At a time when several companies are facing the heat of COVID-19 pandemic, India-based Reliance Industries Limited (RIL) was able to attract some of the global investors to raise over US$20.6bn by selling 33% stake in ‘Jio Platforms’. This had led to a rapid conversation spike on Twitter with 300% increase during 15 March–15 July 2020 compared to the previous 120 days, according to GlobalData, a leading data and analytics company.
An analysis of ‘GlobalData’s Reliance Influencer Platform’ reveals major conversation spike in April, when Facebook announced investment of US$5.7bn to buy 9.99% stake in Jio Platforms. The deal is expected to enhance the performance of the e-commerce platform by cross-leveraging JioMart and WhatsApp, and also draws on the vision of Digital India’ for businesses, SMEs and Agri-food businesses.
Amandeep Gill, Influencer Research Head at GlobalData, says: “The strategic associations fostered by Reliance with comparable organizations across the world and its ability to engage and utilize their brand and technological prowess to its advantage makes an excellent business case to Reliance and India’s benefit.”
Other top conversation drivers led by industry experts in the month of June revealed about the launch of Reliance Jio’s new business teleconferencing application ‘Jio Meet’, followed by the development of company’s own homegrown 5G technology which they dedicated to the government’s recent initiative called ‘Aatma Nirbhar Bharat’.
A conversation spike was observed when Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) to acquire a stake of 2.32% in mid-June, followed by another spike observed in mid-July as ‘Google’ invested US$4.5bn to acquire 7.7% equity stake in Jio to expand the AI-footprint and launch affordable 4G/5G smartphones to spread Internet awareness in rural India.
Mr Gill concludes: “Reliance has been a front-runner among Indian business houses for decades now and its position will continue to strengthen even further given all factors looking favorable including its deep pockets, diversified business portfolio, proven ability to attract the best of FDI and its recognized presence and impact as a key power house of businesses.”