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    Home»Sections»Silicon Valley giants are pouring cash into India’s Jio Platforms

    Silicon Valley giants are pouring cash into India’s Jio Platforms

    Sections By Agency Staff3 July 2020
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    Photo: Amir Cohen/Reuters

    Intel’s investment arm will pay some US$255-million for a small stake in Reliance Industries’ digital unit Jio Platforms, the latest in a slew of share sales that have helped the Indian conglomerate pay down debt.

    Reliance has now sold just over a quarter of Jio Platforms, the unit that houses its telecommunications venture Jio Infocomm and its music and movie apps, raising $15.8-billion from investors including Facebook and KKR & Co.

    The deals highlight Jio Platforms’ potential to become the dominant player in India’s digital economy.

    Reliance is using Jio Platforms’ technology in its new e-commerce venture that seeks to rival Amazon.com and Walmart’s Flipkart

    The telecoms unit has already decimated several rivals with cut-throat pricing, while Reliance is also using Jio Platforms’ technology in its new e-commerce venture that seeks to rival Amazon.com and Walmart’s Flipkart. Jio Platforms is also working on connected cars, security systems and smart homes.

    The sale of the 0.39% stake for 18.95-billion rupees gives Jio Platforms an enterprise value of 5.16-trillion rupees ($69-billion), Reliance said in a statement.

    The deals and a $7-billion share sale have helped Reliance become net-debt free, the company said last month. It had previously planned to rid itself of net debt of just over $21-billion by the year-end.

    The oil-to-retail conglomerate, controlled by India’s richest man, Mukesh Ambani, plans to wrap up most of its private fundraising for Jio Platforms by the third quarter of 2020 and then explore a potential public listing in the US in 2021, a source familiar with matter has said.  — Reported by Sankalp Phartiyal and Chris Thomas, (c) 2020 Reuters

    Amazon Facebook Flipkart Intel Jio Jio Platforms KKR Mukesh Ambani top Walmart
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