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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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.
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