Am already 71; faced 13 elections so far... it’s time to retire: Siddaramaiah

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

Mangaluru, May 12: The first repatriation flight to Mangaluru from Dubai with nearly 180 passengers landed at the international airport here. 

The total passengers, including 88 men, 84 women, five children and two infants arrived by the Air India Express flight IX 384 late Tuesday night, airport sources said.

There were 12 medical emergency cases and 38 pregnant women among them, they said. The district administration had made arrangements for receiving the passengers, who were provided with sanitizers and masks. They were advised to maintain social distancing as per the health protocol.

All the foreign returnees were screened as per the standard operating procedure to ensure that they were asymptomatic.

The passengers were taken to their chosen place of accommodation in KSRTC buses. They will be undergoing a 14-day quarantine in the places, which will be monitored by doctors assigned by the health department. More than 17 hotels and 12 hostels have been arranged for the accommodation of the returnees.

Passengers were also asked to download the mandatory 'Aroygya Sethu' app for contact tracing. Rahul Shinde IAS who is in charge of arranging quarantine facilities, airport director V V Rao and district health officer Ramachandra Bairy were present at the airport.

Bengaluru, Jul 8: In a setback to the State government, the Karnataka High Court on Wednesday stayed the initial ban and the subsequent restrictions imposed on schools against conducting online classes from pre-primary to Class X.

Prima facie the ban and embargo imposed on online education violate Articles 21 and 21A of the Constitutionon the fundamental right to education, the Court said.

A Division Bench comprising Chief Justice Abhay Shreeniwas Oka and Justice Nataraj Rangaswamy passed the interim order staying the operation of Government Orders issued on June 15 and June 27 respectively.

The Bench passed the interim order on the petitions filed by parents of children and several educational institutions questioning the legality of the ban and the restrictions imposed.

However, the Bench made it clear that this order should not be construed that the schools have right to make online education compulsory and can charge fee for offering online education. Also, the schools should not deprive students, who cannot opt for online education, the lost education when the schools reopen on regular basis.