Mukesh Ambani-led Reliance Industries released a media report on the results achieved in the last quarter of the fiscal year, where it also talked about its popular Jio network. In the media release, it said that additional investments have been proposed to be done in the Jio network with an aim to increase its coverage and capacity. In order to strengthen its balance sheet for growth, Reliance said that the investments will be financed mainly through an equity offering. Reliance also said that Jio still continues to face interconnection congestion issues with a few large operators because of inadequate provision of PoI capacities. It said that PoI capacity given by some big rival operators was way below the requirement of Jio’s customer addition speed.

Reliance said that there has been a rapid increase in its subscriber base as on December 31 when it has 72.4 million subscribers using its network. Reliance wrote: “Since its commencement of services on 5th September 2016, Jio has become the fastest growing technology company in the world. It crossed 50 million subscribers in just 83 days, adding at an average rate of 6 lakh subscribers per day.” The statement also talked about Jio’s other announcements including a strategic partnership with Niantic under which it brought the Augmented Reality game ‘Pokemon GO’ to India. Additionally, it also talked about its schemes for iPhone users.

Also read | Reliance Jio’s latest move should scare Bharti Airtel, Vodafone; here’s why

RIL had recently said that it will invest a further Rs 30,000 crore in its telecommunication venture Reliance Jio Infocomm to enhance network capacity. Reliance Industries Ltd, India’s largest business conglomerate launched its much-awaited telecommunication venture Reliance Jio Infocomm last year with a whopping Rs 1.5 trillion investments, mainly in building high-speed internet infrastructure over the new 4G/LTE network across the entire country.

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Reliance’s entry into the telecom space has forced the incumbent players to drastically cut tariffs – as much as by 66% – in order to retain their customer base and has put the entire sector under tremendous pressure of choosing between protecting margins and user base. Meanwhile, a national tribunal is set to hear a case regarding the company’s anti-competitive on February 1, following Airtel’s complaint.