INSUBCONTINENT EXCLUSIVE:
invest nearly $15 billion to create a digital services company as it seeks to cut debt at its telecom venture, potentially making way for
the entry of a strategic investor.Controlled by billionaire Mukesh Ambani, Reliance's debt burden has risen significantly since its
massive consumer base.The price war unleashed by Jio forced rivals to consolidate, driving companies such as Reliance Communications,
controlled by Mr Ambani's younger brother, and Aircel out of business.Reliance Industries will have rights to convert its Rs 1.08 lakh
will, in turn, invest the funds in Jio, making the telecoms venture almost net debt free by the end of March 2020.The new digital services
Jio."Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners," Reliance
Chairman Ambani said in the statement."We will induct the right partners in our platform company, creating and unlocking meaningful value
for RIL shareholders."Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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