Reliance Jio, which revolutionized the world of mobile Internet, has been offering more than one offer to its customers. Since its launch in the past couple of years ago, it has provided cheap internet data at highly affordable prices. Whatever changes were taking place in the telecom sector, no matter what the reasons were, they were being addressed as ‘Jio Effect’.
This telecom revolution brought enormous losses for several telecom companies like Airtel, Vodafone, BSNL, Idea etc. Due to the vast failures faced by Airtel, its chairman Sunil Bharti Mittal blamed “Jio” for it. The losses incurred by all the telecom companies were close to $40-$50 billion.
However, Mukesh Ambani in a conference hit back at Sunil Mittal and replied to his statement by referring to him “friend.” He stated, “For all of us in the industry, I think profits and losses are risks that we take. I don’t think we can rely on governments and regulators to guarantee our profits or losses.”
Ambani further told that “To me, what is most important is did we move the country forward and does the consumer gain.“
Mukesh Ambani, when asked about the success of Jio, stated,” “I don’t want to predict, but I think we are ahead of our schedule in terms of the returns we are generating. Jio results are declared every quarter now. You can see the trend and can watch the next few quarters. You will learn in January, and you will learn in March.”
Reliance Industries Chairman on being asked if competition motivates him stated,” “Our DNA is that we are very focussed. We always believe in the principle of saying that if you focus on the goal, you will overcome all obstacles. If you focus on the obstacles, you will never achieve the goals. At Reliance we want to be the best in the world, I am sorry if it appears competitive.”