Saudi, U.S. firms eye stakes in Reliance's Jio - Bloomberg
(Reuters) - Two more firms are eyeing a share of Reliance Industries Ltd's $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 Indian company. U.S. private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company, a Bloomberg report https://www.bloomberg.com/news/articles/2020-05-08/general-atlantic-is-said-to-be-in-talks-for-reliance-jio-stake said, citing people with knowledge of the matter
(Reuters) - Two more firms are eyeing a share of Reliance Industries Ltd's
U.S. private equity firm General Atlantic is considering investing about $850 million to $950 million in the Mumbai-based company, a Bloomberg report https://www.bloomberg.com/news/articles/2020-05-08/general-atlantic-is-said-to-be-in-talks-for-reliance-jio-stake 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.
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
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 4.91 trillion rupees ($65 billion) and an enterprise value of 5.16 trillion rupees, said Reliance, 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% stake in coronavirus -hit Carnival Corp
(Reporting by Ismail Shakil and Shubham Kalia in Bengaluru; Editing by Arun Koyyur)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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