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RIL To Invest Rs.1.08 Lakh Crores In Digital Subsidiary To Make Jio Debt Free
Reliance Industries Limited (RIL) has announced its plan to make Jio a debt-free company. As a part of it, RIL is planning to transfer its telecom and digital initiatives business to a wholly-owned subsidiary.
In a statement to the stock exchange, the company informed that the Board of Directors of RIL has approved the formation of a wholly-owned subsidiary ("WOS") for Digital Platform initiatives and investment of Rs. 1,08,000 crore in the WOS through optionally convertible preference shares (OCPS). The statement goes on to say that the WOS will also acquire RIL's equity investment of Rs. 65,000 crore in RJIL.
Shedding light on RIL's plans, the company's chairman & managing director of Mukesh D Ambani Said: "Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our Platform Company, creating and unlocking meaningful value for RIL shareholders."
Furthermore, after the transaction, Reliance Jio will have 355 million subscribers and Rs. 40,000 crore spectrum-related debt. However, RIL is confident that it will become a debt-free company by 31st March 2020.
Meanwhile, the Economic Times reported that the company is trying to copy the structure of Tencent and Alibaba. "It's a great move to attract investments. The holding and capitalization structure is in line with global platform companies," Rohan Dhamija, director, Middle East, and South Asia, at consultancy firm Analysys Mason was quoted by ET.
The report further states that the spectrum will remain with Jio, there will no changes in the spectrum licenses. RIL also informed that the new transaction won't impact on any shareholder.
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