Reliance Jio is attracting many new investors and buyers recently. After Facebook bought a stake in India’s largest telecom provider, Now two more firms are looking to buy a stake as well.
As per the report from Bloomberg, the United States private equity firm named General Atlantic is planning to invest around 850 Million dollars to 950 Million dollars in the Indian telecom giant.
Reliance Jio attracts funding from the U.S. and Saudi Firms.
The deal is likely to be completed this month; however, the transaction is not yet confirmed, and there may be changes in the plan. In another report by Bloomberg, the Saudi Arabia Public Investment Fund is also looking to buy some minority stake in Reliance Jio.
General Atlantic did not give any comment on the matter yet. However, the news id doing the rounds in the market.
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Reliance Stakes to Vista Equity Partners
On Friday, Reliance Industries announced that it had sold 1.5 Billion stake to Vista Equity Partners, which is the third deal of the company in a matter of fifteen days. Last month Facebook had a 5.7 billion dollar deal with Reliance Jio. Later Jio won a massive 750 million dollar investment from Silver Lake, a private equity firm. With these deals, Reliance is likely to raise around 8 Billion dollars in its telecom and energy industries and repay the debt.
Saudi firm buying stakes in several companies
Saudi Arabia based P.I.F. has bought several minority stakes in numerous companies. It also purchased a stake of 8.2 Percent in the Carnival Corp, which raised its shares by 30 percent.
Reliance Raising funds for Jio
The investment from Vista provided an equity value of more than 65 billion dollars to Reliance owned by Mukesh Ambani. With the assets from the U.S. based General Atlantic and Saudi wealth fund, Reliance would be able to add more funds to the 8 Billion already raised for Jio.