The term loan, the fourth for the Reliance Industries in the past five years and the second covered facility for Jio in the past three years, was arranged on June 22, the company said in a statement.
Jio Giga Fiber is a fiber to the home (FTTH) broadband service by the Reliance Industries.
Reliance previous year launched the JioPhone, which allowed digital payments and was effectively free: buyers could get a device for a refundable fee of 1,500 rupees. JioGigaFiber will offer smart home solutions such as real-time surveillance and security solutions for homes and enterprises.
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Shares of Reliance Industries Ltd closed over 2% lower on Thursday after the company laid out future plans for Reliance Jio Infocomm Ltd at its annual general meeting. The brand has revealed that it will be offering the most advanced fibre-based broadband connectivity solutions in the country.
This new launch by the RIL is expected to disrupt the home broadband services segment of India. The company will prioritize neighbourhoods with high demand but will be simultaneously doing the rollout in over a thousand cities. Jio GigaFiber consists of the GigaFiber router along with the Jio GigaTV set-top box, which will allow users to make video calls to other GigaTV devices or mobile users on any network in India. However, the Jio Phone platform does not have access to some of the most widely used apps in India.
Thus far, the GigaFiber service has been offered under a preview offer, wherein users could avail of high-speed Internet of up to 100 Mbps for 90 days, along with a monthly data quota of 100 GB. In essence, you can exchange your old JioPhone for a new one for just Rs 501.
"At Jio, we are determined to take India to be among the top-5 in broadband connectivity, both for mobility as well as fibre-based wireline connectivity. So it will offer faster and high quality broadband services which now very few players are offering or are in process of upgrading to fibre-based network", said Parv Sharma, a senior analyst at Counterpoint Research.