WA manufacturers win $2.5m in funding

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Mukesh Ambani needs to balance the ship; rights issue not very attractive

In 2019, during the Vibrant Gujarat Summit, (RIL) Chairman, Mukesh Ambani, said: “In this new world, data is the new oil. And data is the new wealth. India’s data must be controlled and owned by Indian people and not by corporates, especially global corporations”. However, Facebook’s head of global affairs & communication, Nick Clegg, said the analogy was mistaken and said: “India should allow free flow of data across borders instead of attempting to hoard it within national boundaries”. This debate was put to rest when India introduced the Personal Data Protection Bill, 2019, in Parliament in December.

Later, Facebook took the cue from a popular phrase “When you can’t beat them, join them” and pitched in with a $5.7 billion (around Rs 43,574 crore) cheque for a 10 per cent stake in Jio Platforms, valuing it’s equity at $57 billion. One would wonder the need for such a hurried deal in midst of a pandemic. That said the deal seems to be a win-win for both. On one hand, it would help RIL reduce its debt, and on the other, will provide a steady and growing set of users and database to Facebook.

ALSO READ: RIL

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Reliance Jio Q4 profit zooms to Rs 2,331 crore on rising subscriber base


on Thursday posted 177.5 per cent year-on-year rise in net profit to Rs 2,331 crore for the three months ended March 31, fuelled by rising subscriber base and recent tariff hike.


The net profit of Jio stood at Rs 840 crore in the year-ago period.



Seen sequentially, the net profit grew 72.7 per cent when compared to Rs 1,350 crore in December quarter (Q3FY20).


Jio’s standalone revenue from operations for the fourth quarter stood at Rs 14,835 crore, which translates into year-on-year growth of 26.6 per cent.


Commenting on the Q4 results, Mukesh Ambani, Chairman and Managing Director, Limited said, “Jio is embarking on the next leg of growth with a path-defining partnership with one of the world’s largest digital companies, Facebook”.


“We are together determined to make India a truly digital society with best-in-class connectivity network complemented with disruptive digital technology platforms for entertainment, commerce, communication, finance, education and health harnessing world’s best tech capabilities. Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium

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