Mukesh Ambani-led Reliance Jio has refuted the Cellular Operators' Association of India (COAI) stance that the telecom industry will collapse without any support from the government. The company made this remark in a letter sent to the Minister of Telecommunications Ravi Shankar Prasad.
Reliance Jio has said that it does not agree with the COAI’s view on the state of the telecom industry and that it was their own doing. In a press release, Jio has refuted the COAI’s stance that the telecom industry would collapse without any support from the government.
The company stated that its competitors could take care of all its financial obligations to the government by selling existing assets and issuing fresh equity. Jio said the letter by COAI to the government did not represent the view of the industry and that COAI’s effort was a ‘sham’ exercise “at the behest of and perpetrating the vested interest of two select members alone."