Reliance Jio Secures Top Rank in Fortune’s ‘Change The World’ Global List

Reliance Jio, the telecom unit of Mukesh Ambani has been ranked as the top company globally on Fortune’s ‘Change The World’ list. For the unaware, Fortune’s ‘Change The World’ list ranks companies using the profit motive to help the planet and tackle social problems. In the list, Jio has been ranked ahead of pharma giant Merck and Bank of America, according to a report of PTI. Chinese group Alibaba is ranked 5th on the list that has food and drug stores Kroger at number six, industrial machinery firm ABB at number 8 and network and communications giant Hughes Network System at number 10.

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“If access to the Internet is a basic human right — and the United Nations declared it one in the summer of 2016 — then Reliance Jio deserves more credit than most for expanding access to it,” Fortune said.

Jio stormed the sector with free calls and data forcing rivals to merge or exit in September 2016 and has amassed 215 million subscribers since then and says it is profitable.

Fortune said Ambani “likes to say it provides the public with ‘digital oxygen'” but “two years ago there wasn’t much oxygen to go around in the world’s second-most-populous country.”

“Mobile phones crawled on 2G networks, and consumers typically paid more than Rs 200 for one gigabyte of data. India had just 153 million mobile Internet subscribers among its population of 1.3 billion.

“Enter Jio, with a speedy 4G network (which it spent billions building out), free calls, and dirt-cheap data (as low as 4 per GB). It has since issued a super-low-cost smartphone and is rolling out fixed broadband service as well,” it said. “The resulting ‘Jio-fication’ has been nothing short of revolutionary; with data use surging and Jio’s competitors scrambling to match its offerings, the development has jump-started India’s digital economy.”

The biggest winners, it said, are those in rural areas or of modest means farmers, students, and entrepreneurs who finally have in their hands the tool they need to participate in the modern economy.

Fortune said the Change the World list recognises companies that have had a positive social impact through activities that are part of their core business strategy. Considering only companies with annual revenues of USD 1 billion or more, the list measures social impact, business results (profitability), the degree of innovation and corporate integration, it said.

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5 Comments on "Reliance Jio Secures Top Rank in Fortune’s ‘Change The World’ Global List"

 

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Sachin
August 21, 2018 8:58 am 8:58 AM

They deserve this award as they made good use of their deep pockets….forcing rivals to merge or exit. Wish to see similar thing happening in E-commerce market taking on likes of Amazon and now Walmart.

KK Pradhan
August 21, 2018 4:38 am 4:38 AM

Well done Reliance Jio.. Within 2 years of launch you have reached 50% of the data users of India. Thanks for giving world class 4G network to India.

Faraz Jio
August 20, 2018 11:09 pm 11:09 PM
I have a feeling that Jio may become 3rd largest or maybe even 2nd largest operator in August itself, before merger & may drop a bomb to Vo-Id TRAI reports for June 2018. Sunil Mittal-led Bharti Airtel, however, retained its position as India’s biggest telco with 344.56 million subscribers, while 4G rival Jio’s customer base has swelled to 215.25 million. Idea and Vodafone India’s customer bases, in turn, have grown to 220.59 million and 222.73 million respectively in June. State-run Bharat Sanchar Nigam (BSNL) reported 0.24 million customer additions, Fringe players such as Tata Teleservices and Reliance Communications lost 1… Read more »
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