Mukesh Ambani Discloses Jio Earnings for the First Time
Mukesh Ambani, the Chairman of Reliance Industries has published the financial reports of Jio Infocomm. The Indian business tycoon has disclosed the business's earnings for the very first time.
Jio Infocomm has reportedly suffered a net loss of Rs 271 crore. The leading telecom company has acquired more than 138.7 million subscribers in a short span of time. The company has reported the revenue of Rs 6170 crore in less than a year. The telecom network has spent a big chunk on customer acquisition since the launch.
The telecom operator has shocked the telecom industry with its undercutting pricing plans. Reliance Jio plans to further slash their tariff to acquire more users. The company is also exploring merger options to survive. Most of the leading telecom companies in India believe that Jio can consolidate the market.
Jio ranks fourth in terms of the number of mobile subscribers in India. The company recently launched JioPhone worth Rs 1500 with 4G data and unlimited VoLTE calls. The company is already offering 4G data plans that cost as low as Rs 23 for two days. Indian telecom companies are forced to slash their prices to meet the customer demands after Jio's launch.
Reliance Industries has gained heavy benefits since the launch of Jio. The shares prices of Reliance Industries Ltd rose by 0.4% to Rs 876.45 a share after the Chairman disclosed Jio earnings. Reliance was officially in talks with Aircel Ltd for merger but the deal fell apart in early October.