Published On: 01, Dec 2017 | Source: NDTV
Mukesh Ambani, Asia's richest person and owner of oil-to telecom conglomerate Reliance Industries, today said that his company Jio Infocomm Ltd is ahead of its schedule in terms of its returns and would break even in the next few quarters. He also hit back at rival Sunil Bharti Mittal, Chairman of Bharti Enterprises, saying Jio is not to be blamed for the telecom industry's losses. Profits and losses are risks businesses take and it is more important to find out if the country and the consumers gained after Jio, Mr Ambani said.
Here are five things that Mr Ambani said regarding his telecom venture Reliance Jio Infocomm:
1. "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," Mr Ambani said. This was in response to a query on Mittal's reported comments -- who runs India's biggest telecom firm Bharti Airtel -- that all telecom companies had put together written down $40-50 billion of investments due to Jio's entry.
2. "Just one year back, India was ranked 150th in the world for mobile broadband. Now it is number one, after the launch of Jio," said Mr Ambani at the HT Leadership Summit.
3. According to Ambani, Jio is ahead of schedule on turning profitable. "Jio results are declared every quarter now. You can see the trend. You watch the next few quarters. You will learn in January and you will learn in March," he replied to a question on when his telecom venture would break even.
"I don't want to predict, but I think we are ahead of our schedule in terms of the returns that we are generating."
4. Asked if competition motivates him, Ambani said, "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 your goal."
"At Reliance, we want to be the best in the world," he asserted. "I am sorry if it appears competitive."
5. "If Data is Destiny, New India is well and truly ready for its new Tryst with Destiny," Mr Ambani reiterated. (With PTI, IANS inputs)