Indian billionaire Mukesh Ambani may hold the winning ticket in tech and Silicon Valley knows it
4 years, 1 month ago

Indian billionaire Mukesh Ambani may hold the winning ticket in tech and Silicon Valley knows it

CNN  

Mukesh Ambani has spent years trying to turn hisinherited oil businessinto a tech empire. He’s doing that with JioMart, an initiative announced in 2019 to bring online thousands of India’s mom-and-pop stores known as “kiranas.” And Reliance Retail recently acquired one of its biggest Indian rivals, Future Retail, for $3.3 billion — a deal that has kicked off a protracted and complex legal battle with Amazon. In fact, a company spokesperson previously told CNN Business that the name Jio — which means “to live” in Hindi — was chosen in part because it’s a mirror image of the world “oiL.” The bold attempt to transform his $170 billion conglomerate faces a massive test in 2021 asthe Indian economy recovers fromits first recession in nearly a quarter of a century. “It really did come from recognizing that this was a special company that had done pretty amazing work in transforming the digital infrastructure of India in a short period of time.” From Ambani’s perspective, a wide-ranging coalition of some of the biggest names in tech is just a way to further Jio’s command over all aspects of India’s internet. “Given we’re the technology supplier to the industry, we’re I think best equipped to work with Jio both on the device front as well as infrastructure.” Ambani appears ready to leverage the global backing for Jio and Reliance Retail into IPOs, saying in June that he would “move towards listing of both these companies within the next five years.” An IPO for Jio Platforms on Nasdaq could come as soon as 2021, according to several media reports and industry analysts.

History of this topic

Mukesh Ambani, daughter Isha overseeing job, cost cuts at Reliance Retail to push valuation to $125 billion: Report
1 week, 4 days ago
RIL Chairman Mukesh Ambani pledges Rs 50,000 crore investment in Assam
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2 weeks, 6 days ago
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1 month, 1 week ago
Mukesh Ambani announces fresh investment of ₹50,000 crore in West Bengal by 2030
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Isha Ambani proudly reflects on legacy at Jamnagar Refinery's 25th anniversary celebration
2 months, 2 weeks ago
Jio partners with Qualcomm to launch an affordable 5G smartphone
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Reliance to Build AI Infrastructure in India, Partnering with NVIDIA
4 months, 3 weeks ago
Jio has transformed India into largest data market in the world, says Mukesh Ambani at AGM 2024
6 months, 2 weeks ago
Reliance AGM 2024: Reliance to build Gigawatt-scale, AI-ready data centres in Jamnagar, says Mukesh Ambani
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Forbes Richest Indian List: Mukesh Ambani is number one, Adani at second spot | Check top 10 here
11 months, 2 weeks ago
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1 year, 2 months ago
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1 year, 2 months ago
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'Reliance Industries will invest additional Rs 20,000 cr in West Bengal in three years', says Mukesh Ambani
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1 year, 6 months ago
Mukesh Ambani's groundbreaking AI announcement: A message to OpenAI CEO Sam Altman
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RIL AGM 2023: Mukesh Ambani lists 5 goals that will fulfil dreams of 1.4 billion Indians
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Reliance AGM 2023: From financial performance to AI revolution, read full speech
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1 year, 6 months ago
Reliance AGM 2023: ‘Jio to lead India-specific AI solutions,’ says Mukesh Ambani while speaking on AI revolution
1 year, 6 months ago
Mukesh Ambani Hails Network18's 'Great Progress' in Becoming Top News Network, Roots for JioCinema
1 year, 6 months ago
Reliance AGM 2023: Jio promises AI to everyone, everywhere, says Mukesh Ambani
1 year, 6 months ago
Reliance AGM 2023: ‘We are now a new-age tech company’ says RIL chairman
1 year, 6 months ago
Reliance AGM 2023: Ambani sets succession plan in motion, unveils Jio AirFiber launch date | Key takeaways
1 year, 6 months ago
Reliance Jio witnesses a remarkable growth with 90 lakh net subscriber additions in Q1 2023
1 year, 7 months ago
Battle of billionaires: Elon Musk’s Starlink eyes India, Mukesh Ambani resists
1 year, 8 months ago
Reliance Industries' Q4 profit sees 18% year-on-year jump at ₹21,327 crore
1 year, 10 months ago
Zerodha co-founder on India's surging internet user base: ‘Let that sink in’
1 year, 11 months ago
Reliance to set up 10 gigawatt solar energy project in Andhra: Mukesh Ambani
2 years ago
Reliance Jio’s 5G rollout to be fastest in the world: Akash Ambani
2 years ago
Reliance to invest ₹75,000 crore in Uttar Pradesh in 4 years: Mukesh Ambani
2 years, 1 month ago
Jio to complete 5G rollout across UP by Dec: Mukesh Ambani at investors' summit
2 years, 1 month ago
After telecom and retail, what is Mukesh Ambani’s next big plan?
2 years, 2 months ago
‘$40 trillion economy by 2047’: Mukesh Ambani says India a ‘shining spot’
2 years, 2 months ago
On Reliance Family Day event, Mukesh Ambani reveals RILs big future plans
2 years, 2 months ago
With Mukesh Ambani as chairman for 20 yrs, Reliance....
2 years, 2 months ago
Reliance Jio plans to quickly tighten its fintech ‘DNA loop’
2 years, 4 months ago
Reliance Jio formally launches 5G services, launch JioTrue5G powered WiFi services in Nathdwara
2 years, 4 months ago
‘We were forced to catch up’: Sunil Mittal's praise for Mukesh Ambani
2 years, 5 months ago
Mukesh Ambani says will roll out high quality, more affordable 5G services
2 years, 5 months ago
‘Affordable for every Indian’: Reliance Jio chief Akash Ambani at launch of 5G mobile services – Firstpost
2 years, 5 months ago
Jio 5G across India by Dec 2023: Mukesh Ambani
2 years, 5 months ago
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