October 31, 2019 / 9:15 AM / a month ago

Reliance's Jio opposes telecom lobby's plea for govt help to rivals

NEW DELHI, Oct 31 (Reuters) - India’s Reliance Industries -controlled Jio Infocomm wrote to the telecoms minister on Thursday, opposing government intervention for rival carriers Bharti Airtel and Vodafone Idea facing overdues of $13 billion.

The Cellular Operators Association of India (COAI) had earlier written to Telecommunications Minister Ravi Shankar Prasad, warning of an “unprecedented crisis” if the government refuses to relax its demand for outstanding dues.

Jio, the telecoms unit of billionaire Mukesh Ambani-controlled Reliance, said in its letter that fears of a crisis in the industry and job losses were overblown.

Rival carriers can monetize their assets, investments or issue fresh equity to pay the dues, it added. (Reporting by Sankalp Phartiyal; Editing by Sanjeev Miglani)

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