Mukesh Ambani gets ready to alchemise Reliance Industries into a tech giant

Analysts say Ambani offered an opportunity to many global tech companies who were hesitant about negotiating the myriad regulatory challenges in India

On a warm April day, while the world was immobilised into inactivity by the lockdown, a group of top Reliance executives were putting in longer hours than ever before. They were locked in intense negotiations in an ultra-secure call with potential Facebook and PE funds to persuade them to take a big bet on the group.

The strategy paid off. In the next eight months, Reliance raised over $28.09 billion in two companies — Jio Platforms and Reliance Retail. It was the largest sum ever raised in India by a corporate entity. Reliance went on to top this by successfully