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Brothers Ambani sign telecom deal
MUMBAI: The news shook the corporate world, though it had been speculated about for some time. The brothers Ambani – Mukesh and Anil – who had reportedly been warring for a few years kissed and made up today.
The duo announced that elder brother Mukesh’s Reliance Jio Infocomm (a unit of Reliance Industries) will be sharing younger sibling Anil’s Reliance Communications 120,000 km nationwide fibre optic network to help roll out his fourth generation broadband and telecom services in India.
The filing with the Bombay stock exchange says that the deal is worth Rs 12 billion which is being paid as a one time indefeasible right to use (IRU) fee for sharing the fibre optic network. It allows Reliance Communications to reciprocally share Reliance Jio’s fibre optic network infrastructure too.
The fibre optic network was built by Mukesh when Reliance was one entity, but was then handed over to Anil when the brothers split the empire their father built.
The deal is likely to help both companies, say analysts. It will accelerate the pace at which Reliance Jio Infocomm gets to market with 4G. It will also help Reliance Communications, which has been saddled with debt in excess of $6 billion (Rs 37,000 crore).
Both companies say that the deal is the first of many such arrangements they could end up signing.
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JioFinance rolls out multi-bank fixed deposit platform
Users can compare, invest and track fixed deposits across issuers in one place
MUMBAI: The JioFinance app has launched a unified platform allowing users to compare, invest in and track fixed deposits offered by multiple banks and non-banking financial companies, sharpening its push to become a one-stop destination for digital financial services.
The new feature aggregates fixed deposits from a range of issuers, including small finance banks and NBFCs, enabling customers to filter options by interest rate and tenure and complete the entire investment journey digitally.
Interest rates on the platform go up to 8.15 per cent per annum, with users able to view tenure, tax treatment, lock-in conditions and premature withdrawal terms before investing. Once booked, deposits can be monitored through a consolidated dashboard that tracks returns, maturity dates and renewal reminders.
Jio Finance Platform and Service Limited chief executive officer Surbhe S Sharma, said the offering addresses a long-standing pain point for savers, who often struggle to compare issuers and manage deposits spread across institutions.
Fixed deposits remain one of India’s most popular savings products, and the company is betting that transparency and ease of use will draw users seeking stable, low-risk returns.
The FD marketplace on the JioFinance app is powered by Blostem Fintech Private Limited, which operates as a business correspondent and technical service provider to partner banks and NBFCs.
