India beat Australia for record fourth U-19 WC title

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.

Karachi, Jan 10: Former Pakistan batsman and current U-19 head coach Ejaz Ahmed feels that his side can beat defending champions and arch-rivals India in the forthcoming ICC Youth World Cup beginning in South Africa on January 17.

"India has a very good cricket system and it is organized but I know that we have more passion than them when we play against each other and that is how we also beat them in the semi-finals of the recent Asian Emerging Nations Cup," Ejaz said.

Ejaz, who has played 60 Test and 250 ODIs, was head coach of the Pakistan Emerging side which beat India before eventually winning the title in Bangladesh last year.

"Even in the past, we beat India because of our greater passion and this time also I know the passion of our players will prevail over them although they have a very strong outfit," he added.

The 51-year-old Ejaz, however, said at the end of the day it would be all about how a team plays on that particular day.

"It is the same in the World Cup it does not matter which team is number one or defending champions what will matter is how a team plays on a given day. I personally feel our team is well balanced," he said.

Ejaz did not believe that India would get advantage of having played a four-nation tournament with South Africa, New Zealand and Zimbabwe in South Africa before the World Cup.

"Our players have also trained hard in Lahore and we have played around 11 matches. We will also reach South Africa nine days before the World Cup and we have some practice games and I think our preparations are also very good for the tournament," he said.

The former batsman also said the absence of fast bowler Naseem Shah will not impact much on the team's performance. Naseem was withdrawn from the Pakistan U-19 squad after he played for the senior team in three Test matches against Australia and Sri Lanka.

"Look there was no controversy at all. The way we now see things is that you can't expect a MBA to go and take BA exams. That is how we look at Naseem Shah, he has made the grade for Pakistan and now he should be performing for the senior team," said the head coach.

"We have a couple of exciting young talent in the ranks. I expect Rohail and Haider to play for the senior team in two to three year's time, they are that good."

New Delhi, Feb 20: Grappler Divya Kakran on Thursday became the second Indian woman to win a gold medal at the ongoing Asian Wrestling Championship.

Divya, a bronze medallist at Asian Games 2018, earned her first gold by winning all her four bouts against Kazakhstan, Mongolia, Uzbekistan and Japan.

Her final bout against Naruha Matsuyuki of Japan was the closest one but she managed to outclass her opponent 6-4 to seal her name on the gold medal. The 68 kg category was played in round-robin format as only five wrestlers were in the fray.

India is likely to add some more medals to its tally when Nirmala Devi, Pinki, and Sarita go out to grapple for the yellow metal in their respective weight categories.

Three-time Commonwealth championship gold medallist, Nirmala Devi (50 kg) first defeated Munkhnar Byambasuren of Mongolia in the quarterfinals by 6-4 to reach the semis.

In the semi-finals, Nirmala got the better of Dauletbike Yakhshimuratova of Uzbekistan by 10-0 and will play against 2018 Under-23 World Champion Miho Igarashi of Japan for the gold medal.

Pinki (55 kg) started her day on a winning note against Shokhida Akhmedova of Uzbekistan by 12-4 in round 3 and lost to Kana Higashikawa of Japan to enter the semis where she defeated Marina Zuyeva of Kazakistan by a score of 6-0.

Pinki will play in the gold medal bout against Dulguun Bolormaa of Mongolia.

Sarita (59 kg) will now face Battsetseg Altantsetseg of Mongolia in the gold medal bout after winning against her opponents in the qualifiers, quarterfinals and semi-final by a score of 10-0, 11-0 and 10-3, respectively.