Jio telecom venture hikes profit | The Daily Star
12:00 AM, April 29, 2018 / LAST MODIFIED: 12:42 AM, April 29, 2018

Jio telecom venture hikes profit

India's oil-to-telecom conglomerate Reliance Industries on Friday said its telecoms venture Jio reported its second successive quarterly net profit since launching two years ago, as it added millions more subscribers.

Reliance Industries, owned by Asia's richest man Mukesh Ambani, said Jio made a profit of 5.10 billion rupees ($76.43 million) for the quarter ended March 31, up from 5.04 billion rupees reported in the previous quarter.

"The strong financial results of Jio in a competitive market environment demonstrates the robustness of the Jio business model... Jio has demonstrated that it can scale and sustain its strong financial performance," Ambani said in a statement.

With its launch into India's highly competitive telecom sector in September 2016, Jio shook the industry and sparked a price war by offering free voice calls for life and drastically reduced tariffs.

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