Business Standard

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

Mukesh Ambani
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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

P R Sanjai
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

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

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