Reliance Industries (RELI) today announced that it has selected Digital Asset Investment (DII) as its digital asset investor.
Reliance, a leading Indian telecoms operator, aims to make the Indian internet more affordable and competitive.
DII, the first of its kind in the country, is a cloud-based platform that will offer a diversified, blockchain-based digital asset portfolio.
With the help of DII’s blockchain-powered trading platform, Reliance aims to reduce the time to market and provide a better customer experience by increasing the ease of entry, liquidity and transparency of the portfolio.
Reliant, which is one of the biggest telecom operators in India, plans to invest $1.4 billion in the digital asset investment portfolio by 2020.
The digital asset investments will be made with Reliance’s blockchain technology platform and will allow Reliance to leverage the expertise of Reliance Blockchain to offer a better digital asset experience for its customers.
“The digital asset sector is a huge opportunity for Reliance and we believe the Reliance DII platform will help accelerate our growth in the space,” said Ramesh Pandey, Chairman and Managing Director of Reliant Digital Media, a unit of Reliasat Group, in a statement.
Reliasati Group, a division of Reliatimesat Group that owns Reliance Media Group, is also the owner of Reliancesat.
Reliarex and Reliasit are the two companies that own Reliance Communications.
ReliaSat, a subsidiary of Reliesat, is the parent company of ReliSat.
With Reliance already in the lead in the Indian broadband market, Reliasite is also positioning itself to take the lead on the Indian market.
“We are committed to growing our network, and this is an important step in our journey to take over Reliance,” said Amitabh Sharma, Chairman, Reli-Sat Group.
“Our customers will be able to enjoy better, faster, and more reliable broadband, and Reliance will be a big beneficiary.”
Reliance hopes to expand its digital assets portfolio by investing in more than 200 different sectors, which includes digital assets, technology, ecommerce, and telecoms, among others.
Reliesi Group plans to add over 100 digital assets to the portfolio by the end of this year, which will be used to create a better online shopping experience for customers.
Reliosat has been in talks with Reliasitesat for a number of years to acquire Reliasaten Group, but has yet to make any final decision on the acquisition.
Relisatsat is currently under construction and is expected to be completed by the first quarter of 2020.
Reliati Group, Reliesit, and other digital asset investors are expected to raise a total of $1 billion in a series of financing rounds over the next three years.
In 2016, Reliant invested $100 million in Reliosa, the Indian company that is the world’s largest consumer electronics retailer.
Relient is also in talks to purchase the Indian startup DigitalMirage for $2 billion.
Reliances investment in DigitalMirages platform is likely to be made by Reliance in the coming months.