By Line: Shivendra Pandey
Asia’s richest man Mukesh Ambani has now made his mind entre into e-commerce with the seed investment of 1.08 trillion rupees ($15 billion). This is the biggest ever investment done by any businessman in the e-commerce sector. According to business experts, this step has been taken in the lieu to eradicate current existing e-commerce giants like Amazon.in, Walmart’s subsidiary Flipkart, and One 97 Communication i.e. Paytm.
In this venture startup, the board of Reliance Industries has agreed to invest the amount in Reliance Jio Infocomm Ltd., the conglomerate’s telecommunications venture. A series of capital transfers would make Jio, which already has capital of 650 billion rupees, almost debt-free by March 2020, the parent said Oct. 25.
The move by Asia’s richest man is the latest sign of the oil-to-petrochemicals group’s pivot toward data and digital services for future growth.