2-yr-old TN boy trapped in abandoned borewell for 3 days found dead

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.

New Delhi, Jun 25: India registered its worst single-day increase in COVID-19 cases on Thursday, recording more than 16,000 coronavirus infections, to push the overall tally to 4.73 lakh as the number of fatalities also jumped by 418, the Union Health Ministry said.

This was the sixth consecutive day when coronavirus cases increased by more than 14,000. On June 20, the country registered an increase of 14,516 cases. On June 21, the increase was of 15,413 cases; 14,821 cases on June 22; 14,933 cases on June 23; and 15,968 cases on June 24.

Consequently, India added 92,573 cases since June 20, and over 2.82 lakh this month since June 1.

The health ministry data updated at 8am on Thursday showed the daily tally increased by the highest-ever 16,922 cases to reach 4,73,105, while the total deaths climbed to 14,894 with 418 new fatalities.

However, according to the data, the recovery rate has improved to 57.43 per cent. The number of active cases stands at 1,86,514 while 2,71,696 people have recovered; one patient has migrated.

The total number of confirmed cases included foreigners.

According to ICMR, a total of 75,60,782 samples have been tested up to June 24 with 2,07,871 samples being tested on Wednesday.

Of the 418 new deaths, 208 were in Maharashtra, 64 in Delhi, 33 in Tamil Nadu, 25 in Gujarat, 14 in Karnataka, 11 in West Bengal, 10 each in Rajasthan and Haryana, nine in Madhya Pradesh, eight each in Uttar Pradesh and Punjab, five each in Andhra Pradesh, Telangana and Uttarakhand.

Bihar, Goa and Jammu and Kashmir have reported one COVID-19 fatality each.

Of the total fatalities, Maharashtra tops the tally with 6,739 deaths followed by Delhi (2,365), Gujarat (1,735), Tamil Nadu (866), Uttar Pradesh (596), West Bengal (591), Madhya Pradesh (534), Rajasthan (375) and Telangana (225).

The COVID-19 death toll reached 188 in Haryana, 164 in Karnataka, 124 in Andhra Pradesh, 113 in Punjab, 88 in Jammu and Kashmir, 57 in Bihar, 35 in Uttarakhand, 22 in Kerala and 17 in Odisha.

Chhattisgarh has registered 12 deaths, Jharkhand 11, Assam and Puducherry nine each, Himachal Pradesh eight, Chandigarh six, Goa two and Meghalaya, Tripura and Ladakh have reported one fatality each.

More than 70 per cent deaths took place due to comorbidities, the health ministry said.

Maharashtra has reported the highest number of cases at 1,42,900 followed by Delhi at 70,390, Tamil Nadu at 67,468, Gujarat at 28,943, Uttar Pradesh at 19,557, Rajasthan at 16,009 and West Bengal at 15,173, according to ministry data.

The number of COVID-19 cases has gone up to 12,448 in Madhya Pradesh, 12,010 in Haryana, 10,444 in Telangana,10,331 in Andhra Pradesh and 10,118 in Karnataka.

It has risen to 8,209 in Bihar, 6,422 in Jammu and Kashmir, 6,198 in Assam and 5,752 in Odisha. Punjab has reported 4,627 novel coronavirus infections so far, while Kerala has 3,603 cases.

A total of 2,623 people have been infected by the virus in Uttarakhand, 2,419 in Chhattisgarh, 2,207 in Jharkhand, 1,259 in Tripura, 970 in Manipur, 951 in Goa, 941 in Ladakh and 806 in Himachal Pradesh.

Puducherry has recorded 461 COVID-19 cases, Chandigarh has 420, Nagaland has 347, Arunachal Pradesh has 158 and Mizoram has 142 cases.

Dadra and Nagar Haveli and Daman and Diu together have reported 120 COVID-19 cases.

Sikkim has 84, Andaman and Nicobar Islands has registered 56 infections so far while Meghalaya has recorded 46 cases.

"Our figures are being reconciled with the ICMR (Indian Council of Medical Research)," the ministry said, adding 8,493 cases are being reassigned to states.

State-wise distribution is subject to further verification and reconciliation, it added.

New Delhi, Jan 1: Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed banks that lent money to embattled liquor tycoon Vijay Mallya to utilize seized assets, news agency reported today quoting sources from the Enforcement Directorate (ED). The court also said all parties affected by the order can appeal at the Bombay High Court till January 18.

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.

He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.