Reliance Industries' new digital platforms initiative will take charge of existing digital services and also focus on emerging technologies.
Reliance Industries Limited (RIL) has set up a wholly-owned subsidiary (WOS) to include all its digital initiatives under one roof. With this, the company will create the largest digital services platform company in India.
For the new digital platforms initiative, RIL has made two clear categories. The first will include the existing digital platforms and the other will be the focus on emerging platforms.
So, which are these existing platforms that will be part of the new digital platform?
The new platform will bring together the existing consumer-centric digital services like MyJio, JioTV, JioCinema, JioNews and JioSaavn.
In addition, the group will also invest in emerging platforms category including healthcare, education, agriculture, commerce, government-to-citizen services, gaming and manufacturing.
The new entity will also invest in new-age digital technology to back these new platforms which will include Blockchain, AI, ML, VR, AR, MR, computer vision, edge computing, NLP, and voice-enabled services.
RIL will be investing about Rs 1.08 lakh crore in the form of a rights issue via optionally convertible preference shares in the WOS.
Experts see this move by RIL as a chance to be considered in the same league as global digital powerhouses such as Alphabet (parent company of Google) and China’s Tencent.
Jio's launch brought in a digital transformation in India thanks to cheaper data that has led to a boom in many digital services like gaming, streaming services both music and video, among others.Disclaimer: Reliance Industries, the promoter of Reliance Jio, also controls Network18, the parent company of Moneycontrol. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.