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Reliance Jio Q2 net profit jumps 3-fold to Rs 2,844 crore; revenue up 34%

ADIA, PIF to invest Rs 7,558 cr for 51 per cent stake in Jio's fibre network

reliance jio, RIL
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The fibre optic unit has a debt of Rs 87,296 crore, which includes suppliers’ credit

Aneesh Phadnis Mumbai
Reliance Jio on Friday announced that Abu Dhabi Investment Authority and the Public Investment Fund of Saudi Arabia would invest Rs 7,558 crore to purchase a 51 per cent stake in its digital fibre network.
 
The fibre optic unit has a debt of Rs 87,296 crore, which includes suppliers’ credit. The company said induction of strong partners will help it manage critical asset base.
 
The stake purchase was announced along with the company’s July-September quarter results.
 
Jio’s net profit almost tripled on a year-on-year (YoY) basis to Rs 2,844 crore. Revenue increased 34.4 per cent YoY to Rs 17,678 crore.

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First Published: Oct 30 2020 | 11:48 PM IST

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