RIL to pump in Rs 30,000 crore for Jio upgrade

Tribune News Service

New Delhi, January 16

Reliance Industries (RIL) today said it will invest another Rs 30,000 crore into Reliance Jio Infocomm to further its development and improve signal strength.

It said, “In view of the unprecedented customer response to Jio’s services and to 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”.

“These investments are proposed to be financed largely through an equity offering to strengthen Jio’s balance sheet for growth. Accordingly, the Board of Directors has decided to make a rights issue of Rs 600 crore — 9% Non-Cumulative Optionally Convertible Preference Shares (‘OCPS’) of Rs 10 each for cash, at a premium of Rs 40 per OCPS, aggregating to Rs 30,000 crore.”

Jio has already amassed over 70 million users. The copany is also expected to launch Jio’s VoLTE feature phones with prices starting at Rs 999.

Quarter 3 profit up 3.6% to Rs 7,506 cr

Mumbai: Reliance Industries (RIL) today reported a 3.6% rise in its third quarter net profit after petrochemical margins made good a drop in its core refinery profits. Net profit of Rs 7,506 crore, or Rs 25.4 a share, in October-December, was 3.6% higher than Rs 7,245 crore, or Rs 24.5 per share, in the same period a year ago, the company said.

Turnover was up 16.1% at Rs 84,189 crore. PTI