Operators round the world watch India’s Reliance Jio with a mixture of envy and fear, because of the way the new mobile entrant has disrupted the market in less than three years of commercial services. First its low cost 4G-only services, underpinned by a low cost, greenfield network, sparked a price war and a wave of mergers and acquisitions among established MNOs. Next, it overtook first Bharti Airtel, and then Vodafone Idea, to become India’s largest mobile operator by subscriber numbers. Most immediately, its success has been driven by its low tariffs and strong marketing. But playing the price war card can result in a Pyrrhic victory if success comes at the cost of profitability. So Jio has focused on…