Reliance ups stake in Jio to 99pc

MUMBAI, Sept 14 (Business Standard): Ahead of the launch of its mobile phone services, Reliance Industries Limited (RIL) has increased its stake in Reliance Jio to almost 99 per cent.

According to documents available with this newspaper, RIL increased its direct stake in Jio to 98.9 per cent as on March this year by pumping more capital into the company.

The stake held by the Nahatas has fallen to just about 1 per cent as they did not make any investments post 2010 in the rollout of services.

The Nahatas had earlier sold Infotel Broadband to RIL soon after winning a pan-India broadband licence in 2010. The Nahatas will, however, still have a seat on Reliance Jio board.

An e-mail sent to RIL on last Thursday seeking comments did not elicit any response. When contacted, Mahendra Nahata said as more capital in the company was infused by RIL, his stake in the company fell. "But Mr Mukesh Ambani has been gracious enough to offer me a board seat and I am still on the board," he said.