Reliance AGM: Silicon Valley gave Mukesh Ambani billions, however issues aren’t all going to plan
The investments quickly established Mukesh Ambani, the billionaire head of sprawling Indian conglomerate Reliance, as a gatekeeper for Silicon Valley in the country — but also raised the stakes for him to deliver the companies a footing in the world’s fastest growing internet market.
Ambani plans to use Facebook’s (FB) messaging service, WhatsApp, to connect millions of small businesses in India to his e-commerce initiative, JioMart. The partnership with Google (GOOGL), meanwhile, aims to jointly develop an affordable 5G smartphone.
Reliance, whose major businesses include energy and retail in addition to technology, is expected to provide an update on those initiatives at its annual shareholder meeting on Thursday, along with an ambitious plan to build out India’s 5G network.
But as India continues to struggle with the impact of the coronavirus pandemic, including an economic slump, Jio’s plans may be facing more headwinds than its politically connected billionaire owner is used…
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