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RIL now a software firm first, oil and gas biz later; Mukesh Ambani co flaunts ‘Made in India’ tag

Data is well and truly the new oil when it comes to Mukesh Ambani’s Reliance Industries Ltd (RIL), as the company gears up to rebrand itself as a software company engaged in ‘developing an ecosystem of new digital technology platforms’. In a company presentation ahead of its massive Rs 53,125 crore rights issue that will open on May 20, RIL said that it is a ‘Made in India’, ‘Made for India’, and ‘Made by Indians’ company that is the best proxy for India’s consumption-driven and tech-propelled growth story. RIL is no longer calling itself an oil and gas conglomerate but is instead posing as a software company.

RIL in the presentation highlighted the three mega-growth engines that it has built in a single decade. This included Reliance Jio, Reliance Retail, and Reliance oil-to-chemical. “RIL’s growth in the digital technology business, based on asset-light platforms of the future, will be nonlinear and exponential,” the presentation said as Mukesh Ambani pushed to fashion Jio as the go-to digital platform to aid India’s growth. The company said that rural India’s internet usage is increasing rapidly as it highlighted its vision to take education, health, and agri-knowledge to the doorsteps of rural India riding on the Jio platform. Not just rural India, Jio has also been termed as the best placed to equip MSME players in India with cutting edge technology in the presentation.

Source
financial express
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