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Indian billionaire Ambani aims to emulate Alibaba with new digital entity

Reliance Industries' new holding company could be valued as high as $70bn

Mukesh Ambani said in 2018 that Reliance aims to have more than half its earnings come from consumer-facing business in the next 10 years. (Photo by Ken Kobayashi)

MUMBAI (NewsRise) -- Billionaire Mukesh Ambani is set to spin off his online business into a separate holding company that could be valued at as much as $70 billion, as India's richest man builds a digital venture on the likes of Alibaba Group Holding to take on and Wal-Mart-backed Flipkart.

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