Reliance Industries hit 8-year high as Ambani unveils plans to monetise Jio
Shares of Reliance Industries on Wednesdayhit eight-year high during the afternoon trade session after its CMD Mukesh Ambani on Tuesday announced his plans to monetise Reliance Jio.
At 1249 hours the shares of the company were trading at Rs 1191 per piece, up 9.44% or Rs 102.75 on BSE.
On Tuesday, Reliance Industries Chairman Mukesh Ambani, while addressing the media, said that Reliance Jio will start charging customers for using its 4G networks come April 1, ending its Happy New Year offer after March 31.
He assured that with the new tariff plans, Jio will offer 20% more data at same rates as existing telecom operators.
Ambani also announced the introduction of Jio Prime Membership. The scheme offers the existing Jio customers as well as those who enroll before the March 31 deadline to avail the loyalty program.
To enroll, members will be charged Rs 99 as enrollment fees and will have to pay Rs 303 per month to continue enjoy the unlimited data and free Jio services for 12 months.
Ambani in his speech, boasted about the performance Jio in the last few months. He said that Jio has crossed 100 million users since its launch in September. Also, he said that every second 7 new customers are added.