Reliance Industries Ltd (RIL), controlled by billionaire Mukesh Ambani, will be completely debt free by the end of this calendar year if companies continue to buy stake in the Jio platform. The company is working with a plan to raise a total of -1.62 lakh crore by December. The net debt of the company as on 31 March 2020 was Rs 1,61,035 crore. Reliance Industries has so far entered into deals to sell around 20 per cent stake, bringing the company to Rs 92,202 crore in total.
The company said in a statement that private investment company Silver Lake has made a new investment of Rs 4,546.80 crore in exchange for an additional 0.93 per cent stake in its digital entity Jio Platforms. Reliance Industries said that now the total investment by Silver Lake in Jio platforms has come to 10,202.55 crores. Silver Lake had earlier invested Rs 5,655.75 crore in Jio Platforms on May 4 for a 1.15 per cent stake. Silverlake's total stake has now increased to 2.08 percent.
Mubadla to buy 1.85 percent stake for Rs 9,093.60 crore
Abu Dhabi-based investment company Mubadla is buying a 1.85 percent stake for Rs 9,093.60 crore. Reliance said, "Mubadla Investment Company (Mubadla) will invest Rs 9,093.60 crore in the Jio platform. For this, the equity value is Rs 4.91 lakh crore and the value of the enterprise is Rs 5.16 lakh crore. With this investment, Jio Platforms has raised Rs 92,202.15 crore from major global technology investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks. Reliance Industries is going to use this amount to repay the debt.
Silver Lake bought 9.99% stake for Rs 43,574 crore
On April 22, Facebook bought a 9.99 percent stake in Jio Platforms for Rs 43,574 crore. A few days after the deal, Silver Lake, the world's largest technology investor, bought a 1.15 percent stake in Jio Platforms for Rs 5,665.75 crore.
Vista Equity Partners bought 2.32% stake for 11,367 crores
Subsequently, US-based Vista Equity Partners bought a 2.32 percent stake in Jio Platforms for Rs 11,367 crore on 8 May. Global equity firm General Atlantic acquired 1.34 percent stake in the company on May 17 for Rs 6,598.38 crore. Subsequently, American equity investor KKR bought a 2.32 percent stake for Rs 11,367 crore. Let us tell you that Jio Platforms, a wholly owned subsidiary of Reliance Industries Limited, is a technology company. Reliance Jio Infocomm Limited, which has 388 million mobile subscribers, will remain a wholly owned subsidiary of Jio Platforms.
Mahakumbh: Big vehicles coming from Bihar to UP banned, Vindhyachal's Natwa intersection jammed for 72 hours
Uttar Pradesh Police has banned the entry of heavy vehicles coming from Bihar from Monday evening. The National Highway passing through Mohaniya area of Kaimur district of Bihar remained jammed
JNU Admission 2022: Application begins for admission to undergraduate courses in JNU, know the complete process
JNU Admission 2022: Jawaharlal Nehru University (JNU) has started the registration process for admission to its undergraduate courses for the academic session 2022-23 through Common University
Maharashtra: Opposition took a jibe at the CM's name not being finalized even after 11 days, said- a game of cat and mouse is going on
Mahayuti got a great victory in the Maharashtra assembly elections. However, even after more than a week of the results, it has not been decided who will be the Chief Minister of the state. There is a
Uttarakhand Cabinet: 26 important decisions taken in the meeting chaired by CM Dhami, read full details here
The state cabinet meeting was held on Wednesday under the chairmanship of Chief Minister Pushkar Singh Dhami. 26 important decisions were taken in the cabinet meeting. Accommodation in the meeting
Emergency again in Sri Lanka: Emergency imposed for the fourth time in 4 months, announced by Acting President Ranil Wickremesinghe
Sri Lanka is facing a severe economic and political crisis. Emergency has been imposed for the fourth time in 4 months. Acting President Ranil Wickremesinghe declared a state of emergency. He has
Japan said - If China obeys the rules, it will include it in QUAD: This is not a military group; Australia said – India is a big power in Indo-Pacific
The foreign ministers of QUAD met on Friday under the ongoing Raisina Dialogue in New Delhi. In this meeting held a day after the G-20 meeting, Australian Foreign Minister Penny Wong described India's
Coronavirus lockdown made Indian rich 35% more wealthy, 1.7 million jobs lost every hour in April
Coronavirus has further increased income inequality between India's billionaires and the poor. The lockdown between March 2020 and December 2020, while crores of people have become poor, while the
IPL 2021: Dream Ball, Chahar's four and Dhoni's masterstroke
Three wickets in three overs ... fourth maiden wicket. Total 4 over 18 dot balls.
Corona: Home Ministry orders supply of oxygen to states, serious patients will get 'new life'
The pressure on hospitals has increased amidst increasing cases of corona in the country. There is a shortage of oxygen in many states. Because of the situation, the Ministry of Home Affairs has
Tiger 3 Message Video Out: The video of 'Tiger 3' released, Salman Khan's 'Spy Universe' is even more explosive than before
Tiger 3 Message Video Released: Salman Khan is ready to return to the spy universe with the film Tiger 3. After a long wait of 6 years, the actor will once again be seen doing explosive action. It has
