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Reliance to Invest Rs 1.08 Lakh Crores for Digital Initiatives:- Reliance Industries is one of the biggest firms of the country and it has been expanding its market widely every year. Reliance Industries on Friday said that it will set up its own subsidiary (WOS) for its digital platform initiatives with an investment of Rs 1.08 lakh crores. "The board of directors of RIL today approved the formation of a wholly-owned subsidiary (WOS) for 'Digital Platform' initiatives and investment of Rs 108,000 crore in the WOS through OCPS (optionally convertible preference shares)," said RIL. The Rs 1.08 lakh crore will be used to invest in Reliance Jio to make it a net debt free company by next year.

All the identified liabilities will be transferred to RIL and the equity stake of Rs 65,000 crores in Jio will be transferred to the newly formed unit. "The board of directors of RIL today approved the formation of a wholly-owned subsidiary (WOS) for 'Digital Platform' initiatives and investment of Rs 108,000 crore in the WOS through OCPS (optionally convertible preference shares)," said RIL. Reliance Jio Infocomm Limited (RJIL) has a balance sheet of Rs 2,37,000 crores. With the digital market expanding widely, Reliance decided to invest huge on digitial firms.