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Reliance holding internal talks for Jio’s listing by early 2019: Report

Reliance Jio has upended India’s wireless market with free services initially and later through disruptive pricing.

business Updated: Dec 12, 2017 16:55 IST
Reuters, Mumbai
A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai.
A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai.(Reuters File)

Reliance Industries Ltd is holding internal talks for listing its telecom unit Jio by late 2018 or early 2019, Bloomberg reported on Tuesday, citing people it did not identify.

Reliance did not immediately respond to a request for comment.

Jio has upended India’s wireless market with free services initially and later through disruptive pricing since it began operations in September last year. It has added customers faster than rivals and triggered a price war in the highly competitive market.

Reliance, controlled by India’s richest man Mukesh Ambani, has pumped more than $30 billion into Jio.

Jio, the fourth-biggest player in the sector with 146 million customers as of end-October, reported a loss of 2.71 billion rupees ($42.1 million) for its fiscal second quarter to end-September.

Internal discussions about Jio’s listing are at a preliminary stage, Bloomberg said.

($1 = 64.4250 Indian rupees)