The Indian multinational conglomerate company, Reliance Industries Limited owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail and telecommunications. Since, it is the largest publicly traded company in India by market capitalisation. Anant Ambani, the youngest son of Reliance Industries chairman Mukesh Ambani, has joined the board of Jio Platforms as an additional director.
Henceforth, he joined the board as mentioned in a report citing filings with the Registrar of Companies. Jio Platforms, a subsidiary of Reliance Industries, comprises mostly its telecom business under Reliance Jio Infocom. As a result, this is the largest in the country with more than 388 million subscribers and other digital properties. Such as Jio Cinema as video-on-demand app. Jio Cloud for storage services. Jio Chat as messaging app. Jio Money for digital currency and payments services. Jio Saavn for online music streaming services. Jio News as newspaper and magazine app, etc.
The Young Guns Of Ambani Family
Anant Ambani, a young soul of 25, is a Brown University alumnus. He is the youngest of the three Ambani siblings. His siblings Akash Ambani and Isha Ambani had joined the boards of the telecom and retail ventures — Reliance Jio Infocomm and Reliance Retail — in 2014 and have also joined the board of Jio Platforms. Hence, Anant’s joining comes at a time when Jio Platforms is on a fundraising spree to achieve Mukesh Ambani’s goal to make Reliance Industries Limited debt-free.
Consequently, Jio Platforms has sold around 17.12% stake to strategic investors such as Facebook and global technology investors like Silver Lake, Vista Equity Partners, General Atlantic and KKR to raise around Rs 78,562 crore. The company is reportedly mulling overseas listing of Jio Platforms to get higher valuations. Reliance has consistently talked about building Jio Platforms into a digital entity along the lines of Alphabet and Tencent. The oil-to-telecom conglomerate is expected to list Jio Platforms in global stock markets over the next 12 to 24 months. Other subsidiaries which the Jio Platform provides are Jio Mart, Hathway, DEN Networks, Radisys and Haptik.
Current Dealings
On May 2020, the enterprise value of Jio Platforms was estimated to be Rs. 5.15 trillion which is US $72 billion. Also, it is way more valuable than all other businesses of Reliance Industries Limited put together. The market capitalisation put it fourth on the list of largest Indian companies, behind RIL as a combined entity, Tata Consultancy Services and HDFC Bank. Reliance Industries Limited has acquired or invested in several companies. These are now under Jio Platforms. Notable companies such as Embibe – Artificial Intelligence based conversational platform, Radisys – Telecommunication technology, Reverie – Vernacular Chatbot, Grab-a-Grub – Delivery services, Fynd – for analytics, EasyGov – citizen convenience services, Asteria Aerospace – for drone technology and Netradyne – for Artificial Intelligence services also comes under it.Â
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