Reliance Communications launches GSM Services in major cities
Reliance Communications (RCom), part of the Anil Dhirubhai Ambani Group, has finally launched its GSM services across major cities in the country.
The firm has initially launched the service in Mumbai, Delhi, Gujarat, Punjab, Bangalore and Chennai.
According to sources, the company has provided GSM phones to its employees for testing the service installed over 2,500 towers in Mumbai and Delhi circles and invested around Rs 800 crore each for the purpose.
After successful trial, the company plans to launch the services through its associates and vendors on the network for further testing.
Reliance Communications, which had earmarked around Rs 6,000 crore for GSM operations, is slated to officially launch the services in the next eight to 10 weeks, starting with Mumbai and Delhi circles.
The company is eying to achieve a market share of 25% on launch of its nationwide dual network.
During the current volatility in the market, the stock is a good buy for long term perspective as the counter looks fundamentally strong with good prospects in terms of future plans.