NEW DELHI: Mukesh Ambani-driven Reliance Jio may take its business overseas in a drive to expand beyond India market as the company is planning to set up a subsidiary in Estonia, a report by Livemint.com said on Tuesday.
Citing anonymous sources, the report said that the Reliance Industrial Investments and Holdings Ltd will give a loan of Rs 12.20 crore (€1.5 million) to the Estonian unit for initial push to the operations.
“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,” the report quoted the sources.
As per another March report by IANS, Mukesh Ambani in a meeting with an Estonian government delegation had expressed interest in working with the country to develop better e-governance solutions for India.
Jio’s foothold in Estonia will give it an easy access to the unified EU telecom market, something that can help it keep fighting the price wars in India for longer without getting bled. By expanding in Europe, Jio can offset risks in the Indian telecom market where competition is stiff and margins meagre.
Meanwhile, the telco is also exploring alternate revenue streams in the India market as it has set up an engineering team to work on blockchain technology with the goal of developing new use-cases and applications.