‘Biggest risk of my life’: Mukesh Ambani says even if Reliance Jio would have failed, it would have been ‘worth it’; told board ‘in worst case…’

Mukesh Ambani, the billionaire industrialist, has said that launching Reliance Jio in 2016 was the most significant gamble he had undertaken, the ‘biggest risk’ of his life. He added that its transformative impact on India's digital landscape would have justified the venture even if it had not succeeded financially.

Ambani said that despite predictions of Jio’s financial failure, it would have been ‘worth it’ for its digital impact.

Speaking to McKinsey & Co, Asia's wealthiest individual revealed that whilst Reliance Industries deployed substantial capital in establishing 4G mobile infrastructure, financial experts expressed scepticism about its viability, questioning whether India was prepared for such advanced digital services.

"But I told my board, 'In the worst case, we will not earn much return. That's okay because it's our own money. But then, as Reliance, this will be the best philanthropy that we will have ever done in India because we will have digitised India, and thereby completely transformed India'," Ambani was quoted as saying by PTI.


Following its introduction in 2016, Jio has fundamentally altered India's telecommunications sector by offering complimentary voice services and affordable data plans. This strategy compelled competitors to reduce their prices and accelerated digital adoption throughout the nation.

Reliance Jio impact

"We've always taken big risks because, for us, scale is important. The biggest risk we have taken so far was Jio. At the time, it was our own money that we were investing, and I was the majority shareholder. Our worst-case scenario was that it might not work out financially because some analysts thought India wasn't ready for the most advanced digital technology," Ambani, Chairman and Managing Director of Reliance Industries Ltd, said.

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Prior to Jio's market entry, mobile internet services in India remained costly and out of reach for many citizens. The company's launch sparked competitive pricing, which drove down data costs substantially, enabling widespread internet accessibility across urban and rural India, the report said.

This transformation led to substantial growth in internet adoption, with India's user base now exceeding 800 million people, establishing it as one of the world's largest digital markets.

Affordable data access has enabled digital inclusion, particularly benefiting first-time users from economically disadvantaged backgrounds, whilst supporting the expansion of digital services across e-commerce, financial technology, educational technology and entertainment sectors.

Jio has emerged as India's dominant telecommunications provider, serving more than 470 million customers whilst expanding its services across 5G, cloud computing and artificial intelligence sectors.

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"We are believers that, at the end of the day, you come without anything into this world, and you leave without taking anything with you. What you leave behind is an institution," he said.

Reflecting on his father Dhirubhai Ambani's wisdom, he shared: "My father said to me, 'Reliance is a process. It's an institution that should last. You have to make sure that Reliance lasts beyond you and me.' That's my commitment to him -- that Reliance will last beyond us. In 2027, Reliance will celebrate its golden jubilee. But I want Reliance to continue to serve India and humanity even after completing 100 years. And I am confident it will."

Regarding their approach to risk assessment, the focus remains on ensuring survival in worst-case scenarios. The strategy involves anticipating and preparing for the most challenging circumstances.

"About 30 or 40 years ago, I said that another principle I should personally have is to look any of my employees in the eye. At Reliance, we tell our leaders that it's important to have eye contact because then you express your sincerity. I think we can put all our principles to our top 100 leaders by saying, 'These are our principles. We'll do what is right. Whatever we do, we should be able to look at each other and say we are not embarrassed".

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