Moneycontrol transforming into advanced fintech player, says RIL's Mukesh Ambani

Reliance Industries chairman Mukesh Ambani said he believes it is time for India, as the world's most populous nation, to assert its voice and gain its rightful space in the influential global media

Reliance Industries chairman Mukesh Ambani on August 29 said the company’s news media arm is scaling “new heights” due to its “high-quality journalism”, while its business website Moneycontrol is transforming into an advanced fintech player.

“Moneycontrol is transforming into an advanced fintech provider of data and analytics for users in India and beyond. It is unmatched in speed and accuracy. It has 70 million unique visitors,” Ambani said during the company’s 47th annual general meeting.

Significantly, the online website's premium service MC Pro has more than 850,000 paid subscribers, he said. “This makes it a top-10 subscription site globally and the largest in India.”

Highlighting Network18’s exceptional performance and strategic growth of its news business, Ambani pointed out it is the only network in India with global ambitions.

“Our News business is reaching new heights. This is due to our focus on high-quality journalism. We lead in both general and business news. We are the only network in India with global ambitions.”

The oil-to-chemicals conglomerate’s chairman said News18, the firm’s news channel, was the top TV network for election news as its reach was 50 percent higher than the IPL final on June 4, when the Lok Sabha election 2024 results were declared.

The company’s other news and business channels gave a solid performance. CNBC-TV18 recorded an 82 percent viewership on the Budget Day, while CNN-News18 has been the number one news channel for the last two years, Ambani noted.

“I believe it is time for India, as the world's most populous nation, to assert its voice and gain its rightful space in the influential global media,” added Ambani.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.