Skip to main content

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

Comments

Post a Comment

Popular posts from this blog

US investors' rights law firm announces probe against HDFC Bank

  The investigation is reportedly resulting from allegations that HDFC Bank may have issued materially misleading business information to the investing public.   American Law firm, Rosen Law, has announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank. The firm is also preparing for a class action suit on behalf of bank’s shareholders. The investigation is reportedly resulting from allegations that HDFC Bank may have issued materially misleading business information to the investing public. Rosen Law, on its website, asked investors to provide their details if they have purchased HDFC Bank Limited securities and would like to receive information about the investigation concerning the class action to recover the investor losses in HDFC Bank Limited securities. “A representative of The Rosen Law Firm will contact you at no cost to you and provide you detailed information concerning the proposed class action to rec...
Post a Comment
Read more

At 156.6 Times, Burger King IPO Receives The Second Largest Subscription In 2020

The state-owned defence company, Mazagon Dock Shipbuilders' Rs 443-crore IPO had seen the highest subscription in 2020 at 157.4 times The initial public offering of Burger King, one of the fastest growing quick service restaurant chains in India with 268 outlets, turned out to be the third issue in the calendar year 2020 to cross the subscription mark of 150 times. With a subscription of 156.6 times, it has received the second highest subscription in the current year after Mazagon Dock Shipbuilders. Burger King India targets to open 700 restaurants by December 2026. The Rs 810-crore IPO was subscribed 156.6 times overall during December 2-4 as it received bids for 1,166 crore equity shares against offer size of 7.44 crore equity shares (excluding anchor book portion). The strong interest in the issue was owing to attractive valuations, strong brand positioning, healthy financial prospects, expected robust store expansion plans of the quick service restaurant industry in I...
Post a Comment
Read more

IT stocks rally, TCS hits new high; Wipro, Infosys, HCL Tech gain 2-4% each

Wipro added over 4 percent after the IT firm said its Board will consider a buyback plan on October 13. L&T Infotech, Infosys, HCL Tech, Mphasis, Tech Mahindra and Mindtree were the other gainers. The Indian stock market is trading higher for the sixth day in a row with Sensex jumping 479.35 points or 1.2 percent at 40358.30, and the Nifty gaining 132.20 points or 1.13 percent at 11871.10. The market rally was largely aided by IT stocks with the index jumping almost 4 percent led by index heavyweight Tata Consultancy Services (TCS) which hit new high. The company reported a profit after tax of Rs 7,475 crore for the quarter ended September 2020, registering a 6.7 percent sequential growth. The board members of the company have approved a proposal to buy back up to 5,33,33,333 equity shares of company, being 1.42 percent of the total paid up equity share capital, at around Rs 3,000 per equity share for an aggregate amount up to Rs 16,000 crore. Research and broking firm ICIC...
Post a Comment
Read more