India's Reliance Industries will invest 100 billion rupees ($1.4 billion) in the eastern state of West Bengal, a part of which would fund the company's new e-commerce venture, its chairman Mukesh Ambani said on Thursday. Ambani's so-called "new commerce" venture aims to connect small merchants with his retail network and warehouses, helping them better manage their inventory. The new e-commerce platform "will bring win-win benefits to consumers, retailers and producers" and help 30 million small shopkeepers, Ambani said. The billionaire businessman has been more vocal about his e-commerce plans after India in December imposed new restrictions on how foreign companies operate in the e-commerce sector. "There is no area of the economy, governance or life which is untouched by the revolutionary potential of digital technologies," Ambani said.

Source: dna February 07, 2019 12:45 UTC