Mukesh Ambani-led Reliance Industries Limited (RIL) is expected to purchase majority stakes in Hathway Cable, Den Networks Ltd and Datacom Ltd worth Rs 5,230 crore to boost its already booming Reliance Jio network. The move by Mukesh Ambani’s Reliance Industries Limited (RIL) has come after it reported a net profit of Rs 9,516 crore in the second quarter of the current fiscal year. Meanwhile, Reliance Jio’s alone profit in the second quarter of the current fiscal year stands at Rs 681 crore. The current profit of Reliance Jio is 11.3% more than the company’s profit in the previous quarter.
Q2 profit reported by Reliance Industries is its highest ever quarterly earnings which have come in the period between July-September. According to reports, these massive profit figures credit goes to Reliance petrochemical business, Reliance Jio and telecommunication wing. Speaking more about Reliance Jio achievement Q2 achievements, the company witnessed its user base increasing to 37 million more customers. Now, it’s current customer base stands at 252.3 million.
Talking about RIL business in the retail segment, the venture recorded a pre-tax profit of Rs 1,392 crore (213% increase). RIL has approx 9,146 retail stores in 5,800 cities across the country. Coming down to Reliance petrochemical business, the company witnessed an increase in the pre-tax profits up to Rs 8,120 crore (63.7%).
Speaking after recent profit figures, Reliance Industries head Mukesh Ambani said that they are glad to have more than 250 million subscribers to their Reliance Jio network in just 2 years time after its launch.
Amid the profit recorded by the Reliance Industries in the current fiscal (Q2), reports say that the company current debt stands at Rs 2,58,701 crore. Reliance debt in the month of June was Rs 2,42,116 crore on June 30 while it was Rs 2,18,763 crore in March.
Besides acquiring Hathway Cable, Den, Reliance Industries may also extend its hand to acquire GTPL Hathway Ltd, another stakeholder in Hathway and Hathway Bhawani Cabletel.