Reliance Industries to create $15 Billion digital unit, Jio to be debt free
11 months ago
Reliance Industries has said on Friday that it would invest nearly $15 Billion to create a digital service company which would free Jio from debt.
After entering into the mobile market in late 2016 offering free voice calls and lower data prices to build a massive consumer base, has put a heavy debt on Jio. To free Jio from debt the Reliance Industries will invest nearly $15billion to create a digital unit.
The new digital service company will also acquire Reliance’s equity investment of Rs. 65,000 crores in Jio.
Mukesh Ambani said in s statement, “This new Company will be a truly transformational and disruptive digital services platform. Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our Platform Company, creating and unlocking meaningful value for RIL shareholders.”