Reliance Industries Limited has announced the formation of a new, wholly owned subsidiary for 'Digital Platform Initiatives'. Alongside writing off a significant share of operational debt from Reliance Jio to make the operator debt free from April 1, 2020, the new entity is scheduled to take charge of its existing digital services, while also focusing on emerging technologies as news business avenues that cater to both enterprise and consumers.
Among its line of ventures, RIL has listed two clear sections in which the new, digital platforms initiative will operate. These include existing digital platforms, and emerging platforms. The latter will also contribute to the rise of adoption of digital services in mainstream sectors in India. Some of the categories listed by RIL under its new, emerging platforms category include healthcare, agriculture, education, commerce, government services, gaming, manufacturing and "many others". Within this, the new entity will also work towards offering core technologies to back these new platforms, which include Blockchain, AI, ML, VR, AR, MR, computer vision, edge computing, NLP, and voice enabled services.
The new company will hence work as a privately held technology holding arm for all technologies and related ventures undertaken under the RIL umbrella. It will also include the undertaking of existing, consumer centric digital services -- MyJio, JioTV, JioNews, JioCinema and JioSaavn, essentially bringing together all the ancillary digital services offered by Reliance Jio, now officially India's largest telecom operator.
RIL will be infusing equity of Rs 1,08,000 crore, with RIL chairman Mukesh Ambani further asserting that the change in the structure will not alter the shareholding structure for Jio's investors, as of now.
Comments
0 comment