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Now Qatar Investment Authority in talks with RIL to invest $1.5 billion in JioFiber: Report

After raising as much as $20 billion from foreign investors for RIL's digital services company Jio Platforms, the Mukesh Ambani-led company is now looking to sell stake in Jio Fibre Ltd

 

KEY HIGHLIGHTS

·         Sovereign wealth fund Qatar Investment Authority in talks to invest $1.5-2 billion on Jio Fiber

·         QIA will in infrastructure investment trust (InvIT) that holds the RIL's fibre optics business - Jio Fibre Pvt Ltd

 

KEY HIGHLIGHTS

  • · Sovereign wealth fund Qatar Investment Authority in talks to invest $1.5-2 billion on Jio Fiber
  • · QIA will in infrastructure investment trust (InvIT) that holds the RIL's fibre optics business - Jio Fibre Pvt Ltd

 

Mumbai: Doha-based sovereign wealth fund Qatar Investment Authority (QIA) is looking to invest $1.5 billion (Rs 11,200 crore) in Reliance Industries Ltd’s (RIL’s) Jio Fiber, said reports.

QIA is in advanced talks with RIL and will invest the sum in the infrastructure investment trust (InvIT) that holds the latter’s fibre optics business, as per a report in business daily Mint. 

After raising as much as $20 billion from foreign investors so far this year for the oil-to-telecom conglomerate’s digital services company, Jio Platforms, the Mukesh Ambani-led company is now looking to monetise its fibre optic assets in Jio Fibre Pvt Ltd.

The potential deal fits right in Reliance’s plans to make Jio an asset-light digital services company in order to keep costs minimum as the company prepares for a 5G launch across India, one of them, the report said quoting sources.

RIL has reportedly hired Citigroup Global Markets, Moelis and Co. and ICICI Securities as investment bankers for the potential stake sale in Jio Fiber. The proposed deal with QIA is one in a series of such deals announced by Reliance Industries as it tries to reinvent the company primarily as consumer tech and diversify from its credentials of being an oil and gas giant. 

Jio has so far raised over Rs 1.52 lakh crore from investors including Facebook, Google, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel.


Global search engine giant Google was the latest to announce that it will invest Rs 33,737 crore into Jio Platforms for 7.73% stake in the latter. 

The investment valued RIL’s digital arm at an equity value of Rs 4.36 lakh crore. During RIL’s 43rd Annual General Meeting earlier his Ambani also announced that Jio Platforms and Google entered into a commercial agreement to jointly develop an entry-level affordable smartphone with optimizations to the Android operating system and the Play Store. 

The stock price of RIL has grown 2.4 times to date since hitting a low of Rs 867.43on March 23 as the company became debt free by raising money through a string of deals in Jio Platforms.


Source- timesnownews.com

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