Mukesh Ambani’s Reliance Jio, India’s largest telecom operator, wasn’t far behind. Shortly after Bharti Airtel’s announcement, Jio Platforms Limited (JPL) announced its own agreement with SpaceX to offer Starlink broadband services. However, the deal is subject to regulatory approvals. The partnership will allow Jio to integrate Starlink solutions into its existing service portfolio, potentially giving it an edge in the market.
“Through this agreement, the parties will leverage Jio’s position as the world’s largest mobile operator in terms of data traffic and Starlink’s position as the world’s leading low Earth orbit satellite constellation operator to deliver reliable broadband services across the country, including the most rural and remote regions of India,” said the company in a media release.
Interestingly, apart from this, there are also reports suggesting that Reliance Jio is also gearing up for a much-anticipated IPO this year, though no official confirmation has been made.
The rivalry between the two telecom giants is set to intensify as they race to dominate India’s satellite internet space.
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With these latest developments,
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