Reliance Industries Limited (RIL) has named its new venture for digital services as Jio Platforms Limited.
In October 2019, RIL had set up a wholly-owned subsidiary for all its digital initiatives, with a total capital infusion of Rs 1.73 trillion.
Under this arrangement, Reliance Jio’s liabilities worth Rs 1,080 billion will be transferred to RIL.
Jio Platforms Limited will be housing all of RIL’s digital entities including Reliance Jio and other technology-based initiatives in education, healthcare and agriculture services.
RIL has earlier demerged the telecom infrastructure arm including tower and fibre into a separate company, which has been monetised through a deal with private equity firm.
RIL now plans to monetise its digital services arm by putting all its digital entities under the new company.