Mukesh Ambani Led RIL Eyeing Global Payments Market With Its Proposed NUE: Report

Mukesh Ambani led Reliance Industries Limited (RIL)'s proposed New Umbrella Entity (NUE) for payments services is said to be setting eyes on the global payments market, reports Economic Times.

RIL will jointly promote the proposed NUE with Infibeam Avenues' subsidiary So Hum Bharat along with United States (US) based global technology behemoths Facebook and Google. RIL will likely hold a 40 per cent share in the proposed NUE, while the other three entities are expected to hold a 20 per cent share each.

RIL is said to have begun building a long-term plan with NUE, which would pit it against global payment services behemoths like Visa and Mastercard in certain markets, given it gets the required operating licences.

Having applied to the Reserve Bank of India (RBI) for the NUE licence, RIL is also said to have approached two former officials who worked with regulators earlier.

Other than the RIL led consortium, five more aspirants have applied to the RBI for the NUE licence. These include those led by Tata Group, Axis Bank and ICICI Bank.