Facebook deletes over 100 accounts from UAE, 3 others

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.

Dubai, July 6: Even as the world’s one of the most sought after tourist destinations is gearing up to welcome foreign tourists from July 7, the authorities have taken necessary measures to prevent the spread of covid-19.

If the foreign tourists want to avoid self-isolation after landing in Dubai International Airport, they have to fetch covid-negative certificates from their home country. The certificate ought to have been issued up to 96 hours prior to the travel.

Those without a cvid-negative certificate, however, will need to undergo a PCR test on arrival at the Dubai airports and self-isolate until they receive their negative results.

"If passengers opt to take the PCR test on arrival in Dubai, they must self-isolate until test results are received. If the test result is negative, passengers can leave the hotel and enjoy the trip as normal. However, if the test result is positive, passengers are asked to follow the advice of the Dubai Health Authority and self-isolate," Emirates said in a statement.

Budget carrier flydubai said if a passenger tests positive for Covid-19, he/she would need to observe a 14-day quarantine. The airline also advised passengers to comply with all the precautionary Covid-19 measures in place in Dubai "including wearing a mask, observing social distancing and washing your hands regularly".

Tourists with Covid-19 symptoms

* If a traveller is suspected to have Covid-19 symptoms, Dubai Airports has the right to re-test to ensure the tourist is free of the virus

*It is mandatory for Covid-positive tourists to isolate themselves at an institutional facility provided by the government for 14 days at their own expense.

Other requirements

*Travel insurance: Tourists must have a travel insurance with Covid-19 cover or declare that they would bear the costs for treatment and isolation if required. "Bring an insurance certificate stating Covid-19 coverage to present at check-in," Emirates said.

*Visa: Referring to visa requirements, Emirates said: "Depending on your nationality you can get a visa on arrival, or you can apply for your visit visa from Dubai Immigration before you travel."

*Health Declaration Form: Tourists need to complete the form that states they are free from Covid-19 symptoms. This must be done before embarking.

*Tracing app: Tourists must download the Covid-19 DXB app and register details. "This is critically important since it facilitates easy coordination and communication with the health authorities if tourists experience Covid-19 symptoms," Dubai authorities had said earlier.

Asia, Jan 15: Iranian Foreign Minister Javad Zarif on Wednesday said that killing of Iranian general Qassem Soleimani showed the ignorance and arrogance of the United States and asserted that Washington looks at things from their perspective and not keeping the interests of the region in mind."The US looks at things from their perspective, not from the perspective of this region. The killing of Qassem Soleimani shows ignorance and arrogance. 430 Indian cities saw protests against killing of Soleimani," Zarif said at an event.

Hitting out at US President Donald Trump and Secretary of State Michael Pompeo, Zarif said that they were the only ones, along with the Islamic State (ISIS) who celebrated the death of Soleimani.

"Who is celebrating Soleimani's killing? President Trump, Pompeo and Daesh (Arabic name of ISIS). You wonder about strange bedfellows?" he said.

Tensions between the US and Iran soared dramatically earlier this month after Washington launched airstrikes at Baghdad International Airport, which killed Soleimani. Tehran retaliated by firing a volley of ballistic missiles at two military bases of US-led coalition forces in Iraq, leading to a strife in the region.

However, Zarif regretted the shooting down of the Ukrainian airline and said it happened because of "tension".

"Nine million people were out in the streets of Iran commemorating Soleimani. You cannot bring out so many people to protest. The shooting down of a plane was a mistake. 180 families are mourning the loss of their dear ones. It happened because of tension," he said.

Asked whether there a chance of a diplomatic solution to the ongoing crisis, Zarif ruled out negotiating with the US.

"Iran is interested in diplomacy. We are not interested in negotiating with the US. US did not keep its commitments under nuclear deal. We had a US deal and the US broke it. If we have a Trump deal, how long will it last?" he said.