Reliance Industries annual report reveals that Jio is becoming an ever more important part of its total business portfolio

Indian telecoms heavyweight Reliance Jio has said that it will cover 99 per cent of India’s 1.3 billion strong population by the end of this financial year.

"India’s digital services market is continuing its exponential growth trajectory with Jio expanding its coverage and further deepening in existing areas to achieve 99 per cent population coverage during FY 2018-19," Reliance Jio’s parent company, Reliance Industries (RIL), said in its annual report.

Reliance Industries’ annual report shows that Jio now has 186.6 million subscribers, as of the end of Q1 2018. Reliance Jio has disrupted the Indian telecoms market with the introduction of ultra-low-cost voice and data tariffs since its inception in 2016. RIL’s annual report showed that Jio’s average revenue per user was just 137 Rupees (£1.51; $2.02) per month.

Reliance Jio’s exponential growth is reflected in its share of Reliance Industries total balance sheet. In 2016, Jio accounted for just 2 per cent of RIL’s total EBITDA, by 2018 that figure has grown to 13.1 per cent.

With its ambitions to reach 99 per cent of India’s population by the end of this financial year, Reliance Jio’s meteoric rise looks set to continue.