Reliance Industries on Sunday announced US fund General Atlantic will invest Rs. 6.598 crores in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month. The Jamestown City Council will be voting on a resolution to spend more than $1.9 million to invest in energy efficiency. The council is scheduled to vote l The Financial News section features stock market news in addition to stories about bonds, forex, commodities and economic releases. Follow the stock market today on TheStreet. Get business news that moves markets, award-winning stock analysis, market data and stock trading ideas.
Reliance Industries on Sunday announced US fund General Atlantic will invest Rs. 6,598 crores ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month. General Atlantic will pick up a 1.34 percent stake in Jio Platforms which includes movie, music apps as wells telecoms venture Jio Infocomm. The deal puts Jio Platform’s equity value at Rs. 4.91 lakh crores and gives it an enterprise value of Rs. 5.16 lakh crores, Reliance said in a statement.
Reliance, controlled by billionaire Mukesh Ambani, last month forged a Rs. 43,574 crores deal with Facebook for a 9.99 percent stake in Jio Platforms.
Days later it secured a Rs. 5,656 crores investment from private equity firm Silver Lake.
The deals, along with Reliance’s plan to sell $7 billion (roughly Rs. 53,100 crores) in new shares, will help the Mumbai-based oil-to-telecoms giant meet its target of eliminating $21.4 billion (roughly Rs. 1.62 lakh crores) in net debt this year.
They also underscore the strength of a digital business which Ambani has built over the past four years in an effort to diversify Reliance way from petrochemicals and refining.
Ambani, Asia’s richest man, launched the Jio telecoms venture in late 2016, driving several rivals out of the market and pushing others to consolidate.
He’s often said “data is the new oil”.
He has pitched Jio as a tech company with capabilities to build smart homes, making it a possible rival to Amazon’s Alexa-based solutions, connected cars and security systems.
On Sunday, Reliance Chairman Ambani said: “We are excited to leverage General Atlantic’s proven global expertise and strategic insights across 40 years of technology investing for the benefit of Jio.”
General Atlantic invests in sectors such as technology, financial services, and healthcare, including stakes in Airbnb, Alibaba, ByteDance, and Facebook.
© Thomson Reuters 2020
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Author: By Reuters | Updated: 18 May 2020 10:11 IST
Council To Vote On Energy Efficiency Investment | News, Sports, Jobs
May 18, 2020
The Jamestown City Council will be voting on a resolution to spend more than $1.9 million to invest in energy efficiency.
The council is scheduled to vote later today on the resolution during its monthly voting session meeting. If approved, the city will spend $1,947,574 to enter into an agreement with Stark Tech Group to perform some of the changes outlined in an energy audit the company did for the city in March.
During a work session meeting earlier this month, Scott Derby, Stark Tech Group energy services vice president, said during its certified energy assessment that they discovered they could reduce the city’s energy usage by 27% in city buildings. He said they analyzed the city Municipal Building, the police and fire stations and Russell E. Diethrick Jr. Park for possible costs reductions through energy efficiencies. He added that lighting was one of the main ways they could reduce utility costs for the city.
Todd Hanson of Stark Tech Group said if the city invested in all the measures outlined in the energy assessment, the total savings would be around $78,000 a year.
Some of the planned improvements include cool planting and boiler upgrades for the city Municipal Building; heating plant upgrade for the Public Works Department Steele Street facility; and lighting upgrades for the city Municipal Building, fire stations, Public Works Department facility, Parks Department building and Diethrick Park.
Today’s meeting will be held online at 7:30 p.m. and can be viewed by going to jamestownny.gov/live. Anyone interested in submitting a public comment to the council can do so via mail or email at email@example.com by 5 p.m. Monday.
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