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Reliance Industries Ltd. chairman Mukesh Ambani announced on Monday that the company will spend 2 lakh crore to roll out its 5G services in important cities like Delhi, Mumbai, Chennai, and Kolkata by Diwali and throughout India by December next year as part of a plan to grow and diversify his company.

Ambani claimed that by December 2023, India would have the quickest adoption of 5G wireless telecom services in the entire globe.

Reliance will beat rival Bharti Airtel, which promised to roll out 5G services in 5,000 cities and towns by March 2024, if it succeeds in meeting the goal of achieving pan-Indian coverage.

"We will deploy Jio 5G in a number of important cities within the next two months, including the major cities of Delhi, Mumbai, Kolkata, and Chennai, before Diwali. We will provide Jio 5G to every town, every taluka, and every tehsil of our country by December 2023, which is less than 18 months from today, Ambani said during the company's annual conference.