Technology

Reliance Jio to invest Rs 30,000 crore more in networks coverage and network capacity.

Reliance Jio to invest Rs 30,000 crore more in networks coverage and network capacity :- To expand coverage and increase the network capacity, the telecom operator Reliance Jio Infocomm is planning to invest Rs 30,000 crore more. After investing in this project, the total investment of Reliance in the network will reach close to Rs 1.9 lakh crore.

On Saturday, Reliance Jio said that additional investments are proposed to be made into the network to enhance its coverage and capacity in the view of the unprecedented customer response to RJIL’s services as well as address the anticipated growth in demand for digital services.

Reliance further added that these investments are proposed to be financed largely through an equity offering to strengthen its balance sheet for growth.

As per the right issues notice read that the meeting of the board of directors on 13th January 2017, in which decided to make a rights issue of 6 billion – 9 per cent non-cumulative optionally convertible preference shares of Rs 10 each for cash, a premium of Rs 40 per OCPS, aggregating Rs 30,000 crore.

The company garnered 72.4 million subscribers withing 4 months of its commercial launch as of December 31. It started offering free 4G service during the trial phase which it continued even after its commercial launch on 5th September 2016. Reliance Jio is also offering free unlimited local and STD call for life time even during roaming. Jio has extended its free 4G service till 31st March, 2017 in the  name of Happy New Year offer.

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