Addressing successive annual general meetings of his group companies, Ambani said RCom would participate in spectrum auctions when they come up next year to launch fourth-generation (4G) telecommunications services in the country.

RBI will release its monetary policy at 11am. RBI to maintain repurchase rate at 8% to shield the rupee from potential increases in US borrowing costs and sustain a fight against inflation, all 51 analysts in a Bloomberg survey predict. The government will also announce fiscal deficit data on Tuesday.

“Yes, I have met the two ADAG (Anil Dhirubhai Ambani Group, now referred as Reliance Group) officials. So what? I know them for the past 30 years. It is my duty to meet people who have a grievance against my officers. The question is whether I favoured them. Meeting anyone is not banned,” the CBI chief was quoted as saying in the article.

The Anil Ambani-led company plans to use the key infrastructure - mobile towers and optical fibre - of his elder brother Mukesh Ambani's company Reliance Jio Infocomm for future expansion rather making its own fresh investments.

The remaining Rs 650 crore will be received by the firm before March 31, 2015, RCom said in a statement.

The company is planning to launch the services in Hyderabad, six other municipal corporations and 37 municipalities across the state in the first phase and expects to cover the rest of the region in two more phases, it said.

Besides the QIP, promoters of the company will invest Rs 1,300 crore to buy preferential shares at a five per cent premium to the QIP offer price. Currently, RCom’s promoters have 68 per cent stake in the company. RCom’s total equity proceeds will be Rs 6,100 crore.