Even amid the lockdown, Reliance Industries’ fortunes are constantly shining. Many US companies are investing heavily in Reliance Group’s Jio platforms. Now, US equity firm KKR has also announced an investment of $1.5 billion (about Rs 11,367 crore) in Jio platforms.
Companies which invested in Jio:
According to news agency Reuters, KKR will buy a 2.32 percent stake in Jio platforms with this investment. Within a month, investments have already been announced by Facebook Inc., General Atlantic, Silver Lake, and Vista Equity Partners in Reliance Jio platforms. In the world, when other companies are struggling to save their existence, Ambani has made deals with four foreign companies such as Facebook, General Atlantic, Silver Lake, and Vista Equity Partner within weeks of lockdown. In fact, Reliance has got a new engine of growth as ‘new commerce’.
Reliance’s New Commerce
When Ambani set up his ‘New Commerce’ venture in July 2018, he said it has the potential to give a new definition to India’s retail business and could become a new growth engine for Reliance in the following years. It will integrate Reliance Digital and Physical Markets and tap a vast network of MSMEs, farmers, Kirana shopkeepers. By dealing with US giant Facebook, the company will take advantage of the wide reach of its own WhatsApp and speed up its new commerce business.
Reliance Industries is developing Jio as a digital company, not just a telecom opera. Mukesh Ambani is now insisting on making Reliance a diversified company instead of retaining an energy-focused company. Reliance Industries entered the retail business in 2006 and telecom business in 2010.
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