Rjio plans to set up Estonian unit, expand business overseas
MUMBAI: Reliance Jio Infocomm Ltd is planning to expand beyond the Indian market, and will set up a subsidiary in Estonia, according to two people aware of the plans.
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 ₹12.20 crore (€1.5 million) to the Estonian unit to begin operations, according to one of the two people cited above, both of whom declined to be named.
“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,” said the second person.
A company established in the northern European nation can operate worldwide, while all the compliance work and agreements can be handled digitally .
A spokesperson for Jio did not immediately respond to queries.
In Estonia, 99% of public services are available online 24x7. Since 2000, all government services in Estonia are offered online and all documents are electronically available. The reported move comes against the backdrop of Estonia wishing to develop a long-term relationship with India.
According to an IANS news agency report on March 13, Mukesh Ambani, chairman and managing director of Reliance Industries (RIL) had in a meeting with an Estonian government delegation, expressed interest in collaborating with the country to develop better e-governance solutions or India.
“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.