India’s struggle against the COVID-19 pandemic hasn’t stopped the deal making spree at Reliance Industries. As the country slows down, Mukesh Ambani’s conglomerate by sales and market capitalization has only seemed to speed up. In fact, some critics point out that Reliance has already become the face of Digital India, the mega campaign launched by the Narendra Modi government, a year after it came to power.
“Mukesh Ambani has had this vision to vertically integrate multiple sectors and do digital cross selling across those sectors since long before he launched Jio,” Sanchit Vir Gogia, chief analyst and CEO of Greyhound Research, an independent technology industry research firm mentioned in his blog. “What they are trying to do is connecting each vertical built with physical assets onto the digital platforms, and then connecting different verticals through the digital platforms. I call it ‘phygitization’ — a combination of physical assets and digitization.”
Ambani has now set his sights on another industry: financial services. On April 30, Reliance quietly announced financial services as its newest business segment. Some took it as the latest sign that Reliance wants to become an Indian version of Alibaba, the Chinese e-commerce giant founded by Jack Ma, one of the few who rivals Ambani on Asia’s rich list. As Gogia already predicted Ambani’s next big thing will most likely be the financial sector. “With that accomplished, Reliance will look bigger than Alibaba,” he noted.CXOtoday.com
P.S.: For more information on the recent investments, value that each investor brings to Jio Platforms, engagement with Microsoft, impact on Bharti Airtel, and the challenges the company can expect, read this research report by Greyhound Research.
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