Reliance Industries Ltd's telecoms arm Jio will turn profitable "shortly," the Indian conglomerate said, while adding it would continue to pump around $1 billion into the venture for each of the next few quarters.Jio launched late last year with free voice and cut-price data, sparking a price war in India's cut-throat telecoms sector which has driven down margins and forced consolidation.
Jio racked up 61.47 billion rupees ($947 million) of revenues in the three months to Sept. 30, though made a loss of 2.71 billion rupees.
It was said by the executives of the company that, they see that the net income turning positive very shortly.
Reliance will continue to spend around 70 billion rupees a quarter on Jio for the next few quarters, Anshuman Thakur, Reliance Jio's head of strategy said. Reliance has poured more than $30 billion into Jio so far.