India, Israel: Innovation drives diplomacy
October 29, 2015
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India’s largest corporate house Reliance Industries has announced its plans to make big and long-term investments in Israel. Reliance Industries, a Fortune 500 Company owned by billionaire Mukesh Ambani, is the largest private sector company in India with a market capitalisation of well over $40 billion.
Founded in 1966, Reliance Industries made its initial fortune in oil and natural gas sector. Recently, the company has invested billions of dollars in building a telecommunications network across India. The state-of-the-art nationwide cellular network build at the cost of estimated $15 billion opens new possibilities in retail, finance and healthcare. The company is looking for Israeli know-how and talent to fully exploit these possibilities, creating services for 100-200 million potential customers across the Indian sub-continent.
Talking to Israeli media, managing partner of the company’s venture capital arm GenNext, Vivek Rai Gupta said that his company was working to build a nationwide customer base and there would be “no limit” on company’s investment in Israel. Israeli financial news website Globes Einglish quoted Gupta saying:
"We want to hook up to the Israeli ecosystem, and to discover more innovative companies that can enhance the value of the cellular network whose deployment we're completing right now," GenNext managing partner Vivek Rai Gupta, currently visiting Israel, said in "Globes" interview. "The network [mobile network reaching 800 cities] we're setting up is only a pipeline, and we're looking for interesting things through which we can provide value for our users in India."Mobile-based technology carries the promise of improving everyday life for millions of Indians living in rural and remotely accessible regions -- from proving healthcare, vocational education, banking to even coordinating disaster relief.