Comments
Jio Platforms, Reliance Industries’ wholly-owned digital subsidiary, will invest ₹15,000 crore from the ₹43,574 crore ($5.7 billion) it gets from Facebook into the company.
The remaining will be used to reduce RIL’s debt, which stands at about ₹40,000 crore, Anshuman Thakur, Head of Strategy and Planning at Reliance Jio Infocomm (RJio), said in a concall.
RJio, is a fully-owned subsidiary of Jio Platforms, is India's largest mobile services provider with 388 million subscribers.
“We do intend to take the company public in the medium-term,” Thakur said, when asked about RJio’s listing plans.
“We are exploring multiple ways of collaboration, we will collaborate on areas which compliment our businesses, while we will compete on areas where we have a separate business, Thakur added.
On Wednesday, Mark Zuckerberg’s Facebook has announced investments of ₹43,574 crore into India’s richest man Mukesh Ambani’s Jio Platforms.
Related Stories
₹43,574-crore ‘like’: Facebook picks 9.99 per cent in Jio Platforms
Largest investment for a minority stake by a technology firm“We will collaborate on many, we will compete on many,” Managing Director of Facebook's India unit Ajit Mohan said.
Jio Platforms hosts all digital initiatives of the firm, including Jio digital services (mobile, broadband), Apps, tech capabilities (AI, Big Data, IoT) and investments (like Den, Hathway).
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.