India's Reliance strikes third unit stake deal, raising $8 billion in little over two weeks by sankalp_sp Kanishka183
NEW DELHI - India’s Reliance Industries Ltd on Friday announced a $1.5 billion stake sale in digital unit Jio Platforms, a third deal in a little over two weeks that will inject a combined $8 billion in the telecoms-to-energy group to help it pare debt.
The investment gives Jio Platforms an equity value of 4.91 trillion rupees and an enterprise value of 5.16 trillion rupees, said Reliance, which is controlled by billionaire tycoon Mukesh Ambani. The negotiations between Reliance and Vista were built off personal connections between the private equity firm’s founder Robert Smith and Ambani, a person familiar with the matter said.
Ambani is set to roll out a new retail venture, which combined with Jio and interests in education, music and films, could pose a challenge to established e-commerce firms such as Amazon and Walmart’s Flipkart.
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