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Saudi, US companies also eyeing stakes in Reliance's Jio Platforms

The deal could be completed as soon as this month, though no agreement has been finalised and plans may change

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Reliance Industries | Reliance Jio | General Atlantic

Reuters 

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

Two more are said to be eyeing stakes in Platforms, the $65-billion digital unit of Mukesh Ambani-controlled Reliance Industries, suggests a Bloomberg report. If these deals materialise, they would add to a growing list of firms that have recently invested in the Indian company.

US private equity firm was considering investing about $850 million to $950 million in the Mumbai-based company, a Bloomberg report said, citing people with knowledge of the matter.

The deal could be completed as soon as this month, though no agreement had been finalised 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.

ALSO READ: Vista Equity Partners to invest Rs 11,367 crore in Jio Platforms

declined to comment on the report, while Jio and PIF did not immediately respond to Reuters request for comment. Hours earlier on Friday, 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.

ALSO READ: Silver Lake checks into Jio Platforms, snaps up 1.15% for over Rs 5,600 cr

Vista's investment gave Jio an equity value of Rs 4.91 trillion ($65 billion) and an enterprise value of Rs 5.16 trillion, said Reliance, controlled by billionaire tycoon

The potential investments from New York-based 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 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.

ALSO READ: Why Facebook is spending billions for a minority stake in Reliance Jio

First Published: Sat, May 09 2020. 09:26 IST
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