{"id":18996,"date":"2020-05-04T10:34:18","date_gmt":"2020-05-04T10:34:18","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=279652"},"modified":"2020-05-04T10:34:18","modified_gmt":"2020-05-04T10:34:18","slug":"reliance-raises-additional-750m-for-tech-arm","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/05\/04\/reliance-raises-additional-750m-for-tech-arm\/","title":{"rendered":"Reliance raises additional $750M for tech arm"},"content":{"rendered":"

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\tReliance Industries secured additional funding for its tech subsidiary less than two weeks after Facebook acquired a 10 per cent share [1] for $5.7 billion, with private-equity company Silver Lake to invest INR56.6 billion ($747.8 million) in Jio Platforms.<\/p>\n

In a statement, Reliance Industries said Silver Lake\u2019s investment, made at a 12.5 per cent premium to the Facebook deal, values Jio Platforms at about $65 billion, and gives the equity company a little more than a 1 per cent interest. Facebook\u2019s stake makes it the largest minority shareholder in the Indian company.<\/p>\n

Jio Platforms operates broadband and online commerce services, including Reliance Jio, India\u2019s largest mobile operator with 388 million subscribers.<\/p>\n

Mukesh Ambani, chairman and MD of Reliance Industries, said: \u201cWe are excited to leverage insights from their global technology relationships for the Indian digital society\u2019s transformation.\u201d<\/p>\n

Egon Durban, Silver Lake co-CEO and managing partner, said Jio Platforms had brought \u201cextraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing is enormous\u201d.<\/p>\n

Debt reduction
\nIn Reliance Jio\u2019s fiscal Q4 (calendar Q1) earnings report, Reliance Industries said INR280.6 billion of the injection from Facebook would go to reducing debt, with the remaining INR150 billion to be retained at Jio Platforms to drive future growth.<\/p>\n

Reliance Jio nearly tripled its profit [2] in the period, with 81 million mobile users added in the year to end-March.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/facebook-takes-10-stake-in-indias-jio-for-5-7b\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/reliance-jio-profit-nearly-triples-as-subs-soar\/<\/p>\n\n

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Reliance Industries secured additional funding for its tech subsidiary less than two weeks after Facebook …<\/p>\n

The post Reliance raises additional $750M for tech arm<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":248,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Reliance raises additional $750M for tech arm - ITTeacherITFreelance.hk","description":"Reliance Industries secured additional funding for its tech subsidiary less than two weeks after Facebook ... The post Reliance raises additional $750M for tech"},"footnotes":""},"categories":[11,8],"tags":[3117],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/18996"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/248"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=18996"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/18996\/revisions"}],"predecessor-version":[{"id":18997,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/18996\/revisions\/18997"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=18996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=18996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=18996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}