Reliance Jio plans Estonia unit to expand overseas: report
22 May 2018
Two years into operations, Reliance Jio Infocomm Ltd, the telecom business of Reliance Industries Ltd (RIL), is looking for markets abroad and is planning to set up set up a subsidiary in Estonia, reports quoting people aware of the plans said.
A report in the Mint newspaper quoting sources said with the Indian market tightening Reliance Jio is forced to look overseas for expansion at the earlier scorching pace.
Reliance Industrial Investments and Holdings Ltd, an investment holding company and a wholly-owned subsidiary of Reliance Industries Ltd (RIL), will give a loan of Rs12.20 crore (€1.5 million) to the Estonian unit to begin operations, the report quoted one of the two sources as saying.
“Thanks to its sophisticated e-solutions, over the last decade, Estonia has transformed itself into one of Europe’s business success stories. Indian companies would certainly wish to collaborate and imbibe e-governance solutions in this regard and Jio is no exception,” according to the second source.
According to the report, a company established in the northern European nation can operate worldwide.
Since 99 per cent of public services in Estonia are available online 24x7, all the compliance work and agreements can be handled digitally .
Since 2000, all government services in Estonia are offered online and all documents are electronically available.
Estonia is in the process of developing a long-term relationship with India and, according to reports, Mukesh Ambani, chairman and managing director of Reliance Industries, in a meeting with an Estonian government delegation had expressed interest in collaborating with the country to develop better e-governance solutions.
“A statement from the company said Ambani envisaged to make lives better for millions in India by replicating innovative solutions offered by Estonia into the Indian context, adding that, the ‘e-residency programme’ of Estonia will empower him with easy access to the entire European Union (EU) for his existing business while sitting in India,” the IANS report had said.
E-Residency is a new digital nation for global citizens. Estonia is the first country to offer e-Residency, a government-issued digital ID available to anyone in the world.
E-Residency offers the freedom to easily start and run a global business in the European Union. Estonia will give access to the European Union.
“We believe your solutions are easily scalable to India. We wish to have a very close cooperation with your talent in Estonia,” Ambani had said.