The two companies also announced their separate plans of investing a total of Rs 6,500 crore on digital infrastructure for 4G telecom services in the state.
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"Punjabis are the brand ambassadors of India. We are present in Punjab in manufacturing, retail. We are also rolling out our first digital infrastructure for 4G in the state with an investment of about Rs.2,500 crore," Ambani said at the Progressive Punjab summit.
"For further enhancing the digital experience, we can have a collaborative partnership with our friend Mr. Mittal," Ambani said. Meanwhile, Bharti Airtel signed an initial agreement with the Punjab government committing an investment of Rs.4,000 crore towards building digital infrastructure for 4G services, Airtel has already rolled out 4G services in select cities, including Chandigarh and Mohali. Reliance Jio Infocomm is the only company which has pan-India airwaves that can be used for 4G services.
This is the second time Ambani is extending a friendly hand towards Mittal. In April, their companies joined hands to share capacity of a submarine cable. Last week, minister of state for communication and IT Milind Deora'sharing a dais with Prime Minister Manmohan Singh, appealed to the telecom industry to sort out differences among them for development of the sector.
Reliance stock price
On December 09, 2013, Reliance Industries closed at Rs 878.50, up Rs 11.25, or 1.30 percent. The 52-week high of the share was Rs 954.80 and the 52-week low was Rs 765.00.
The company's trailing 12-month (TTM) EPS was at Rs 67.88 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.94. The latest book value of the company is Rs 557.05 per share. At current value, the price-to-book value of the company is 1.58.