Ambani to partner Google, Facebook to seek India payments business license

Reliance Industries Ltd., led by Asia’s richest man, along with its partners plans to seek a license to enter India’s burgeoning digital payments business, people with knowledge of the matter said.

India’s largest company by market value is teaming up with its investors Facebook Inc. and Google, as well as homegrown technology service provider, Infibeam Avenues Ltd., to apply for a license from the Reserve Bank of India, according to the people who asked not to be identified as the discussions are private. The consortium is developing a detailed plan currently, they said.

A Reliance spokesman declined to comment. A representative for Infibeam also declined to comment “citing confidentiality agreements.” Emails to representatives at Google and Facebook weren’t immediately answered. The development was first reported by the Economic Times, which said that a consortium led by the Tata Group and another by Amazon.com Inc. were among other applicants.