After Jio’s 4G and optical fibre, RIL to build $24 bn e-commerce giant

After Jio’s 4G network and optical fibre-based broadband connection with a speed of up to 1 Gigabit per second, Mukesh Ambani, chairman of Reliance Industries Limited (RIL), is now planning to disrupt the country’s e-commerce industry with a $24 billion digital-services behemoth.

The Reliance Industries board 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 March 2020, the parent said on October 25.