Reliance Industries to set up subsidiary for digital platform initiatives

Mukesh Ambani-owned Reliance Industries Ltd on Friday said it will set up a wholly-owned subsidiary (WOS) for digital platform initiatives, announcing a Rs 1.08 lakh crore investment in the unit.

The subsidiary will also acquire RIL's equity investment of Rs 65,000 crore in Reliance Jio Infocomm Ltd (RJIL), the company said in a statement.

The Board of Directors of RJIL approved a scheme of arrangement between RJIL and certain classes of its creditors including debenture holders for transfer of identified liabilities of up to Rs. 1,08,000 crore to RIL.