Reliance Industries plans to invest another Rs 1 Lakh crore for the enhancement of the Reliance Jio network
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Following its launch on September 5, and after spending Rs 1.5 lakh crore, Chairman and Managing Director of the Reliance Industries Limited have revealed plans of spending another Rs 1 lakh crore on the Reliance Jio in the next four years for the better expansion of the network. Although, most of the calls in the network are dropped due to PoI and MNP issues, the telecom network which already had added 16 million customers within a month of its launch, have plans of adding at least 100 million customers by the end of a year.
The Joint Chief Financial Officer of Reliance, V Srikanth, confirmed the company decision saying, “The investments of additional one lakh crore will be made by 2020 in expanding our network. So, a total of Rs. 2.5 lakh crore investments committed for digital India by our chairman. A part of the investments will be made in rolling out optic fibre to homes.”
The investment plans by the telecom group came following the last month announcement by Vodafone Plc. to invest 7 billion dollar in Vodafone India and Bharti Airtel’s last year’s announcement of investing Rs 60,000 crore for its network enhancement.
Adding an average of 6 to 10 million customers a day, Reliance Jio is expected to have about 35 million subscribers by the end of this month. The total debt of RJio’s parent group, Reliance industries, have increased to Rs. 1,89,132 crore from 1,80,388 crore as on March 31,2016.
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