Reliance Industries have  cleared the signals and have  moved a step further to dominate India’s Internet shopping space. The company owned by billionaire Mukesh Ambani who is also considered as the richest person in Asia is all set to create  an e-commerce giant for India, unveiling plans to set up a $24 billion digital-services holding company that would become the main vehicle in his ambition to dominate the country’s internet shopping space.

The board of Ambani’s Reliance Industries Ltd. approved a proposal to plow Rs 1.08 lakh crore ($15 billion) into the fully owned subsidiary, which will in turn invest that amount in Reliance Jio Infocomm Ltd., the conglomerate’s telecommunications venture. A series of capital transfers would make Jio, which already has capital of 650 billion rupees, almost debt free by March 2020, according to company sources.

The reorganization of Jio’s capital structure is intended at consolidating all digital assets under one entity, reducing debt at this entity and streamlining the structure to make it attractive for eventual monetization,” Citigroup said in a research report.

Jack Ma started Alibaba in 1999 without capital but  Ambani is using the heft of his empire to build something similar for India by connecting retailers and consumers. The Chinese giant’s expansion has included mom-and-pop shops — a key segment Reliance Industries is also planning to tap.