Reliance Industries to restructure Jio, look for investors

MUMBAI/BENGALURU: Mukesh Ambani’s Reliance Industries Limited (RIL) on Friday announced a restructuring of its digital and telecom business, including Jio, through a multi-step process as it readies to raise external capital from both financial and strategic investors.

The move aims to make Jio debt-free by the end of this fiscal by moving its liabilities to the parent RIL even as capex for the telecom business is completed. For starters, RIL will set up a new holding company in which it will infuse Rs 1.08 lakh crore in equity.

The holding company will invest the entire capital in Reliance Jio Infocomm (RJI), reducing its liabilities. The new holding company will also absorb Rs 65,000 crore already invested in RJI by RIL.