Telecom operators Vodafone Idea and Bharti Airtel will be raising tariffs on mobile services from December to limit the losses. Vodafone Idea said that its ability to continue business will depend on reliefs sought from the government and positive outcome of the legal option it has.
"The telecom sector is highly capital intensive with fast changing technology cycles that require continuing investments".
Telecom heavyweights Bharti Airtel and Vodafone Idea shares surged on Tuesday, a day after the companies announced plans to hike mobile phone calls and data tariffs from December 1.
Jio said telecom regulator TRAI is likely to initiate consultation process for revision in telecom tariffs. The announcement of the increase was followed by Bharti Airtel, which also said it will raise phone rates from next month.
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The company underlined its commitment to bringing the 40 crore 2G customers to experience and participate fully in the Digital India eco-system, and pledged its full support to providing the best quality and experience to all its customers.
This comes after the two - Vodafone Idea and Airtel - declared second quarter losses of $10bn (£7.7bn).
Vodafone Idea on Thursday took a one-time charge related to a US$4 billion (S$5.4 billion) demand from the government, leading to a net loss of 509 billion rupees (S$9.64 billion) in the three months through September.
Both the firm faced a significant loss post the Supreme Court judgement last month that backed the government's stance of including non-core items in adjusted gross revenue.
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A day before the results for Q2, the Department of Telecommunications notified telcos that the dues had to be paid within three months. This ruling left the two facing over Rs 80,000 crore in dues and forced them to make provisions for the payments.
Within 24 hours of Airtel and Vodafone increasing tariffs, Reliance Jio too said it will also look at the same.
Recently, Mukesh Ambani-led Reliance Industries Ltd (RIL) has announced to set up a new digital services company to act as an umbrella platform for all the Reliance-owned digital businesses including Reliance Jio, MyJio, JioTV, JioCinema, JioNews and JioSaavn.
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