Mukesh Ambani emerges richest Indian for 11th consecutive year in Forbes list

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.

Farukkhabad, Jan 14: In a shocking incident, a new-born baby was mauled to death by a dog inside the operation theatre (OT) of a private hospital in Farukkhabad on Monday.

Family members of the baby boy said that they noticed the hospital staff shooing a dog away from inside the operation theatre and soon after, they were told the baby boy, born just two hours ago, was dead.

The family members said that they found the baby's body on the floor and it had deep gashes around the neck and other parts of the body.

District magistrate Manvendra Singh has ordered an FIR and the Chief Medical Officer (CMO) Chandra Shekhar said the hospital has been sealed and an inquiry ordered into the incident.

Sources said that the hospital where the incident took place was unregistered and was being run adjacent to a government hospital.

According to the FIR lodged with Sadar Kotwali police, the infant's father Ravi Kumar said he had admitted his wife Kanchan in the hospital on Monday and she was taken for a C-section to the operation theatre.

After the delivery, Kanchan was shifted to the ward but the family was told that the baby would be shifted later.

An hour later, the family was informed that the baby had died.

The family members then saw the hospital staff trying to chase a dog out of the operation theatre.

The family members forced their way into the operation theatre and found the infant lying on the floor with several injuries on the neck.

The police said that the baby's body has been preserved for examination and post mortem.

The FIR has been registered against Dr Mohit Gupta, and some of the staff members who were present during the delivery.

The hospital owner, Vijay Patel, however, feigned complete ignorance about the incident and said that he had been told that the baby was born dead.