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Report: India's Reliance Jio eyes Estonia for European entry

Reliance Industries Ltd.-owned Reliance Jio is looking to expand its operations beyond India and is expected to set up a subsidiary in Estonia, Mint reported May 22, citing people familiar with the matter.

Mukesh Ambani's Reliance Jio is planning to use an e-residency program available in Estonia to create a subsidiary as a gateway to the European Union.

Reliance Industrial Investments and Holdings Ltd., an investment holding unit of Reliance Industries, will loan 122 million rupees to the Estonian unit to start operations.

An e-governance and e-residency program in Estonia has reportedly found favor with the Indian telecom giant. Policies include the ability to establish a base in Estonia but operate globally, with compliance handled digitally.

As of May 23, US$1 was equivalent to 68.37 Indian rupees.