63-year-old Mukesh Ambani wants to turn Reliance into a technology and e-commerce company. For this, he has set some priorities. These include developing products for the 5G network, connecting Facebook’s WhatsApp payments service to Reliance’s digital platform, and connecting the e-commerce business with physical stores. He also plans to sell a stake in Reliance’s oil and petrochemical business.
Let me tell you that every scheme of Mukesh Ambani is monitored by investors. He wanted to sell a 20% stake in his oil and petrochemical business to a Saudi Arabian company that was announced in August 2019. This would have helped the company to repay its debt. But negotiations between the two companies stalled and Reliance shares fell 40 percent in three months.
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At the Reliance AGM in July, Ambani and her children Isha and Aakash told investors the details of the Jio and 5G product plans ahead. The company plans to launch 5G wireless network service and a video streaming platform early next year. Reliance’s digital unit Jio Platform Limited will develop technology solutions and apps for millions of small businesses in the country.
Investors are eyeing every Ambani scheme. This year, Reliance stock jumped 55% to the record in September. But it has declined since then. Stakeholders are waiting for how Ambani fulfills his dream. Ambani has taken over its partnership with new investors like Facebook. But originally it was his alternate plan. In fact, he wanted to sell a 20% stake in his oil and petrochemical business to a Saudi Arabian company. It was announced in August 2019. This would have helped the company to repay its debt. But negotiations between the two companies stalled and Reliance shares fell 40 per cent in three months.
