Newcomer Reliance Jio, which met the Interministerial Group (IMG) on Monday said operators need to raise funds by selling stake or invest in new technology through internal accruals.
“Operators (excluding Jio) need to invest Rs 1,25,000 crore, payback debt and they need to invest in technology, as growth is happening in data…They can do this by selling stake,” said a senior Jio official who did not want to be named.
Stating that the financial stress being faced by operators was “their own creation”, the official said the only policy intervention required is in form of reduction in GST rates, licence fee and USO levies.
Lowering of these levies can generate Rs 20,000-25,000 crore additional EBITDA for the industry, the Jio official said after coming out from the 45-minute meeting with the IMG.
The IMG on Monday began consultation with operators as (Read More)