Jio to in­vest 30,000 crore more on net­works

Voice&Data - - TELCO BRIEFS -

Mukesh Am­bani-led Reliance Jio In­fo­comm Lim­ited (RJIL) is set to in­vest 30,000 crore more to ex­pand cov­er­age and in­crease net­work ca­pac­ity. With this, the com­pany’s to­tal in­vest­ment in the net­work will reach close to 1.9 lakh crore.

“In view of the un­prece­dented cus­tomer re­sponse to RJIL’s ser­vices as well as ad­dress the an­tic­i­pated growth in de­mand for dig­i­tal ser­vices, ad­di­tional in­vest­ments are pro­posed to be made into the net­work to en­hance its cov­er­age and ca­pac­ity,” Reliance Jio said in a rights is­sue no­tice for ex­ist­ing share­hold­ers.

Th­ese in­vest­ments are pro­posed to be fi­nanced largely through an eq­uity of­fer­ing to strengthen its balance sheet for growth, it added. “... the com­pany wishes to in­form that board of direc­tors at its meet­ing held on Jan­uary 13, 2017, has de­cided to make a rights is­sue of 6 bil­lion - 9 per cent non-cu­mu­la­tive op­tion­ally con­vert­ible pref­er­ence shares of 10 each for cash, a pre­mium of 40 per OCPS, ag­gre­gat­ing 30,000 crore,” the no­tice read, tak­ing the to­tal in­vest­ment in the tele­coms ven­ture to more than 2 lakh crore. In Septem­ber 2016, Jio had an­nounced the com­mence­ment of 4G ser­vices, as per terms of its Uni­fied Li­cense, with ‘Jio Wel­come Of­fer’ which be­came ef­fec­tive from Septem­ber 5, 2016. And af­ter De­cem­ber 2016, the com­pany ex­tended its free ser­vice up to 31 March 2017 un­der a new of­fer, called – Jio Happy New Year Of­fer. Un­der the new of­fer, all the Jio sub­scribers will be en­ti­tled to cer­tain spe­cial ben­e­fits un­der the JNO, which shall com­prise of Jio’s Data, Voice, Video and the full bou­quet of Jio ap­pli­ca­tions and con­tent, ab­so­lutely free, up to March 31, 2017. Dur­ing this of­fer pe­riod, Jio and Jio cus­tomers, will be able to con­tinue the jour­ney of co-cre­at­ing and build­ing the best net­work ex­pe­ri­ence to­gether.

The com­pany had also in­tro­duced the home de­liv­ery of Jio SIMs. On the other hand, the telco has al­ready crossed 70-mil­lion user mark and it may touch 100 mil­lion by end of March 2017.

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