Reliance Industries approves massive investment as Mukesh Ambani prepares for e-commerce platform launch
today Oct 29, 2019
The board of Reliance Industries has approved a Rs 1.08 lakh crore ($15 billion) investment that will go towards the creation of its e-commerce platform in India.
The board has approved a Rs 1.08 lakh crore investment into a digital-services holding company that will be a fully owned subsidiary of the business. The funds will then be invested into Reliance Jio Infocomm Ltd as the business prepares to launch its own e-commerce platform, ET Bureau reported.
“Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners,” said Ambani in a statement, reported by ET Bureau. “We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders.”
Reliance Industries announced on October 25 that the investment, which will be channeled into Reliance Jio, will make the business’ telecommunications arm almost debt free by March 2020. The business aims to create a multi-brand e-commerce platform to rival the country’s e-commerce giants Flipkart and Amazon. The plan marks Reliance Industries’ general move towards digital services for its future growth.
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