RIL arm sets up Jio Estonia for software development

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Reliance Industries Limited (RIL) on Friday announced incorporation of Jio Estonia that plans to engage in software development in Europe.

"Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of the company has incorporated a company viz., Jio Estonia OU in Estonia, on November 22, 2018. Entire paid up capital of Jio Estonia OU is held by RIIHL," RIL said in a BSE filing.

"Jio Estonia OU proposes to engage in the activity of software development and providing consultancy for existing and future technology initiatives pursued by the company and its subsidiaries," it added.

Mukesh Ambani, the richest Indian who runs the most profitable domestic company Reliance Industries, took an e-residency of the European nation in May this year.

Apart from forming a company, an e-resident can access banking services, payment processing and also gets a digital signature.

There were just about 2,000 Indians till last month who have opted to become e-residents of Estonia so far, primarily to access the business opportunity presented by the European Union.

“Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”