WTO TALKS ON BRINK OF COLLAPSE ON FOOD SECURITY
The WTO talks in Buenos Aires are staring at collapse, with the US refusing to engage in the effort to find a permanent solution to the public stock holding issue. ››
NEW DELHI: Reliance Industries Ltd is considering an initial public offering for its telecom unit Reliance J io Info comm Ltd by the end of 2018 or early 2019, Bloomberg reported, citing people familiar with the development.
The listing on the bourses will take place after Jio reports some improvement in its fin an ci a ls, the report said.
R IL, led by Muke sh Am bani, is conducting internal discussions to explore the possibility of listing its telecom business but there is no certainty that the initial share sale will happen eventually, Bloomberg said.
“With reference to your query regarding a media article published on Jio’s IPO plans, we would like to state that the said article is speculative and as a policy, we do not comment on media speculation and rumours,” an RIL spokesperson said.
A fierce price war triggered by the entry of Reliance Jio in September last year, forcing rivals to match J io’ s offers of free calls and cut-priced at a tariffs. Theentry of Jio also marked the beginning of consolidation in the world’s second largest telecom market by subscribers.
THE LISTING ON THE BOURSES WILL TAKE PLACE AFTER RELIANCE JIO REPORTS SOME IMPROVEMENT IN ITS FINANCIALS
Jio’s entry triggered the ongoing merger of Vodafone India Ltd and Idea Cellular Ltd, the country’s second and third largest operators, to create India’s largest telecom operator once the transaction is completed. Bharti Airtel Ltd, the country’s largest telecom service provider, decided to take over the telecom business of Tata Group.
Reliance Jio has more than 138.6 million customers as of September 30.
Jio reported a net loss of ₹271 crore in the quarter ended September 30, though the business made a profit before interest and taxes in that period.
According to Bloomberg Billionaires Index, Muke sh Am ban i has a net worth of $40 billion.
Shares of Reliance Industries shed 0.09% to ₹915.05 on the Bombay stock Exchange (BSE). The stock has surged 70% year to date, giving the company a market value of about $93 billion.