From its Silicon Valley-like campus near Mumbai, Indian billionaire Mukesh Ambani's Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic.
The investments, including US$5.7 billion from Facebook and money from private equity firms Silver Lake, Vista Equity Partners, General Atlantic and KKR & Co Inc, value Jio Platforms, where Reliance last year announced it was consolidating its digital offerings, at roughly US$65 billion . "Presentation and listing of menu items should be similar to Apple TV," one of the documents says, assigning the task a"Priority 1" rating.
"Few companies have the potential to transform a country's digital ecosystem in the way that Jio Platforms is doing in India," said KKR's co-founder Henry Kravis in announcing his investment. By providing Indian consumers access to everything from groceries and clothes to banking and home automation via an integrated system running through Jio, Ambani hopes Reliance can become what he calls an"everything company."
In addition to an eventual listing for Jio, Ambani has said he would look to list Reliance's retail operations as well.
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