Estonia, Good for Business, Technology, Telecomunications

Reliance Industrial Investments and Holdings Ltd, an investment holding company and a wholly-owned subsidiary of Reliance Industries Ltd, will give a loan of 1.5 million euros to the Estonian unit to begin operations, according to one of two people cited by Hindustan Times, both of whom declined to be named.

"Thanks to its sophisticated e-solutions, over the last decade, Estonia has transformed itself into one of Europe's business success stories. Indian companies would certainly wish to collaborate and imbibe e-governance solutions in this regard and Jio is no exception," the second person said.

The reported move comes against the backdrop of Estonia wishing to develop a long-term relationship with India.

On March 13, Mukesh Ambani, chairman and managing director of Reliance Industries, in a meeting with an Estonian government delegation, expressed interest in collaborating with the country to develop better e-governance solutions or India, Hindustan Times said. In that meeting, Ambani became an e-resident of Estonia.

"We believe your solutions are easily scalable to India. We wish to have a very close cooperation with your talent in Estonia," Ambani said in March.

A statement from the company said Ambani envisaged to make lives better for millions in India by replicating innovative solutions offered by Estonia into the Indian context, adding that, the e-residency program of Estonia will empower him with easy access to the entire European Union for his existing business while sitting in India, according to a report by IANS news agency.

Reliance Industries is an Indian conglomerate active in energy, petrochemicals, textile, natural resources, retail, and telecommunications. The company's market value is approximately 100 billion dollars and Mukesh Ambani is owner of 40% of the shares.

The company that will start business in Estonia, Reliance Jio Infocomm, is active in telecommunications.