More firms eye stake in Jio Platforms

///More firms eye stake in Jio Platforms

More firms eye stake in Jio Platforms

by India Inc. Staff
More firms eye stake in Jio Platforms

General Atlantic and Saudi Arabia’s Public Investment Fund look to join Jio.

Two more firms are eyeing a share of Reliance Industries $65-billion digital unit Jio Platforms. New York-based private equity firm General Atlantic is discussing a potential investment of close to a billion dollars in Mumbai-based company. Saudi Arabia’s $320-billion Public Investment Fund (PIF) is also considering buying a minority stake in Jio unit.

While the deals are yet to be finalised, the investments could be sealed this month. Any new investments into Jio Platforms will add to the $8 billion deal run that RIL Chairman & Managing Director Mukesh Ambani has sealed in recent weeks.

On April 22, social networking giant Facebook agreed to pay $5.7 billion for a 10 per cent stake in the digital unit, while Silver Lake Partners and Vista Equity Partners last week said they would invest about $2.25 billion in total. The funding spree comes as Mukesh Ambani looks to achieve his target of becoming debt-free by March 2021.

Also Read: Jio-Facebook: Match made in heaven or an expedient medium-term partnership?

2020-05-13T06:27:05+00:00May 12th, 2020|India Inc Views - India Global Business, News in Brief|

About the Author: India Inc. Staff