Jio planning USD4.4bn spend on networks

16 Jan 2017

Disruptive newcomer Reliance Jio Infocomm (Jio) is planning to raise USD4.4 billion from a rights offer and use the proceeds to enhance its network capacity, the Economic Times writes, citing a stock exchange filing. According to the operator, its free offerings are luring around 600,000 new customers a day, with its current subscriber total reaching around 72.4 million. At launch, Jio offered free services to new customers until the end of the year but subsequently extended that offer to the end of March 2017. Even after the initial promotional period, Jio’s plans will include free voice services as standard. The operator’s aggressive pricing has been challenged by the incumbents as having a negative impact on the industry, with several accusing the watchdog of turning a blind eye to behaviour they claim to be anti-competitive. A national tribunal is set to hear the case on 1 February 2017.

India, Reliance Jio Infocomm (Jio)