Reliance Communications has virtually merged with Reliance Jio, says Anil Ambani

Anil Ambani also expressed confidence that the company's debt will be cut by 75 percent within a year

IANS September 27, 2016 18:37:01 IST
Reliance Communications has virtually merged with Reliance Jio, says Anil Ambani

Mumbai: Reliance Communications Chairman Anil Ambani on Tuesday said the company had all the spectrum needed to offer good-quality telecom services across 2G, 3G and 4G space, and that a virtual merger with Reliance Jio had now been effected.

Reliance Communications has virtually merged with Reliance Jio says Anil Ambani

Reliance Group chairman Anil Ambani. Reuters

"The other telecom companies will have to spend heavily on spectrum to survive. We are confident about the future of Reliance Communications and its market position," Ambani told the shareholders of the company here.

"We have all the spectrum we need for 2G, 3G and 4G services plus spectrum trading and sharing agreements with Reliance Jio," he said. "We have accomplished a virtual merger between Reliance Communications and Reliance Jio."

The company chairman said that after the merger with Aircel, the combined entity will be among the top operators in 12 circles in India. He said that within 90 days of launch, the subscriber base of the company's 4G services had already crossed the 1 million customer-mark using over 1 GB data.

He also expressed confidence that the company's debt will be cut by 75 percent within a year.

Anil Ambani said both he and his brother Mukesh Ambani, Chairman, Reliance Industries, will fulfill their father "Dhirubhai Ambani's telecom dream for India".

"Spectrum sharing with Reliance Jio has resulted in Reliance Communication's expenditure on this coming down while the competition will have to spend heavily on spectrum to survive," he said.

Earlier this year, Reliance Communications and Reliance Jio Infocomm entered into spectrum-trading and spectrum sharing agreements.

So far both have shared spectrum in 17 circles and trading happened in 10 circles.

Updated Date:

also read

Vodafone Idea shares tumble nearly 19% after board offers 35.8% stake to Centre
Business

Vodafone Idea shares tumble nearly 19% after board offers 35.8% stake to Centre

If the plan goes through, then the government will become the biggest shareholder in the company which is reeling under a debt burden of about Rs 1.95 lakh crore.

Sri Lankan president Gotabaya Rajapaksa raises debt crisis issue with Chinese foreign minister Wang Yi
World

Sri Lankan president Gotabaya Rajapaksa raises debt crisis issue with Chinese foreign minister Wang Yi

The international rating agencies have expressed doubts over Sri Lanka's ability to meet its international sovereign bond payments of $1,500 million, the first $500 million of which falls next week for payment

'Thanks for free publicity': Chinese spoof of James Bond draws rare response from MI6 chief
World

'Thanks for free publicity': Chinese spoof of James Bond draws rare response from MI6 chief

MI6 head Richard Moore previously said adapting to China's rise was the spy service's "single greatest priority" and warned of Chinese "debt traps, data exposure and vulnerability to political coercion"