Fierce competition: Jio, which stormed India’s crowded cellphone market with free voice calls for life, has spurred rivals to cut prices and expand their mobile broadband networks. – Bloomberg
MUMBAI: Reliance Industries Ltd, controlled by India’s richest man, will invest a further 300 billion rupees (US$4.4bil) in its telecom unit as it continues to offer free services in a bid to lure customers in the world’s second-largest smartphone market.
Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd, a unit of Reliance Industries, will use proceeds from a rights offer to enhance its network coverage and capacity, it said in a stock exchange filing. Jio, which stormed India’s crowded cellphone market with free voice calls for life, has spurred rivals to cut prices and expand their mobile broadband networks.
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