If I still worked at a newspaper, I would be devoting at least a couple of broadsheet pages to the announcements made during Reliance Industries Ltd’s annual general meeting. Flush with fresh funds, India’s most valuable company—run by Asia’s richest man, Mukesh Ambani—laid down a roadmap to dominate the country’s digital economy.
We’ll focus on two things.
Over the past three months, Jio Platforms has raised about $20 billion in equity investments over a dozen global investors. Jio Platforms is a subsidiary that houses all of Reliance’s digital services and Reliance Jio Infocomm, India’s biggest and youngest telecom operator. The line-up of investors includes sovereign wealth funds and pedigreed private equity firms such as KKR & Co., L Catterton, Silver Lake and General Atlantic—as well as a troika of modern US tech giants, i.e. Facebook, Microsoft and Google.
In return for their funding,