Only India's richest man could afford to offer free 4G services to millions of users — and Mukesh Ambani just did that.

The Chairman and managing director of Reliance Industries announced on Thursday that his phone company, Reliance Jio, will extend its current three-month offer of free 4G LTE services for another quarter.

This means new and the existing 52 million Jio customers will get free 4G connectivity until March 31, 2017.

The free services include unlimited free voice calls, 1GB of 4G LTE data every day, access to public Wi-Fi hotspots spread across the country as well as video-on-demand services.

Reliance Industries' Chairman and MD, Mukesh Ambani announcing the new Jio "Happy New Year Offer" Image: screengrab/jio digital

Ambani also said Jio had surpassed 50 million subscribers in less than three months since the service launched, and the company continues to sign up over 600,000 new users on an average every day.

Ambani claims that his users use 25 times more data than an average Indian broadband user, making Jio the country's largest broadband internet service provider.

Jio's launch in September this year was not welcomed by existing carriers, especially when Ambani announced his network won't charge users for voice calls, which accounted for as much as 70 percent revenues for some carriers.

Reliance Industries has already invested upwards of $20 billion in buying spectrum, setting up the network and making things operational. It is yet to see any revenues coming in.