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Ambani readies India’s Alibaba with $24 billion holding firm

Oct 29, 2019 09:53 IST

Reliance Industries chairman Mukesh Ambani unveiled plans to set up a $24 billion digital-services holding company and moved a step closer to creating an e-commerce giant for India. Reliance Industries approved a proposal to plow $15 billion into the fully owned subsidiary which will give competition to Chinese multinational Alibaba. A series of capital transfers would also make Jio debt free by March 2020. Reliance Industries will invest the money in the holding company through optionally convertible preference shares. 

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