Mukesh Ambani-owned company Reliance Jio is blaming other companies for their own financial difficulties instead defending his free and low price offers. Jio criticized other companies for not investing in new technology but instead leveraging their balance sheets.
Jio recently met with Interministerial Group (IMG). During the meeting, Jio stated that the operators need to raise funds by selling stake or investing in new technology through internal accruals.
Senior Jio official said,” Companies except Jio need to invest Rs 1,25,000 crores, pay back debts, and invest in new technology as growth is happening in data…they can do this by selling the stake”.
The official said the only policy intervention required is in form of reduction in GST rates, license fee and USO levies. He analyzed that lowering of the levies can generate Rs. 20,000-25,000 crore additional EBITDA for the industry.