Eager to harness the power of digital media, India's oil-to-telecom conglomerate Reliance Industries is said to be eyeing a stake in US search giant Google-backed unicorn Glance InMobi Pte.

Founded as a startup in 2019, Glance allows users to enjoy content of their choice -- all thanks to its artificial intelligence (AI)-powered personalisation.

Reliance -- owned by richest Indian Mukesh Ambani -- is likely to invest around USD 300 million for a 15% stake in the Indian mobile content provider, in an ambitious deal that could be completed by October, a media report said, quoting unnamed sources.

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Mukesh's Reliance is now India's most valuable company by market capitalisation,
emerging as the biggest wealth creator in the past five years, while the industrialist's current net worth is around USD 78 billion.

UNB had earlier reported about Mukesh's rumoured plans to hand over three core business areas of Reliance to his three children -- Akash, Isha and Anant -- and also about his fundraising spree to make his conglomerate debt-free.

The fundraising spree was actually aimed at reducing Reliance's dependence on the flagship oil sector and instead diversifying into telecom and e-commerce.

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UNB had also reported about Reliance's plans to take its telecom arm Jio public in the 2021-22 fiscal, riding on the increased digital adoption across the world, in the wake of Covid. India's internet users are likely to grow to 850 million by 2022.

Jio has attracted 400 million subscribers to its network since its mega launch in 2016, despite being a late entrant to the telecom sector. By offering free voice calls and data at the world's cheapest price, it has already changed India's digital landscape.