December 12, 2017 / 11:01 AM / in a year

Reliance considers listing telecoms unit Jio by early 2019: Bloomberg

FILE PHOTO: A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai, India, July 11, 2017. REUTERS/Shailesh Andrade/File photo

MUMBAI (Reuters) - India’s Reliance Industries Ltd is holding internal talks about listing its telecoms unit Jio by late 2018 or early 2019, Bloomberg reported on Tuesday, citing people it did not identify.

A Reliance spokesman said the article was “speculative”, and said the company did not comment on media speculation and rumours as a matter of policy.

Jio has upended India’s wireless market with free services initially and later through disruptive pricing since it began operations in September last year.

It has added customers faster than rivals and triggered a price war in the highly competitive market.

Reliance, controlled by India’s richest man Mukesh Ambani, has pumped more than $30 billion into Jio.

Jio, the fourth-biggest player in the sector with 146 million customers as of end-October, reported a loss of 2.71 billion rupees ($42.1 million) for its fiscal second quarter to end-September.

Internal discussions about Jio's listing are at a preliminary stage, Bloomberg said.

($1 = 64.4250 Indian rupees)

Reporting by Sankalp Phartiyal and Promit Mukherjee; Editing by Vyas Mohan and Adrian Croft

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below