Stand in front of the mirror. Scribble ‘oil’ in upper case on a piece of paper and hold it up. What do you see?
It is an urban legend in the corridors of India Inc that Reliance Industries chairman Mukesh Ambani came up with the name ‘Jio’ for his company’s shift into digital economy from the mirror image of what has long been its core competency—oil and its derivatives, from polyester to petrochemicals. And last week, to ensure that the Ambani legacy outlives its original golden goose, he accepted a friend request from Facebook, worth nearly ₹44,000 crore, for a partnership that promises to upend the Indian business scape.
“Together, our two companies will accelerate India’s economy,” said Ambani. “Our partnership will be a great catalyst to make India the world’s leading digital society.” Facebook founder Mark Zuckerberg explained further: “We are going to work together on some critical projects which will open up a lot of opportunities for commerce in India.”
The binding agreement between Mark and Mukesh is technically for a minority stake of barely 10 per cent in Jio. But the optics are resounding—this is one of the biggest foreign direct investments in India, and it is significant considering it materialised during the peak of a global lockdown. Going by the valuation, Jio is now worth about ₹4.6 lakh crore, making up about half of the total Reliance kitty. For Zuckerberg, known for gobbling up competition or those with technologies he takes a fancy to (remember Instagram and Oculus Rift?), bagging a non-controlling share in a company is in itself against his modus operandi. The generous valuation of Jio platforms is his biggest investment since Facebook famously bought WhatsApp six years ago. So, what was the lure?
This story is from the May 10, 2020 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 10, 2020 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
There Is A Wind Blowing Against The BJP, And It Will Only Pick Up Speed
Interview - Akhilesh Yadav, Former Chief Minister, Uttar Pradesh
Between hospital and home
Transitional care centres can add a lot to India's health care system
EFFORT VS EFFECT
The government's attempts to ensure quality drugs is evident, but how well new policies can be monitored on the ground remains to be seen
A way to let go of fear
Accepting the use of adult diapers is a journey with various stages-denial, concealment, rejection and reluctance
Mandeeps & a miracle
Two strangers, one deadly disease and an act of kindness. How Mandeep Mann saved Mandeep Singh, an acute leukaemia patient, by donating his stem cells
The A, B, C of cosmetic surgery
Between eight to 10 lakh cosmetic surgeries happen in India every year. Who is an ideal candidate, and what are the risks and results you can expect?
Vaccines and meningitis
In sub-Saharan Africa, from Senegal in the west to Ethiopia in the east, and encompassing the northern part of Nigeria, there exists a region known as the African Meningitis Belt (AMB).
Celebrating diversity and inclusivity
As Indians battle it out in our nation's 18th general election, it is again time for voters to reflect on the \"Idea of India\"-or rather, on two duelling ideas of India that are now before us and between which the nation must choose at the ballot box.
Defendant: an Hermès handbag
When Hermès was hit with a class-action lawsuit last month for \"antitrust\" activities, it didn't see it coming. Most of the luxury world has all eyes on this suit, filed by two interested consumers who claim they were denied a purchase, and whether it would go to trial.
A legacy, bound
Amal Allana's biography of her father, Ebrahim Alkazi, is as much personal as it is historical
