Time for global digital product, services company to emerge from India: Ambani

RIL Chairman Mukesh Ambani on Wednesday said time has come for a global digital product and services company to emerge from India, as he nudged Jio Platforms to pursue global opportunities and create revenue source from domestic and international markets.

Addressing Reliance Industries 43rd AGM, Ambani said over the years, Reliance has built deep domain knowledge in most of the industry verticals that are key to the Indian economy, and Jio Platforms can combine this domain knowledge with its technology strengths to create multiple innovative ecosystem solutions and managed services for India.

"Each of these solutions, once proven in India, has the potential to be a global solution... that can be used to serve the rest of the world. I am setting a goal for Jio Platforms to pursue this global opportunity and to create a significant source of revenue from both the domestic and global markets," Ambani said at the annual general meeting (AGM).

Ambani further said he believes that "time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world".

On Wednesday, the company announced that Google will pick up 7.7 per cent stake in Reliance Industries'' technology venture for Rs 33,737 crore. The US tech giant joins a long list of marquee investors - including Facebook, Qualcomm, Intel Corp, General Atlantic, KKR, TPG and others - who have invested in Jio Platforms over the past few weeks.

The investment by Google values Jio Platforms at an equity value of Rs 4.36 lakh crore. With this, the total investment from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.