Ambani’s Reliance to pump US$2.2b into wireless unit

Super rich: Ambani, India

MUMBAI: Billionaire Mukesh Ambani’s Reliance Industries Ltd plans to inject about 150 billion rupees (US$2.2bil) into its wireless unit as it prepares to take on peers such as Bharti Airtel Ltd. in the world’s second-largest mobile phone market.

The unit, Reliance Jio Infocomm Ltd, will issue 15 billion new shares at 10 rupees each to existing shareholders, the India-based company said in exchange filing late Monday, without saying how it would spend the money. The industrial group owns more than 99% of the affiliate, according to its 2015 annual report.