India’s Reliance Industries Ltd is holding internal talks for listing its telecom unit Jio by late 2018 or early 2019, Bloomberg reported on Tuesday, citing people it did not identify.
Jio has upended India’s wireless market with free services initially and later through disruptive pricing since it began operations in September last year. It has added customers faster than rivals and triggered a price war in the highly competitive market.
“With reference to your query regarding a media article published today on Jio’s IPO plans, we would like to state that the said article is speculative and as a policy, we do not comment on media speculations and rumours,” an RIL spokesperson said.
Reliance, controlled by India’s richest man Mukesh Ambani, has pumped more than $30 billion into Jio.
Jio, the fourth-biggest player in the sector with 146 million customers as of end-October, reported a loss of 2.71 billion rupees ($42.1 million) for its fiscal second quarter to end-September.
Internal discussions about Jio’s listing are at a preliminary stage, Bloomberg said.
This report has been updated to add Reliance Jio’s statement.
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