Mukesh Ambani set to build Alibaba-like $24-bn e-commerce giant for India

The move is the latest sign of the Reliance group's pivot towards data and digital services for future growth, as it builds an online platform to take on the likes of Amazon and Flipkart in India

P R Sanjai
Mukesh Ambani

After spending almost $50 billion on a 4G wireless network that started services in 2016, Ambani is now cleaning up the balance sheets of his companies

Billionaire Mukesh Ambani moved a step closer to creating an e-commerce giant for India, unveiling plans to set up a $24 billion digital-services holding company that would become the main vehicle in his ambition to dominate the country’s internet shopping space.   The board of Ambani’s Reliance Industries Ltd. approved a proposal to plow 1.08 trillion rupees ($15 billion) into the fully owned subsidiary, which will in turn invest that amount in Reliance Jio Infocomm Ltd., the conglomerate’s telecommunications venture. A series of capital transfers would make Jio, which already has capital of 650 billion rupees, almost debt free by March 2020, the parent said Oct. 25.

Also Read

Reliance Industries' market valuation tops Rs 9 trillion in intra-day trade

Reliance Jio Infratel plans to raise Rs 25,000 cr for capex, retiring debt

Jio, Microsoft team up for digital transformation, to launch cloud centres

Reliance Jio may need more 4G spectrum to cater to user growth: Analysts

RIL rides high on Jio, retail; net profit up 18% YoY at Rs 11,262 crore

AGR shock for Vodafone-Idea balance sheet as promoters may not fund dues

GVK to sell 79% stake in airport business to 3 investors, raise Rs 7,614 cr

Online test for independent directors may be counterproductive, say experts

Railways hails cab aggregators for parking slots; Uber, Ola not interested

Ranitidine cancer threat: Expect more clarity on products in coming weeks

First Published: Oct 28 2019 | 8:25 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to