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.
Comments
Hahahah... What a joke!!!
What these RSS Terrorists contributed for India? They supported British. If you search in history Muslims taught them everything. Even they were not knowing how to bath, how to wear clothes, how to cook, how to build buildings. All the food recipe they learnt from Muslims. These aryans run away from Iran and now looting our India. All the Buildings and culture they are using were built by Muslims. What did they build??? Toilets????
AS PER WIKIPEDIA,
The Mughal Empire (Urdu: مغلیہ سلطنت, translit. Mughliyah Salṭanat)[7] or Mogul Empire,[8] self-designated as Gurkani (Persian: گورکانیان, Gūrkāniyān, meaning "son-in-law"),[9] was an empire in the Indian subcontinent, founded in 1526. It was established and ruled by a Muslim dynasty with Turco-Mongol Chagatai roots from Central Asia,[10][11][12] but with significant Indian Rajput and Persian ancestry through marriage alliances;[13][14] only the first two Mughal emperors were fully Central Asian, while successive emperors were of predominantly Rajput and Persian ancestry.[15] The dynasty was Indo-Persian in culture,[16] combining Persianateculture[8][17] with local Indian cultural influences[16] visible in its traits and customs.[18]
The Mughal Empire at its peak extended over nearly all of the Indian subcontinent[5] and large parts of Afghanistan. It was the second largest empire to have existed in the Indian subcontinent, spanning four million square kilometres at its zenith,[4] after only the Maurya Empire, which spanned five million square kilometres. The Mughal Empire began a period of proto-industrialization,[19]and Mughal India became the world's largest economic power, with 24.4% of world GDP,[20] and the world leader in manufacturing,[21] producing 25% of global industrial output up until the 18th century.[22] The Mughal Empire is considered "India's last golden age"[23] and one of the three Islamic Gunpowder Empires (along with the Ottoman Empire and Safavid Persia).[24]
The beginning of the empire is conventionally dated to the victory by its founder Babur over Ibrahim Lodi, the last ruler of the Delhi Sultanate, in the First Battle of Panipat (1526). The Mughal emperors had roots in the Turco-Mongol Timurid dynasty of Central Asia, claiming direct descent from both Genghis Khan (founder of the Mongol Empire, through his son Chagatai Khan) and Timur (Turco-Mongol conqueror who founded the Timurid Empire). During the reign of Humayun, the successor of Babur, the empire was briefly interrupted by the Sur Empire. The "classic period" of the Mughal Empire started in 1556 with the ascension of Akbar the Great to the throne. Under the rule of Akbar and his son Jahangir, the region enjoyed economic progress as well as religious harmony, and the monarchs were interested in local religious and cultural traditions. Akbar was a successful warrior who also forged alliances with several Hindu Rajput kingdoms. Some Rajput kingdoms continued to pose a significant threat to the Mughal dominance of northwestern India, but most of them were subdued by Akbar. All Mughal emperors were Muslims; Akbar, however, propounded a syncretic religion in the latter part of his life called Dīn-i Ilāhī, as recorded in historical books like Ain-i-Akbari and Dabistān-i Mazāhib.[25]
The Mughal Empire did not try to intervene in the local societies during most of its existence, but rather balanced and pacified them through new administrative practices[26][27] and diverse and inclusive ruling elites,[28] leading to more systematic, centralised, and uniform rule.[29] Traditional and newly coherent social groups in northern and western India, such as the Marathas, the Rajputs, the Pashtuns, the Hindu Jats and the Sikhs, gained military and governing ambitions during Mughal rule, which, through collaboration or adversity, gave them both recognition and military experience.[30][31][32][33]
The reign of Shah Jahan, the fifth emperor, between 1628 and 1658 was the golden age of Mughal architecture. He erected several large monuments, the best known of which is the Taj Mahal at Agra, as well as the Moti Masjid, Agra, the Red Fort, the Jama Masjid, Delhi, and the Lahore Fort. The Mughal Empire reached the zenith of its territorial expanse during the reign of Aurangzeb and also started its terminal decline in his reign due to Maratha military resurgence under Shivaji Bhosale. During his lifetime, victories in the south expanded the Mughal Empire to its greatest extent, ruling over more than 150 million subjects, nearly one quarter of the world's population at the time, with a GDP of over $90 billion.[34][35]
By the mid-18th century, the Marathas had routed Mughal armies and won over several Mughal provinces from the Punjab to Bengal.[36] Internal dissatisfaction arose due to the weakness of the empire's administrative and economic systems, leading to its break-up and declarations of independence of its former provinces by the Nawab of Bengal, the Nawab of Awadh, the Nizam of Hyderabad and other small states. In 1739, the Mughals were crushingly defeated in the Battle of Karnal by the forces of Nader Shah, the founder of the Afsharid dynasty in Persia, and Delhi was sacked and looted, drastically accelerating their decline. During the following century Mughal power had become severely limited, and the last emperor, Bahadur Shah II, had authority over only the city of Shahjahanabad. He issued a firman supporting the Indian Rebellion of 1857 and following the defeat was therefore tried by the British East India Company for treason, imprisoned and exiled to Rangoon.[37] The last remnants of the empire were formally taken over by the British, and the Government of India Act 1858 let the British Crown formally assume direct control of India in the form of the new British Raj.
Aryan cowboys who invaded India, enslved the original inhabitants destroying their culture, imposed Vedic divisive foreign inhuman cast system. India is still suffering from their terror mindset. They are the people who supported the British and responsible for death of millions of Indian freedom fighters. These traitors who licked the British boots, now lecuring us about patriotism. When Mughals came to this land, there was no India, they built India and contributed richly to its history. If these anti-human gang cant digest the truth, let them NOT use any of the Mughal or Muslims contribution and jump into Sarayu or Ganga enmasse.
If Owais is committing intolerance, Oh Blind, deaf, dumb BJP chelas, puffets, what the hell is happening specially in UP, is it tolerance? Killing in the name of gow rakshaks, killing small children, is it tolerance?
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