Wednesday November 20, 2019
Home Business Reliance Indu...

Reliance Industries to Set Up Wholly-Owned Subsidiary for its Digital Platform Initiatives

The company said in a statement that the move will ensure that monetisation opportunities accrue to the shareholders efficiently

0
//
Reliance, Industries, Subsidiary
RIL's digital platforms include the categories MyJio, JioTV, JioCinema, JioNews and JioSaavn. Flickr

Reliance Industries on Friday said that it will set up a wholly-owned subsidiary for its digital platform initiatives with an investment of Rs 1.08 lakh crore.

Accordingly, the company’s move will lead to the creation of the largest digital services platform company in India.

RIL’s digital platforms include the categories MyJio, JioTV, JioCinema, JioNews and JioSaavn.

The company said in a statement that the move will ensure that monetisation opportunities accrue to the shareholders efficiently.

Reliance, Industries, Subsidiary
Accordingly, the company’s move will lead to the creation of the largest digital services platform company in India. Wikimedia Commons

“There is no impact in the value pre and post reorganisation for any shareholder; There is no impact on the consolidated debt of RIL,” the RIL statement said.

The company further said that the move will not impact RIL’s standalone credit profile given its robust cash flows and conservative leverage.

RIL’s Chairman and Managing Director Mukesh Ambani said: “This new company will be a truly transformational and disruptive digital services platform. It will bring together India’s No.1 connectivity platform, leading digital app ecosystem and world’s best tech capabilities globally, to create a truly Digital Society for each Indian. Jio has been heralding the digital services revolution in India and will continue to do so in the years to come.

Also Read- Reserve Bank of India Emphatically Firing on All Three Cylinders of Rates, Liquidity, and Guidance

“Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders.” (IANS)

Next Story

Jio Announces new ‘All-In-One’ Plans which Include Free IUC Minutes

While the one-month pack would cost a user Rs 222, the two-month plan comes at Rs 333 and the three month plan would set you back by Rs 444

0
Jio
While the one-month pack of Jio would cost a user Rs 222, the two-month plan comes at Rs 333 and the three month plan would set you back by Rs 444. Pixabay

Reliance Jio on Monday announced new “all-in-one” plans which are marginally cheaper than its existing prepaid plans and also include Interconnect usage charges for 1,000 minutes of outgoing calls.

While the one-month pack would cost a user Rs 222, the two-month plan comes at Rs 333 and the three month plan would set you back by Rs 444.

“When compared to Jio’s existing 2GB/per day plan, the three-month 2GB per day pack will now cost only Rs 444 instead of Rs 448 with additional 1,000 minutes of offnet IUC minutes which would have come at nearly Rs 80 separately,” Reliance Jio said in a statement.

Similarly, the two-month plan will now cost Rs 333 against the earlier cost of Rs 396 with additional 1,000 minutes outgoing calls which would cost Rs 80 separately with IUC charges.

Jio
The three-month 2GB per day pack of Jio will now cost only Rs 444 instead of Rs 448 with additional 1,000 minutes of offnet IUC minutes which would have come at nearly Rs 80 separately. Pixabay

As in the other new plans, the monthly plan also includes IUC charges worth Rs 80. But the cost of the monthly plan has gone up to Rs 222 from Rs 198.

ALSO READ: Snapdeal Emerges as Third Largest E-Commerce Player in India

“The new plans are the cheapest in the market. They are 20-50 per cent cheaper than existing competition plans,” Reliance Jio said. (IANS)