Mukesh Ambani advises fellow telecom billionaires how to raise money
Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. opposed any move by the government to provide financial relief to rival telecom operators, which have been ordered to pay $7 billion in past dues, saying they had adequate recourse to funds.
Bharti Airtel Ltd. can easily raise Rs 40,000 crore ($5.7 billion) by selling some of its assets or shares, while Vodafone Idea Ltd. has no dearth of resources to pay the government its dues, Reliance Jio said in a statement dated November 1 and issued Sunday.
India’s Supreme Court had last month ordered Bharti Airtel and Vodafone Idea to pay a combined Rs 49,990 crore.