Reliance to invest Rs 1.08 lakh crore in new digital services subsidiary

MUMBAI: Reliance Industries Ltd (RIL) board of directors has approved the formation of wholly-owned digital services subsidiary with a capital infusion of Rs 1.08 lakh crore.

The new company will become the conglomerate’s umbrella platform for all digital businesses including Jio. The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS).