Reliance Jio may spend $23 billion in 3-4 years to expand service: Moody's

Moody’s Investors Service estimates that Mukesh Ambani's Reliance Jio may invest as much as $23 billion on capital spending over three to four years as it expands beyond wireless services.

According to a report in Bloomberg, Reliance Jio till now has spent more than $31 billion to rule India's telecom sector. 

Reliance Industries is scheduled to report quarterly earnings, including Jio’s financials, on January 19.

Meanwhile, according to various media reports, after disrupting the telecom sector by making a grand entry, Reliance Jio is planning to launch its own cryptocurrency, LiveMint reported. The company is mulling to launch JioCoin and the launch will be headed by Mukesh Ambani's elder son Akash Ambani himself. 

According to the newspaper, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.

Quoting a highly placed source, the report stated, "The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products."

Reliance Jio may also get into Internet of Things (IoT) and the blockchain technology will be helpful in the same.