Jio Platforms’ equity dilution likely to reach 25% as Saudi’s sovereign wealth fund eyes stake

Agencies
June 16, 2020

Mumbai, Jun 16: Saudi Arabia’s sovereign wealth fund, PIF, is all set to pick up a stake in Jio Platforms, which would complete 25% of Jio’s equity dilution to the investors, said a report by the Gulf News.

Jio Platforms is part of the Reliance Industries empire owned by Mukesh Ambani. The Public Investment Fund (PIF) will acquire 2.33% for an estimated $1.5 billion, the report said.

So far, Jio Platforms has raised investment from 10 different global investors in seven weeks, the latest being TPG Capital buying 0.93% equity for Rs 4,547 crore and private equity firm L Catterton picking up a 0.39% stake for Rs 1894.50 crore.

Jio Platforms has raised a total of Rs 1.04 lakh crore so far from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

With PIF coming on board, Jio Platforms would have diluted 25% of its equity. That's the maximum they intend to dilute to financial investors, which includes Mark Zukerberg's Facebook.

Any new investors coming on board in future will have to be "strategic investors, a tech giant, for instance," said a source who was part of the deal-making process, the report said.

In recent days, Jio Platforms, which will merge telecom, content streaming, gaming and ecommerce features into its app, has seen Abu Dhabi's Mubadala and ADIA pick up significant stakes amounting to $1.2 billion and $750 million, respectively.

Reliance Industries' owner, Ambani, Asia's richest man, has been on an investor acquisition spree, with the likes of Facebook and private equity majors such as KKR and Silver Lake Capital investing in Jio Platforms.

The contours of the deal with Saudi Arabia's PIF was finalised during Ramadan. "It was always Mukesh Ambani's wish to have a special relationship with Saudi Arabia and the UAE," said Anshuman Mishra, a London-based confidante and family friend of the Ambani family of longstanding, Gulf News quoted as saying.

He has also worked extensively with Gulf sovereign wealth funds over the years.

"Saudi Arabia's coming in to close the financial investor round in Jio is indicative of the special nature of the relationship. This is also indicative of the multi-billion-dollar partnership announced last year with Saudi Aramco.

"This is a major success for the present Indian government's foreign policy initiative in the gulf and symbolic of India's significance in the GCC," it said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 21,2020

Patna, Feb 21: The country is paying the price for failure to send Muslims to Pakistan and bring Hindus to India after the Islamic state came into being at the time of Independence, Union minister Giriraj Singh has said, triggering a fresh controversy.

The BJP leader made the remark in Purnea district in the Seemanchal region of Bihar which has a sizeable Muslim population and where the Begusarai MP was canvassing in favor of the Citizenship (Amendment) Act.

Highlighting the need for such a legislation, he told reporters late Thursday "when our forefathers were fighting for Independence from British rule, Jinnah was pushing for the creation of an Islamic state".

"Our forefathers, however, committed a mistake. Had they ensured that all our Muslim brothers were sent to Pakistan and Hindus brought here, the need for such a move (CAA) would not have arisen. This did not happen and we have paid a heavy price for it," the outspoken BJP leader said.

The CAA, which seeks to fast-track granting citizenship to non-Muslim refugees from Pakistan, Bangladesh and Afghanistan who might have fled their home countries because of religious persecution, has become a major bone of contention since it is feared that a country-wide National Register for Citizens (NRC) may follow.

The Narendra Modi government, which had formerly hinted that a country-wide NRC was on the anvil, seems to have put it on the backburner though a section of citizens across the country, especially Muslims, have been organizing protests out of fear that, if implemented, the NRC may result in a large number of people becoming stateless.

Singh has often been in the crosshairs of the opposition for placing his foot in the mouth. This time, however, his words were frowned upon even by NDA ally Lok Janshakti Party, founded by his cabinet colleague Ram Vilas Paswan and now headed by his son Chirag Paswan.

The young LJP chief, who kicked off a state-wide "Bihar First-Bihari First" yatra here Friday morning, to project the NDAs progressive face ahead of the assembly polls due later this year, expressed strong disapproval of Singh's utterance and noted the coalition had to suffer in the Delhi polls because of "divisive" remarks by BJP leaders.

"We are an NDA constituent but many times our coalition partners say things which the LJP does not at all agree with. This one (Giriraj Singhs statement) is such an example. Had a person of my party spoken in this fashion, I would have taken responsibility and acted," Paswan said.

He said he had placed his view repeatedly on record that the coalition had to suffer on account of divisive remarks, Paswan said in apparent reference to inflammatory speeches by BJP leaders like Union minister Anurag Thakur and BJP MP Parvesh Verma, among others.

"The people of Delhi voted on the basis of performance. We wish they do so again in Bihar and real issues don't get drowned in political cacophony.

"The Nitish Kumar government has accomplished a lot, though much more needs to be achieved. We wish to reach out to people with our vision for the future, said Paswan, before he embarked on the yatra on a customized bus decorated like a chariot in front of which he offered prayers and smashed a coconut.

Meanwhile, Giriraj Singh who loves to wear his Hindu nationalism on the sleeves was busy joining issue with Asaduddin Owaisi's AIMIM which has been under attack for controversial remarks by its leader Waris Pathan.

Sharing video of an old speech by Owaisis brother Akbaruddin which had landed him in jail, besides Pathan's recent remark, Singh asked the opposition RJD-Congress combine in Bihar and the "tukde tukde gang" whether they wanted to "convert India into Pakistan".

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 15,2020

New Delhi, Jan 15: The mother of 23-year-old paramedic student, who was raped and brutally assaulted by six men in December 2012, on Tuesday said she knew that the curative petitions of the convicts will be rejected and is confident that they will be hanged on January 22.

Her remarks came after the Supreme Court on Tuesday refused to stay the execution of two of the four death row convicts in the 2012 Nirbhaya gang rape and murder case while dismissing their curative petitions against their conviction and capital punishment.

"The curative please had to be rejected. This was the third time they had gone to the Supreme Court. Whatever pleas they file, we are ready to face them and we will fight it out. We feel that they will be hanged on January 22. We want that to happen," Nirbhaya's mother told PTI over phone.

The four convicts -- Vinay Sharma (26), Mukesh Kumar (32), Akshay Kumar Singh (31) and Pawan Gupta (25) -- are to be hanged on January 22 at 7 am in Tihar jail as a Delhi court issued their death warrants on January 7.

Vinay and Mukesh had filed curative petitions on January 9.

Shortly after the apex court refused to stay the execution of two of them, Mukesh moved a mercy petition before President Ram Nath Kovind.

Mukesh also approached the Delhi High Court for quashing the death warrant. The high court is expected to take up his petition on Wednesday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 16,2020

Varanasi, Feb 16: Amidst continuing protests against the amended citizenship law, Prime Minister Narendra Modi on Sunday said his government stood by the decision despite all pressure.

"Be it the decision on Article 370 or the Citizenship Amendment Act, it was necessary in the interest of the country. Despite pressure, we stand by our decision and will remain so," he said.

Modi was addressing a public meeting in his Lok Sabha constituency.

Prime Minister Narendra Modi also asserted that the trust set up for construction of the Ram temple in Ayodhya will work "rapidly".

"A trust has been formed for construction of a grand Ram temple in Ayodhya. This trust will work rapidly," he said at a public meeting during his day-long visit to his Lok Sabha constituency.

The government had recently set up the Shri Ram Janmabhoomi Teerth Kshetra on the Supreme Court's directive to the Union government to form a trust that can look into the construction and management of the temple.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.