Mukesh Ambani led Reliance Industries Ltd has gone on to acquire a number of companies in the past year. This move comes with a strategy to expand its customer offerings across categories including telecom, retail and the media industry. The company is currently the second largest in the country, in terms of market value. Also Read - Reliance AGM 2020: Google joins as a strategic partner and investor with a Rs 33,737 crore investmentAlso Read - Reliance to work with Google on Android-based OS, entry-level 5G smartphone
Based on a report from Jefferies Group cited by The Economic Times, Reliance Industries has managed to sign 12 deals in the last one year, with total amount of expenditure amounting up to Rs 289 billion. About ten of these companies belong to the consumer business. Reliance has also acquired distressed companies that were struggling with debt issues. The list of this includes, a local textile-maker, a carbon-fiber firm and wireless solutions telecom company. Also Read - Jio Platforms stake sale: Intel becomes 11th investor with Rs 1,894.50 crore investment
While Reliance has already set up a huge legacy in petrochemicals and refining businesses, the recent set of acquisitions are focused towards making its other business endeavors in retail, telecom and media more profitable. Some of the acquisitions also hint towards the company creating more content. As experts believe, having more content will allow Reliance to draw more customers to their network. This seems to be a part of an elaborate plan to build digital services around Reliance Jio Infocomm Ltd.
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Moving forward the company has planned to commit about $1.3 billion (approximately Rs 8,950 crore) for acquisitions in the next year. In its upcoming 41st annual general meeting (AGM) today, analysts believe the company to talk about its further plans to merge retail with telecom and its clear e-commerce plans.