Billionaire Mukesh Ambani, chairman of Reliance Industries Ltd., has outlined how he will marry the might of his group's 9,900-plus retail stores and 280-million strong telecom user base to bolster his e-commerce venture. A senior Reliance executive says that any data sharing on customers between the two, could run into a legal wall.
"They are different companies so there are data privacy rules," Ashwin Khasgiwala, Reliance Retail Ltd.'s chief financial officer said at a conference in Mumbai on Tuesday. "They're different platforms," he said while declining to elaborate on how the group plans to overcome it.
While its brick-and-mortar retail businesses are housed in Reliance Retail, the telecom operations are in a separate legal entity Reliance Jio Infocomm Ltd. Legal hurdles in sharing information can stymie a variety of lucrative uses of that data to sell more products to customers.
Ambani, who calls data the 'new oil' and has warned of 'data colonization' by overseas firms in India, can potentially find workarounds for the legal snarl. One option would be to merge the two Reliance units.
Data sharing between "two legal entities is going to be very difficult," said Abheek Singhi, head of Boston Consulting Group's consumer practice in India. "My view would be at some point in time, at least from a legal entity perspective, it will come together."
Sensex Rises Over 150 Points, Nifty Above 10,850
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Indian Oil, Bharti Airtel, ONGC and Coal India were the top gainers on the 50-scrip Nifty index.
Advances In Pharma, FMCG And Energy Stocks Lift Sensex, Nifty
Mumbai: Stock markets started Thursday's session on a higher note, ahead of release of economic growth data for the December quarter. The Sensex rose as much as 180.42 points to 36,085.85 in early trade, and the Nifty moved to 10,865.70, up 59.05 points from the previous close.
Advances in pharma, FMCG and energy stocks supported the markets. At 9:26 am, the Sensex traded 150.89 points higher at 36,056.32, while the Nifty was up 38.30 points at 10,844.95.
Indian Oil, Bharti Airtel, ONGC and Coal India - trading between 1.31 per cent and 1.42 per cent higher - were the top gainers on the 50-scrip benchmark index at the time.
Analysts awaited the release of key macroeconomic data later in the day.
The government is due to release GDP or gross domestic product data for the quarter ended December 31, 2018 later in the day. According to a median forecast from more than 55 economists polled by Reuters on February 19-25, the country's GDP growth stood at 6.9 per cent in the October-December quarter - its slowest pace in over a year.
Infrastructure production data for the month of January is also due on the same day.
Meanwhile, equities in other Asian markets struggled for traction after cautious comments from US Trade Representative Robert Lighthizer deflated some optimism that China and the US were closing in on a trade deal.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped in and out of the red, while South Korea's KOSPI shed 0.25 per cent and Japan's Nikkei lost 0.35 per cent.
Mr Lighthizer said on Wednesday that it was too early to predict an outcome in talks between Washington and Beijing.
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