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Through a case study of Reliance Industries Limited (RIL), one of the largest conglomerates in India, this conceptual research paper explores the association between digital transformation and organizational performance, and elucidates the role of digital technologies in providing competitive advantage and sustainable growth in emerging economies. Digital transformation in the deployment of technology in response to changes arising due to rapid advances, growing internet penetration and changing consumers behaviour has been a strategic key focus for firms looking to improve firms’ efficiency, innovation and access. Using a conceptual and case study-based examination approach, this study analyses the transformation of Reliance Industries from a legacy energy-oriented conglomerate, into a new-age digital platform-driven company, through its continuous investment in developing its state-of-the-art multi-functional Jio Platforms that chronicles a range of telecommunications, digital services, commerce and data solution services under a single umbrella, employing secondary data analysis method (annual reports, industry reports, and academic literature as data sources). Findings suggest that the Reliance digital transformation strategy involves for massive infrastructure investment, ecosystem integration, planned partnerships with global tech companies, and customer-centric innovation which together lead to a large change in organizational performance such as the added diversity in revenue, value in market capitalization, customer acquisition at great speed, and competitive positioning in the Indian digital economy. Showing how this transformation occurs through digital ecosystems, the paper elaborates on the specific role played by digital ecosystems, dynamic capabilities, resource integration and platform-based business models in generating network effects and value co-creation opportunities that transcend the traditional boundaries of the business. In addition, the paper highlights the implications of digital transformation for the rest of the digital economy from an emerging-market standpoint and for a successful digital strategy and any of its implementation, it concludes that an investment in technology alone is insufficient but rather that organizational capability, strategic foresight and regulatory efficiency are also important. Despite the conceptual nature of the study, it gives a holistic multilevel framework about the relationship between digital transformation and organizational performance, it also has implications for managers, policymakers, and researchers who are interested in digital strategy or innovation. We urge future studies to empirically test these results and conduct cross-sectoral, cross-region comparative case studies.