Mukesh Ambani needs to balance the ship; rights issue not very attractive

In 2019, during the Vibrant Gujarat Summit, Reliance Industries (RIL) Chairman, Mukesh Ambani, said: “In this new world, data is the new oil. And data is the new wealth. India's data must be controlled and owned by Indian people and not by corporates, especially global corporations”. However, Facebook’s head of global affairs & communication, Nick Clegg, said the analogy was mistaken and said: “India should allow free flow of data across borders instead of attempting to hoard it within national boundaries”. This debate was put to rest when India introduced the Personal Data Protection Bill, 2019, in Parliament in December.