• Wednesday, August 10, 2022

Business

India’s Reliance says Jio telecom venture hikes profit

Reliance Industries Ltd chairman Mukesh Ambani. (File photo)

By: Sarwar Alam

India’s oil-to-telecom conglomerate Reliance Industries on Friday (27)said its telecoms venture Jio reported its second successive quarterly net profit since launching two years ago, as it added millions more subscribers. Reliance Industries, owned by Asia’s richest man Mukesh Ambani, said Jio made a profit of 5.10 billion rupees ($76.43 million) for the quarter ended March 31, up from 5.04 billion rupees reported in the previous quarter. “The strong financial results of Jio in a competitive market environment demonstrates the robustness of the Jio business model… Jio has demonstrated that it can scale and sustain its strong financial performance,” Ambani said…

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