Reliance Jio got $530 million undue benefit: CAG

IndianMascot

Core Member
Reliance Industries Ltd's telecoms unit got an undue benefit of about $530 million after the Indian government allowed it to offer voice services over wireless broadband spectrum it had won in 2010 , the government auditor said on Friday.

The energy-focused Reliance conglomerate, controlled by billionaire Mukesh Ambani, bought the company now known as Reliance Jio in 2010. It is the only firm in the country to have a licence for pan-India broadband wireless airwaves, though it has yet to start commercial services.

However, the auditor said the telecommunications department had allowed the company to migrate from being just an internet service provider to a full services provider at a cost far lower than prevailing market prices. The migration had been allowed at price levels seen in 2001.

The government's lapses resulted "in an undue advantage of 33.67 billion rupees ($528.56 million)" for the unit, Reliance Jio, "due to non-accounting of time value of migration fees," the comptroller and auditor general of India said in a report.

Reliance Jio got $530 million undue benefit: CAG - The Times of India - Linkis.com
 

Aviral Sangal

EntMnt Ambassador
Finest Member
Yaar WTF is this? Supreme court already ruled on this matter in favour of jio. Is CAG only there to ruin the sector one after another?
 

scorpionking76

Administrator
EntMnt Staff
CAG report is prepared once the complete investigation on the matter is completed. It will take years to arrive at conclusion due to financial involvement of company.
 
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