Indian billionaire Mukhesh Ambani made another major deal in a move reducing the debt of Reliance Industries.
After selling 10 percent Jio stake to Facebook for USD 5.7 billion deal, Reliance announced another similar agreement with California-based Menlo Park.
Now, Reliance is selling another ‘1 percent of Jio’ to Silver Lake for a massive ‘USD 748 million’ deal.
“They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small business population. The market potential they are addressing is enormous,” says Egon Durban, a founding principal and co-CEO of Silver Lake.
Arun Kejriwal, founder of Kejriwal Research & Investment Services in Mumbai, says Reliance is setting a new valuation benchmark with every Jio deal.
The chief of a Mumbai-based stockbroking firm says Jio will be the first ‘port of call’ for investors eager to tap the 1.3 billion India’s digital consumer base.
Through Jio-focused deals, Ambani is fast heading to free Reliance Industries from its USD 44.4 billion debt and stands committed to bringing it to nil by 2021.
Earlier this year, Reliance also informed about Saudi Aramco’s proposed USD 15 billion investment in Reliance oil and petrochemical business.
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