“This is a seasonal thing in telecom,” is how a top government official, familiar with the industry, described the current financial stress in the sector facing a debt pile of more than Rs 4.5 lakh crore. While pointing out that Sunil Mittal-led Bharti Airtel should come out of the crisis as it’s a fighter, he said Mukesh Ambani-owned Reliance Jio was there to stay as a long-term player. “I see both as long-term winners.”
Recent research reports and studies also do not clearly say who the winner is. If UBS, a global research firm, said Jio had lost the early