New York’s General Atlantic, Saudi eye stakes in Reliance’s Jio digital arm

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New York’s General Atlantic, Saudi eye stakes in Reliance’s Jio digital arm

As the Mumbai-based Indian conglomerate Reliance Industries of Mukesh Ambani, the Asia’s richest man to date, had cut three deals in less than two weeks for its Jio Digital arm and raised a stark sum of $8 billion including a 9.99 per cent stake sale to Facebook Inc.

for a stark sum of $5.7 billion, two more investment funds were eyeing stakes in the petrochemical-to-telecom conglomerate’s $65 billion digital unit, Jio Platform, a Bloomberg report published late on Friday, the 8th of May 2020, had revealed citing sources familiar with the subject-matter who wished to remain anonymous given the scale of sensitivity of the issue.

On top of that, according to Friday’s (May 8th) Bloomberg report, the NY-based US private equity investment fund General Atlantic was mulling an investment between $850 million to $950 million in the Mumbai-based conglomerate’s Jio Digital platform, while the Bloomberg report was also quoted one of the sources as saying that the General Atlantic deal could be completed as soon as this month, however, no concrete accord had been sealed and plans might change at the eleventh hours, said the sources.

Besides, in a separate report published on Friday (May 8th), shortly after the Indian conglomerate had announced a $1.5 billion deal with Vista Equity Capital for its Jio digital wing, Bloomberg added that the Saudi Arabia’s sovereign investment fund, PIF, had also been mulling to purchase a minority stake in Jio digital platform.