Jio announces new tariffs after pulling out free data offer
A day after withdrawing its summer surprise offer, Reliance Jio on Tuesday launched a new plan that offers its Prime members 1GB data per day at 4G speeds for 84 days for ₹309.
The cost of the three-month unlimited-data plan is ₹6 more than the Summer Surprise offer.
“The plans start with the most affordable ₹309 all unlimited plan, which provides unlimited SMS, calling and data for three months on first recharge,” Jio said in a press statement.
The firm also announced a ₹509 unlimited plan for customers with high data usage — offering unlimited SMS, calling and data (2GB a day at 4G speeds) for three months on the first recharge.
“Considering the special benefits that are available to Jio Prime members, customers who were unable to subscribe to Jio Prime for any reason, can continue to do so by paying ₹408 or ₹608 to avail these benefits,” Jio said.
The firm withdrew its Summer Surprise offer of free services owing to a directive from the Telecom Regulatory Authority of India. Under the plan, Jio Prime members recharging for the first time with ₹303 or higher were offered complimentary data services for three months until July.
Shares of Reliance Industries Ltd, Jio’s parent firm, on Tuesday fell 0.5% to ₹1,374.10 on the BSE.
Goldman Sachs in a report on Reliance Industries released on Tuesday raised Jio’s valuation to $11 billion from $4.5 billion, implying an enterprise value of $32 billion, due to higher market share by revenue arising from higher-than-expected retention rate for Jio Prime subscribers.
Jio has more than 100 million subscribers, with around 72 million of those being Prime subscribers.
“Our telecom team expects Jio to capture 15% market share in FY21 estimated (from 11% previously),” said Goldman Sachs.