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Reliance Jio to raise fresh funds worth Rs 25,000 crore

Even as competing telecom companies are trying to find new strategies to stay afloat, Reliance Jio is planning to infuse even more funds for its operations. Jio has already grabbed more than 10 percent share in the Indian telecom pie, but it appears that it has much further to go and that its ambitions are set much higher. Jio has already attracted investments of Rs 2 lakh crore, and now there are plans to raise Rs 25,000 crore more for various needs. The proposal for raising the additional funds will be discussed at the AGM of Reliance Industries, which will be held on July 21. The funds are likely to be raised through private placement of non-convertible debentures.

Sources said that the fresh funds will be utilized for replacing the existing high-cost debt and for expanding the operations of Jio. Reliance Jio currently has around 1 lakh towers and it plans to add another 1 lakh towers. Jio will also be launching its ‘Jio Fiber’ service shortly, which will be another game changer as it will provide speeds of 100 mbps. The Jio Fiber service is already being tested in various cities and will be launched soon.

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