Reliance Jio reports net loss of Rs 6.45 cr for H2

Tags: News
Reliance Jio Infocomm, formerly known as Infotel Broadband Services, today reported a net loss of Rs 6.45 crore for the six months ended March 31, 2014.

The company had reported a net loss of Rs 2.82 crore for the corresponding six months last year, it said in a filing to the BSE.

The company, owned by Mukesh Ambani led Reliance Industries, reported a total income of Rs 2 lakh for the reported period as compared to Rs 3 lakh last year.

For the year ended March 31, 2014, the company reported a net loss of Rs 10.51 crore as compared to Rs 5.75 crore last time.

The company said in October 2013, it was granted a Unified Licence by Department of Telecom for all 22 circles across the country.

"With grant of Unified Licence, the company has migrated its existing ISP licence along with broadband wireless access (BWA) spectrum to the Unified Lincece with authorisation for all services except global mobile personal communication by satellite service," the filing added.

The company had acquired 1800 MHz spectrum in 14 circels for Rs 11,026.93 crore in the February auction this year.

According to sources, the company is likely to launch its 4G services by September this year starting from Delhi and Mumbai.

The filing said a petition has been filed with Bombay High Court for a scheme of amalgamation of Infotel Telecom Limited and Rancore Technologies Private Limited, wholly owned subsidiaries with Reliance Jio Infocomm.

"The appointed date of the said scheme is April 1, 2013. The scheme will be given effect upon receipt of sanction from High Court," the filing said.

The filing said in the absence of profits, it has not created debenture redemption reserve for cumulative amount of Rs 351.64 crore (previous year Rs 251.64 crore) and provided for cumulative amount of Rs 23.48 crore (previous year Rs 17.23 crore) on pro rata basis towards premium payable on redemption of preference shares.

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