Actor Rajinikanth defends Govt on CAA, says it won't affect Indian Muslims

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.

Mumbai, Jun 3: Investigators will subject the cloth allegedly used by actor Sushant Singh Rajput to hang himself to "tensile strength" analysis to determine whether it can bear the weight similar to that of the filmstar, as part of probe into his death, an official said on Friday.

Rajput (34) was found hanging at his suburban Bandra residence on June 14.

According to the investigators, the actor ended his life by hanging himself from the ceiling using a green coloured night gown made of cotton.

No suicide note was found from the spot, the police had said then.

Besides viscera from the actors body, the police also sent the gown for chemical and forensic analysis at the Forensic Science Laboratory (FSL) in suburban Kalina, he said.

It will take at least three more days to get final forensic report, the official said.

To ascertain the exact cause of death, forensic experts will check pattern of ligature marks around the actors neck and also determine the strength of the gown with the help of "tensile strength" analysis, he said.

The tensile strength test will technically establish whether the cloth can bear around 80kg, the weight of the actor, he said.

The test will help determine if there was any foul play, the official said.

Tensile strength is maximum load that a material can support without fracture when being stretched.

Viscera analysis will help in checking whether there were any traces of chemical, poisonous or narcotics substance in his body, the official said.

"Usually, it takes eight to ten working days to get s report from the FSL in regular cases. But since this case is sensitive, experts are taking more precautions to avoid any kind of error in their analysis," the official said.

The forensic report of the actors mobile phone is also awaited, he said.

Recently, the police received the final post-mortem report of the actor from Cooper Hospital, which mentioned the cause of the death as asphyxia due to hanging"

New Delhi, Jan 9: A Delhi court Thursday directed the makers of the Deepika Padukone starer feature film 'Chhapaak' to give credit to acid attack survivor Laxmi Agarwal’s lawyer in the movie.

Additional Civil Judge Pankaj Sharma said it was necessary that advocate Aparna Bhat's contribution is acknowledged.

"This Court is of the considered view that facts are indicative that the plea of the plaintiff for interim injunction is well-founded and it is necessary that her contribution be acknowledged by providing on the slide on the actual footage and the images, the line 'Aparna Bhat continues to fight the cases of sexual and physical violence against women' during the screening of the film.

"The said line on screen maybe with a rider that the same is with the court order," the judge said.

Advocate Bhat filed the application saying that despite representing Agarwal in courts for several years and helping in the movie-making, she was not given credit in the movie.

She said the filmmakers took her help in the entire process of writing and shooting the movie, but did not give the credit.