One of famous private equity firm General Atlantic has planned to invest around $850 million to $950 million to the famous digital unit Reliance Jio. On the other side, Saudi Arabia also planned to invest Fund (PIF) to buy a minority stake with the Reliance industries according to the Bloomberg News source. This is done to set them up to be a part of a growing list of firms that have recently invested in the Indian company.
According to the sources, it is said that the deal might get a completion by the month of May. Even though the deal might have changes in it as the plan has got no agreement to be finalized. Later, the private equity firm General Atlantic has declined to comment on the report, while the Mumbai based company Reliance Jio and PIF did not immediately respond to Reuter’s request for comment. According to the report published earlier on Friday, said that Reliance Industries has also announced that a $1.5 billion stake sale in Jio to Vista Equity Partners, which is the third deal in just over two weeks.
Trending Social media platforms like Facebook had also bought a 9.99 percent stake in Reliance Jio Platforms, the firm that houses India’s youngest but biggest telecom firm, for Rs 43,574 crore ($5.7 billion). This deal was again followed by the world’s largest tech investor Silver Lake, for buying a 1.15 percent stake in Reliance’s technology arm for 5,665.75 crores ($750 million).
In the last month of this year, it was disclosed that about 8.2 percent of stake in coronavirus hits the Carnival Corp, sending the cruise operator to share up to 30 percent higher.
With the result of three big investments the digital unit Reliance Jio has by now been raised about Rs 60,596.37 crore which is $8 billion, from other leading technology investors less than a month. According to the sources, Saudi Arabia planned investment memory has started buying minor stakes for many companies. And if any new investment gets added later it will get added to the existing Rs 60,596.37 crore in the /Mumbai based company, Reliance Jio.