Friday, March 29

Tag: JioPhone Booking

Reliance Sees Telecoms Arm Jio Turning Profitable ‘Shortly’
News

Reliance Sees Telecoms Arm Jio Turning Profitable ‘Shortly’

Reliance Industries Ltd’s telecoms arm Jio will turn profitable “shortly,” the Indian conglomerate said on Friday, while adding it would continue to pump around $1 billion into the venture for each of the next few quarters. Jio launched late last year with free voice and cut-price data, sparking a price war in India’s cut-throat telecoms sector which has driven down margins and forced consolidation. Oil-to-retail giant Reliance, controlled by India’s richest man Mukesh Ambani, suggested there were signs its costly gamble was paying off. Jio racked up 61.47 billion rupees ($947 million) of revenues in the three months to Sept. 30, though made a loss of 2.71 billion rupees. “I can only see it (net income) turning positive very shortly,” joint Reliance finance chief V Srikanth said, ...
Reliance Jio Suspends JioPhone’s Pre-Booking
News

Reliance Jio Suspends JioPhone’s Pre-Booking

Reliance Jio has suspended the pre-booking of its much awaited "effectively free" 4G feature phone following overbooking of initial lot which is expected to be delivered in September. "Millions have pre-booked the JioPhone. We will inform you when pre-booking resumes," a message on Reliance Jio website said. A company official said pre-booking has been suspended after receiving overwhelming response. However, Jio didnt respond to queries on whether the pre-booking was stopped across all Jio stores and retailers. Reliance Industries Chairman Mukesh Ambani in his last annual general meeting speech had said the company plans to sell 5 million JioPhone every week. The pre-booking of JioPhones started on August 24 against payment of refundable deposit of Rs 500 and rest of the refundabl...