Jio Platforms, Reliance Industries’ wholly-owned digital subsidiary, will invest ₹15,000 crore from the ₹43,574 crore ($5.7 billion) it gets from Facebook into the company.
The remaining will be used to reduce RIL’s debt, which stands at about ₹40,000 crore, Anshuman Thakur, Head of Strategy and Planning at Reliance Jio Infocomm (RJio), said in a concall.
RJio, is a fully-owned subsidiary of Jio Platforms, is India's largest mobile services provider with 388 million subscribers.
“We do intend to take the company public in the medium-term,” Thakur said, when asked about RJio’s listing plans.
“We are exploring multiple ways of collaboration, we will collaborate on areas which compliment our businesses, while we will compete on areas where we have a separate business, Thakur added.
On Wednesday, Mark Zuckerberg’s Facebook has announced investments of ₹43,574 crore into India’s richest man Mukesh Ambani’s Jio Platforms.
“We will collaborate on many, we will compete on many,” Managing Director of Facebook's India unit Ajit Mohan said.
Jio Platforms hosts all digital initiatives of the firm, including Jio digital services (mobile, broadband), Apps, tech capabilities (AI, Big Data, IoT) and investments (like Den, Hathway).