RIL rubbishes reports of stake sell in RJI

The Mukesh Ambani-led Reliance Industries Limited (RIL), the parent company of telecom operator Reliance Jio Infocomm (RJI), has rubbished reports of a possible stake sell in the telecom venture, saying there is no such proposal under consideration.

"This is to clarify that there is no merit in the report carried in today's Business Standard captioned 'Reliance Open to 30% stake sale in Jio', as there is no such proposal under consideration," an RIL spokesperson said in a statement.

The publication had yesterday reported that RIL is in talks with a global strategic partner to offload up to 30% stake in its telecom venture, Reliance Jio.

Reliance Jio Infocomm will roll out its much-awaited 4G services in phases in 2015, with an investment of Rs 70,000-crore.

Though late in rolling out 4G services, which were expected to be launched by later this year, Rs 70,000-crore investment in RJI indicates that the Mukesh Ambani led-group is hugely cashing in on its telecom business that would give stiff competition to its rivals.

RIL chairman Mukesh Ambani had said at the company's annual general meeting, “Limited field trials for Jio's 4G services were under way, expanded field trials for the future proof and world class services will begin in August and carry on till the early 2015.”

RIL will pump in Rs 70,000 crore into RJI and initially the plan is to cover 5,000 towns and cities and 215,000 villages. Gradually, the network will cover over 600,000 villages.