India’s richest, Mukesh Ambani’s Reliance sets new company for Jio Digital Services, backed by Blockchain

Ambani led Reliance Industries to set a new digital services company based on blockchain and AI. The firm will act as an umbrella platform for all the Reliance Jio digital services.

Mukesh Ambani owned Reliance Industries Ltd’s has announced its plan to set up a new digital services firm to act as an umbrella platform for all the Reliance-owned Jio digital services, including MyJio, JioTV, and JioSaavn. The company’s board has approved to pump in Rs 1.08 lakh crore for the blockchain-based platform. 

The new firm will fit between the parent company RIL and the subsidiary Reliance Jio and will assist the telecom company in becoming debt-free, according to the Indian billionaire. 

Ambani, in a press release, said the new company would be paying direct attention to services in agriculture, commerce, education, healthcare, gaming, government-to-citizen services, and the manufacturing sector, among others. He also added that the new company would be a “transformational” and “disruptive” digital service platform.

The new umbrella platform will be backed by investment in emerging and next-gen technologies like blockchain, AI, and machine learning and will be enabled by virtual, augmented and mixed reality, computer vision, high performance and edge computing, natural language processing, and voice-enabled services.

The restructuring would assist RIL to transfer all its debt from Reliance Jio to the parent company, making Jio a debt-free company from March 2020. According to reports, with Reliance Jio’s debt-free status, RIL might also be looking at releasing its initial public offering.

In August, Ambani had announced the aim to make RIL net debt-free over the next 18 months during the 42nd Annual General Meeting. Currently, RIL and its subsidiaries hols a net debt of Rs 1.57 lakh crore as of 30th September 2019.

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Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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