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Ratan Tata did not buy 50% stake of 17-year-old's start-up, confirms it was minority token investment

Ratan Tata did not buy 50% stake of 17-year-old’s start-up, confirms it was minority token investment

ET Online and Agencies|

Last Updated: May 09, 2020, 11.25 AM IST

As happy as I am to support this venture, it has been a minority token investment. I have not purchased 50% stake… https://t.co/9EIMEuHBZ6

This post has neither been said, nor written by me. I urge you to verify media circulated on WhatsApp and social pl… https://t.co/bv8UkGZi34

I’m afraid this too, has not been said by me. I will endeavour to call out fake news whenever I can, but would enco… https://t.co/ZOvwss2ktF

17 Sep, 2018

Fake news is just the tip of the iceberg. The truth is, the internet is full of lies and you need a keen eye to segregate the bogus from the bonafide.

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Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service

Source: economictimes.indiatimes.com


Saudi Arabia, US Firms Eye Stakes In Reliance Jio: Report

Saudi Arabia, US Firms Eye Stakes In Reliance Jio: Report

Saudi Arabia, US Firms Eye Stakes In Reliance Jio: Report

Reliance Industries cut a $5.7 billion deal with Facebook for a 9.99% stake in Jio on April 22

Two more firms are eyeing a share of Reliance Industries’ $65-billion digital unit Jio Platforms, according to Bloomberg News, setting them up to be a part of a growing list of firms that have recently invested in the Mumbai-based company.

US private equity firm General Atlantic is considering investing about $850 million to $950 million in Reliance Industries’ digital unit, a Bloomberg report said, citing people with knowledge of the matter.

The deal could be completed as soon as this month, though no agreement has been finalized and plans may change, it added.

Saudi Arabia’s Public Investment Fund (PIF) is also considering to buy a minority stake in Jio, Bloomberg said in a separate report.

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General Atlantic declined to comment on the report, while Jio and PIF did not immediately respond to Reuters request for comment.

Hours earlier on Friday, Reliance Industries announced a $1.5 billion stake sale in Jio to Vista Equity Partners, the third deal in just over two weeks.

The conglomerate cut a $5.7 billion deal with Facebook for a 9.99 per cent stake in Jio on April 22 and a few days later, it secured a $750 million investment from private equity firm Silver Lake.

Together the three deals will inject a combined $8 billion in the telecoms-to-energy group and help it pare its debt.

Vista’s investment gave Jio an equity value of Rs 4.91 lakh crore ($65 billion) and an enterprise value of Rs 5.16 lakh crore, said Reliance Industries, controlled by billionaire tycoon Mukesh Ambani.

The potential investments from New York-based General Atlantic and the Saudi sovereign wealth fund, which manages over $300 billion in assets, would inject money on top of the $8 billion which Jio has already raised.

Saudi’s PIF has been buying minority stakes several companies. Last month, it disclosed an 8.2 per cent stake in coronavirus-hit Carnival Corp, sending the cruise operator’s shares up nearly 30 per cent higher.

Source: www.ndtv.com


Extensive and timely coverage of the institutional industry

Extensive and timely coverage of the institutional industry

Southwest Fire Plan Seeking Investment Advisor Services

A Southwestern fire pension fund is searching for investments consulting/management services.

05.07.20

West Coast Plan Watching Global Equity Manager, Termination Possible

A Calif.-based plan placed a global equity manager on watch today and may terminate the firm pending a due diligence review.

05.08.20

Florida Plan Eyes Small-Cap Equity Mgr. Changes

A Florida plan may potentially replace its domestic small-cap core equity manager upon further review.

05.08.20

Florida Plan Terminates Int’l Value Manager

A Florida pension plan has terminated its international value equity manager due to performance issues.

05.08.20

West Coast Plan Looking To Terminate 3 Equity Mgrs.

A West Coast plan will look to terminate three public equity managers at next week’s board meeting.

05.08.20

Texas Plan Axes Hedge Fund Allocation

A Texas pension plan axed its hedge fund portfolio target as part of a new asset allocation mix approved last month.

05.08.20

West Coast City Concludes Section 115 Pension Services Search

A West Coast city hired an organization to assist in establishing its Section 115 pension trust.

05.08.20

In The News

Wallace Global Fund Awards $1.2M To COVID-19 Response, Will Pay Out 20% Of Assets In 2020

As pressure builds on philanthropy to respond to the disastrous social and economic effects wrought by COVID-19, the Wallace Global Fund is calling on philanthropic foundations to significantly increase their grantmaking beyond the 5% required by law.

Pandemic Blots One Year’s Worth of Gains from Canadian Plans

Corporate, public, and university funds lost a median 7.23% in the first quarter from falling equities, BNY Mellon says.

Brookfield Aims To Spend $5 Billion To Shore Up Troubled Retailers

Firm with heavy mall presence looks to invest in companies hit by the coronavirus crisis.

A Message About The CalSTRS Investment Portfolio From CIO Christopher Ailman

CalSTRS Chief Investment Officer Christopher Ailman talks about the long-term stability of the portfolio despite recent volatility.

Source: www.fin-news.com


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