Mukesh Ambani is focused on a handful of priorities as he tries to turn Reliance Industries Ltd. from an old-economy conglomerate into a technology and e-commerce titan.
Mukesh Ambani has spent a big figure of 2020 convincing Facebook Inc., Google and a clutch of Wall Street heavyweights to acquire into his vision being one of the international’s most ambitious business transformers. Now flush with $27 billion in fresh capital, Asia's richest man is under pressure to deliver.
Mukesh Ambani is also pushing forward with plans to sell a stake in Reliance's oil. A deal he had originally hoped would reduce debt and finance his high-tech pivot earlier this year.
According to recent public statements and people familiar with the company's plans, the 63-year-old industrialist is attentive on a handful of priorities as he tries to turn Reliance Industries Ltd. from an old-economy corporation into a technology and e-commerce titan.
Which include improving products with expected roll-out in upcoming year of local 5G network; incorporating WhatsApp and Facebook’s payments services into Reliance’s digital platform; participating the company's e-commerce it will offer a network of physical mom-and-pop shops across the country.
Investors are watching Mukesh Ambani's every move as he overhauls his empire -- with a market value of $179 billion -- in the middle of a pandemic, wading into highly competitive industries and taking on rivals from Amazon.com Inc. to Wal-Mart Inc. Reliance shares rose as much as 55% this year to an all-time high in September, but they've since pared gains as stakeholders look for more evidence that he can execute.
Reliance's digital unit, Jio Platforms Ltd., will also develop a portfolio of technology solutions and apps for India's millions of micro, small and medium businesses, Mr. Ambani said, additionally he plans to sooner or later expand the platform with overseas.
"The time has come for a truly global digital product and services company to emerge from India," Mr. Ambani stated .