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Reliance to invest Rs 1.08 lakh crore in new digital services subsidiary; Jio to be net debt-free

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The board of Reliance Industries today approved the formation of a wholly-owned subsidiary for its digital business and the infusion of Rs 1.08 lakh crore in it, which will be used to reduce Jio's debt.The Rs 1.08 lakh crore investment will be in the form of a rights issue of optionally convertible preference shares (OCPS).

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