India’s Reliance strikes third deal for digital unit, raises $8bn in 2 weeks



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India’s Reliance strikes third deal for digital unit, raises $8bn in 2 weeks

On Friday, the 8th of May 2020, Reliance Industries Ltd., the Mumbai-based Indian conglomerate primarily engaged in a swathe of sectors ranging from petrochemicals to retailing to telecommunications, had made an announcement saying that the company’s digital arm, Jio Platforms, had sold off 2.3 per cent of its stakes to an American venture capital and private equity fund Vista Equity Partners for a lump-sum of $1.5 billion, marking up the third major stake sale of its digital wing in less than two weeks which in combination would shoot up a stark total of $8 billion in the Indian telecoms-to-energy conglomerate, majority owned by the Asia’s richest man, Indian billionaire Mukesh Ambani, 63, with a net worth of $54.4 billion to date.

In point of fact, Friday’s (May 8th) statement from Reliance’s Mumbai headquarter came forth days after the Indian conglomerate had sold off 9.99 per cent stake of its Jio Platform for $5.7 billion to Facebook, which was also followed a $750 million investment from a private equity fund Silver Lake, while the investments combined would proffer Reliance’s Jio Platform a market cap of $6.51 billion alongside an enterprise valuation of $6.84 billion.

On top of that, followed by the reveal of Friday’s (May 8th) announcement, Mumbai-listed shares’ prices of Reliance had rounded off the day 3.48 per cent higher to $20.66 per share.