Deals with Silicon Valley players propel Reliance into e-commerce and technology space
A 3D-printed Facebook logo is seen in front of a displayed stock graph in this illustration. Picture: REUTERS/DADO RUVIC
The billionaire’s string of deals with Facebook and other Silicon Valley players this year have propelled Reliance into the e-commerce and technology space like never before. Jio is at the centre of Ambani’s drive to create a home-grown version of Alibaba Group. The tie-up with Facebook has given the venture a Silicon Valley stamp of approval and has lured a dozen investors, enthused by the unit’s potential to shake up online retail, content streaming, digital payments, education and health care in a market of 1.3-billion people.
All told, the sale of 25.2% stake in Jio along with the $7bn rights issue to Reliance shareholders allowed Ambani to declare his flagship free of net debt earlier than the March 2021 target. Last week, BP paid $1bn for a 49% stake in the company’s fuel-retail business, completing a deal announced in 2019. Reliance said it had net debt of 1.6-trillion rupees up to March.
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