India's Reliance Industries on Sunday announced U.S. fund General Atlantic will invest 65.98 billion rupees ($870 million) in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month.
) on Sunday announced U.S. fund General Atlantic will invest 65.98 billion rupees in Jio Platforms, a fourth deal that takes investment in its digital unit to over $8 billion in less than a month.
General Atlantic will pick up a 1.34% stake in Jio Platforms which includes movie, music apps as wells telecoms venture Jio Infocomm. Reliance, controlled by billionaire Mukesh Ambani, last month forged a $5.7 billion deal with Facebook for a 9.99% stake in Jio Platforms.The deals, along with Reliance’s plan to sell $7 billion in new shares, will help the Mumbai-based oil-to-telecoms giant meet its target of eliminating $21.4 billion in net debt this year.
Ambani, Asia’s richest man, launched the Jio telecoms venture in late 2016, driving several rivals out of the market and pushing others to consolidate.He has pitched Jio as a tech company with capabilities to build smart homes, making it a possible rival to Amazon’s Alexa-based solutions, connected cars and security systems.
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Reliance says General Atlantic to invest $870 million in Jio PlatformsIndian conglomerate Reliance Industries said on Sunday U.S. fund General Atlantic will buy 1.34% of its Jio Platforms digital unit for 65.98 billion rupees ($870 million).
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Reliance says General Atlantic to invest $870 million in Jio PlatformsIndian conglomerate Reliance Industries said on Sunday U.S. fund General Atlantic will buy 1.34% of its Jio Platforms digital unit for 65.98 billion rupees ($870 million).
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