Reliance to create USD 15 billion digital unit to pare telecom debt

New Delhi: India’s Reliance Industries Ltd on Friday said it would invest nearly USD 15 billion to create a digital services company as it seeks to cut debt at its telecom venture, potentially making way for the entry of a strategic investor.

Controlled by billionaire Mukesh Ambani, Reliance’s debt burden has risen significantly since its telecoms unit Jio Infocomm entered India’s crowded mobile market in late 2016 offering free voice calls and cut-price data to build a massive consumer base.