Reliance Industrial Investments and Holdings Ltd. sets up unit in Estonia.
November 26, 2018
Reliance Industrial Investments and Holdings Ltd. (RIIHL), a wholly-owned unit of Reliance Industries, has set up a company in Estonia called Jio Estonia OÜ.
“Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of the Company, has incorporated a company viz., “Jio Estonia OÜ” in Estonia, on November 22, 2018,” said the company in a regulatory filing recently .
According to the filing, the Estonian firm will look into software development and provide consultancy for existing and future technology initiatives pursued by the the group and its subsidiaries.
“Entire paid up share capital of Jio Estonia OÜ is held by RIIHL,” added the oil to telecom group in its statement .
According to reports in May, RIIHL had given the Estonian arm a loan of about Rs. 12.20 crore to establish its operations.
RIL Chairman Mukesh Ambani had met an Estonian government delegation with the aim of developing better e-governance solutions for India, the reports had then said.
Jio didn't respond to emailed queries seeking comment.
This venture abroad will help the group’s telecom arm Reliance Jio Infocomm (Jio) gain entry into the European markets, as per reports. By establishing a unit with the aim of working in new technologies the Ambani owned firm is expected to delve deeper into areas like blockchain.
Jio is in a stiff battle with competitors Bharti Airtel and Vodafone Idea and now the three player market is trying to come up with solutions in Internet of Things (IoT), AI, to take the battle beyond tariff wars, say experts.