AIRTEL CHAIRMAN BLAMES JIO FOR LOSSES, MUKESH AMBANI HITS BACK!

Businesses must stop looking at regulators and governments to guarantee their profits, said Mukesh Ambani hitting back at Bharti Airtel's Sunil Mittal for blaming Jio for the company's losses.

Mittal reportedly said all telecom companies had put together written down $40-50 billion of investments due to Jio's entry.

Addressing the HT leadership summit in New Delhi, Ambani said Jio's entry has made India the world's No. 1 mobile broadband market ahead of the US and China.

"For all of us in the industry, I think profits and losses are risks that we take. I don't think we can rely on governments and regulators to guarantee our profits or losses," Ambani said.

"To me, what is most important is did we move the country forward and does the consumer gain. The question... you should be thinking about is even if there are profits and losses, who gains and who loses. And as long as the consumer gains and the country moves forward, it is worth taking those losses... Some of us are big boys, we can afford that," he added.