This man has $24 billion to build the next digital services holding empire in India! Yes, billionaire Mukesh Ambani, the richest man in Asia, and controller of Reliance Industries, has moved to exert his business empire into e-commerce. Reliance Industries will drop $15 billion into a new digital services subsidiary to fund an e-commerce push connected to its popular Reliance Jio mobile phone service, notes Fortune.
Billionaire Mukesh Ambani moved a step closer to creating an e-commerce giant for India, unveiling plans to set up a $24 billion digital-services holding company that would become the main vehicle in his ambition to dominate the country’s internet shopping space.
The board of Ambani’s Reliance Industries approved a proposal to plow 1.08 trillion rupees ($15 billion) into the fully owned subsidiary, which will in turn invest that amount in Reliance Jio Infocomm, the conglomerate’s telecommunications venture. A series of capital transfers would make Jio, which already has capital of 650 billion rupees ($9.2 billion), almost debt free by March 2020, the parent said Oct. 25.
That is how India’s entrepreneurs plan to protect their domain from foreign competitors – deployment of massive war chest. Africa needs to rise because if someone is investing $24 billion to unlock digital commerce and business, we have a long way to go. Yes, our sub-$50 million funding will not do it.
“Jio has been heralding the digital services revolution in India and will continue to do so in the years to come,” Ambani said in a statement.
“Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners,” he added
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This is huge, as in very HUGE!
What is clear is that great nations don’t emerge because of great government, rather it’s the other way round: people take responsibility, and in turn make their country a force to be reckoned with.
To believe that the government can transform Nigeria, well, the best it can do is to borrow money and put both you and the future generations in state of premeditated poverty; it doesn’t worth it!
Yes, an Indian dropping such a massive capital into India’s economy; now ask your champagne and pot belly ‘rich men’ how much they are creatively dropping into Nigeria’s economy.
Until we come to the realisation that our productivity as a people with out best efforts, is still abysmal and below average, all the facade and toga of greatness we arrogate to ourselves won’t leave us. We are not doing anything, but we have been busy applauding ourselves, thumping our chests that we have been doing incredibly so well.
Reality check…